Mastercard said it is disappointed by the action by the Reserve Bank of India but said it will continue to work with them to provide any additional details required to resolve their concerns.
“Mastercard is fully committed to our legal and regulatory obligations in the markets we operate in. Since the issuance of the RBI directive requiring on-soil storage of domestic payment transaction data in 2018, we have provided consistent updates and reports regarding our activities and compliance with the required stipulations,” it said in a statement.
It also re-iterated its commitment to working with customers and partners in advancing on the government’s Digital India vision.
The RBI on July 14 took supervisory action against Mastercard and barred it from acquiring new customers (debit, credit or prepaid) from July 22 for not complying with data localisation requirements.