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SBI Card, the country’s largest pure play credit card issuer, on Thursday said that it will comply with the latest RBI directive that restricts Mastercard from onboarding new customers from July 22. However, SBI Card sees this having minimal impact on its new customer acquisitions as there are only a few co-brand credit cards on the Mastercard network.
"We will be complying with the latest RBI directive that restricts MasterCard from onboarding new customers from July 22, 2021. We have a diversified product portfolio on multiple networks, viz. Rupay, Visa, Mastercard and American Express. Our new customer acquisition impact is minimal as there are only a few co-brand credit cards on the Mastercard network. All our proprietary products are available on multiple networks", a SBI Card spokesperson said.
This comes a day after 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.
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