Mastercard can now Continue doing Business in India after a Year long ban

MasterCard has been given the green light to continue doing business in India after a year-long ban in the country. This move allows the company to add new customers in the South Asian region. 

The country’s central bank said it’s happy with the company after they demonstrated “satisfactory compliance” with the country’s banking rules and regulations. 

In a statement, the Reserve Bank of India said: “In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement on Thursday.

Mastercard is excited by the move of lifting the ban, now they promised to onboard new customers in their books. 

“We welcome and are grateful for today’s decision by the Reserve Bank of India (RBI), enabling us to resume onboarding of new domestic customers (debit, credit and prepaid) onto our card network in the country with immediate effect. As we have in our engagement with the RBI, we reaffirm our commitment to support the digital needs of India, its people and its businesses. We are glad we have met this milestone and will continue to ensure ongoing delivery against the goals and regulatory requirements that have been established,” a Mastercard spokesperson said in a statement.

“India is an important market for us, both in terms of the innovation created here and the value we deliver to our customers and partners. We take great pride in being able to contribute to the government’s vision of a Digital India and will continue to invest in the country’s future with the same passion and dedication as we always have.” 

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