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RBI bans issue of debit/credit cards from Master Card Company!
Posted on: 15/Jul/2021 12:31:33 PM
The Reserve Bank of India (RBI) has banned the issue of Master Card Company’s Credit cards and Debit cards.
With this ban, the banks now CANNOT issue Master Cards to their new customers.
This RBI Order will be implemented from 22nd July.
At the same time, it has also been announced that there would be no problems/issues for the customers who already possess Master Cards!
Reserve Bank of India has ordered this ban as there have been violations from the RBI Guidelines regarding the saving of the Customers’ data/transactions.
In this regard, the Reserve Bank of India has explained that even though sufficient time period and number of opportunities had been given to Master Card Company to set this right, it has not taken any initiative to install a server in India to save all the customer data/transactions and this is why the ban has been ordered!
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