The RBI had barred Mastercard Asia/Pacific Pte from on-boarding new domestic customer last year.
The RBI on Thursday lifted limitations on Mastercard that it had forced last year for failing to comply with local data storage norms.
The central bank had barred the U.S.- based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.
“Considering the satisfactory compliance demonstrated by Mastercard Asia/Pacific Pte. Ltd…on Storage of Payment System Data, the limitations imposed…on on-boarding of domestic customers have been lifted with immediate impact,” the RBI said in an statement.
The RBI had barred Mastercard Asia/Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.
Last year, the RBI had barred Mastercard from onboarding credit, debit and prepaid card customers for not meeting data storage norms.
The supervisory action was effective from July 22. In April that year, RBI had limited American Express Banking Corp and Diners Club International from onboarding new domestic customers to their card networks.
In November, it had lifted the curbs on Diners Club International. However, the limitations against American Express remain. The RBI action came after its direction in April 2018 where it said that all payment system providers should store the whole information relating to their operations by them in a system only in India.
