INSUBCONTINENT EXCLUSIVE:
The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard from onboarding new domestic customers on its network from
July 22, 2021 onwards.The payment system operator has been barred from adding domestic customers under all the three categories of debit,
systems data, the RBI said in a statement.At the same time though, the statement added that the order will not have any impact on
Mastercard's existing customers and the company will have to inform all card issuing banks as well as non-banks to conform to RBI's
directions.The central bank said that despite lapse of considerable time and adequate opportunities having been given to Mastercard, it was
payment system providers to ensure that within a period of six months their entire data related to payment systems (like end-to-end
transaction details among other requirements), which is operated by them, is stored in a system only in India.Mastercard failed to comply
with these conditions.Earlier this year, RBI had taken similar action against American Express and Diners Club and had barred them from
