INSUBCONTINENT EXCLUSIVE:
RBL Bank has signed up Visa for its credit cards after RBI barred Mastercard
A day
after the Reserve Bank of India (RBI) barred Mastercard from adding new customers in India from July 22, RBL Bank announced it has signed up
Visa Inc for its credit cards
RBI says Mastercard violated rules that require foreign card networks to store India-related payments data only in the country
adding new domestic customers in the country.RBL Bank informed that it plans to issue new credit cards under the Visa network in eight to 10
weeks following a technology integration.The decision by RBL Bank has come in the aftermath of RBI barring payments company Mastercard from
adding new domestic customers in India from July 22, onwards.The central bank took the action against Mastercard for violating its data
storage rules of 2018 that require foreign card networks to store Indian payments data only in the country.Mastercard has been barred from
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
decision and claimed that it had provided regular updates on its compliance with the rules since 2018.Earlier in April this year, RBI had
companies were also found violating RBI's storage data rules.
