RBI lifts restrictions on Mastercard over onboarding new customers

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms

The Reserve Bank of India (RBI) on Thursday lifted the ban imposed on Mastercard and allowed the card network to onboard new customers for debit, credit, or prepaid cards, as it is satisfied with the company’s compliance with the storage of payment data norms.

The embargo on the company is being lifted almost a year after it was imposed in July last year. The move will benefit lenders, such as YES Bank and RBL Bank, which were solely issuing Mastercard cards before the ban. Citi also partnered only with Mastercard for its credit cards before the ban.

“In view of the satisfactory