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Bengaluru: The Reserve Bank of India (RBI) on Thursday, June 16 lifted restrictions imposed last year on Mastercard Inc over issuing debit and credit cards to new domestic customers.
The decision follows satisfactory compliance on rules regarding storage of payment system data, the central bank said.
The RBI, which imposed the curbs in July 2021, said Mastercard had not complied with data storage rules that required foreign card networks to store domestic payments data only in India for the regulator to have “unfettered supervisory access”.
The decision did not impact existing customers of the US company.
Mastercard did not immediately respond to Reuters’ request seeking comment on the lifting of the curbs.
The global payments processor sees India as a key growth market and has invested $2 billion in the country since 2014 to build technology centres and support innovation in digital payments.