The Reserve Bank of India has banned MasterCard from issuing new ATMs and credit cards.
Companies including MasterCard, Visa, ATMs for banks. And issuing credit cards. The Reserve Bank of India sent a circular to these companies in 2018.
Within six months, the RBI had said it would ensure that information collected from customers and transaction details were stored only in India. It is said that MasterCard did not accept this rule.
The company has since been banned from issuing debit and credit cards by the Reserve Bank of India. The RBI's decision is expected to take effect on July 22.
Due to this the banks do not issue MasterCards to new customers. At the same time MasterCard users will not be affected by this ban.
