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Why MasterCard banned by RBI in India?

Now-a-days, Indian government is very much keen on framing new rules to restrict social media and other organizations. Indian government gave three months to the social media companies to comply with the new policies. 

Twitter was initially denied to comply with government new rules and finally agreed to comply with new policies. Reserve Bank of India (RBI) has crackdown on largest third party financial services provided company MasterCard for violating data storage laws.  It has been barred from issuing new cards in India by RBI with effect from July 22nd.




MasterCard is the world's second largest payment network with around 230 million card holders across the globe. In India, MasterCard holds 30% of all card payments in the country. RBI said that MasterCard has failed to comply with India’s new guidelines or rules which also include storing the payments data exclusively in India. Despite repeated warnings from RBI since 2018, MasterCard violated the new rule. Since it is banned, MasterCard wouldn’t be able to get new domestic customers in India. MasterCard will not issue new Credit, Debit and Prepaid cards to Indian customers. RBI gave a sigh of relief to existing customers. RBI’s ban wouldn't impact existing MasterCard customers.

RBI decision will impact several private sector lenders who tied up with MasterCard includes HDFC Bank, Axis Bank, Yes Bank, ICICI Bank and RBL Bank. Besides these five banks, Bajaj Finserv and SBI Card may face problems as they were also issuing cards of this payment gateway.


Who will benefit with the RBI decision?

Almost all banks provide four types of debit and credit cards like Visa, MasterCard, Maestro and Rupay. RBI’s decision to ban MasterCard from issuing new debit and credit cards in the country could be a win for the government’s own payment systems. Home-grown ‘Rupay’ and VISA cards could benefit mostly with the MasterCard ban. As per the reports, RuPay is Indian could be the one player to see exceptional gains. 

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