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Mastercard In The Dock. For Everything Else, There's...?
RBI's bar on new card issuance from Mastercard leaves many open questions — How soon can Visa, Rupay fill the gap? On what terms?
20 Jul 2021, 12:08 PM IST
On the evening of July 14, as the Reserve Bank of India stopped Mastercard from issuing new cards in the Indian market for its inability to meet the country's data localisation rules, executives at RBL Bank Ltd. had to sit up and take note. The bank's growing credit card portfolio was entirely dependent on Mastercard. Negotiations with Visa to issue cards on their network had been initiated earlier in the year but the deal was still ...
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