After The Big Mastercard Ban, What Next? 10-Point Update
- RBL Bank said on Thursday it has signed up Visa Inc for its credit cards, a day after RBIÂ decided to bar Mastercard Inc from adding new domestic customers in the country.
- RBL Bank informed that it plans to issue new credit cards under the Visa network in eight to 10 weeks following a technology integration.
- The decision by RBL Bank has come in the aftermath of RBI barring payments company Mastercard from adding new domestic customers in India from July 22, onwards.
- The central bank took the action against Mastercard for violating its data storage rules of 2018 that require foreign card networks to store Indian payments data only in the country.
- Mastercard has been barred from adding domestic customers under all the three categories of debit, credit as well as prepaid cards.Â
- RBI however said that its decision will not have any impact on Mastercard's existing customers and the company will have to inform all card issuing banks as well as non-banks to conform to RBI's directions.
- The central bank said that despite being given considerable time and adequate opportunities given to Mastercard, it was found to be non-compliant with its directions on storage data rules.
- Mastercard said it was "disappointed" with the decision and claimed that it had provided regular updates on its compliance with the rules since 2018.
- Earlier in April this year, RBI had also barred American Express and Diners Club from adding new domestic credit card customers from May 1, 2021 onwards.
- The two payments companies were also found violating RBI's storage data rules.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
