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In this photograph taken on September 6, 2017, a Visa credit card is shown on a computer keyboard. REUTERS/Philippe Wojazer/Illustration/File Photo REUTERS/Philippe Wojazer/Illustration/File Photo Reuters, BENGALURU, July 15 – RBL Bank (RATB.NS) in India announced on Thursday that it has struck a credit card agreement with Visa Inc (V.N), a day after India’s central bank barred rival payments company Mastercard Inc (MA.N) from issuing new debit or credit cards in the nation. Following a technical integration, the lender plans to issue new Visa credit cards in 8 to 10 weeks. RBL’s stock dropped as much as 3.2 percent after the company warned that card issuances per month would be impacted until it receives updates on issuing new Mastercard credit cards. The Reserve Bank of India stopped Mastercard from issuing new cards to Indian users on Wednesday, citing a violation of data storage laws that went into effect in 2018 and require foreign card networks to retain Indian payment data “only in India.” find out more The prohibition will go into force on July 22. Existing Mastercard clients would not be affected by the RBI’s decision, according to the bank. Mastercard expressed its dissatisfaction with the decision, noting that it had provided frequent updates on its compliance with the guidelines since 2018. RBL Bank said in a statement that it has roughly three million credit card customers and is the country’s fifth largest credit card issuer, with a 5% market share. Vishwadha Chander contributed reporting from Bengaluru, and Arun Koyyur edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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