MUMBAI: The Reserve Bank of India stopped Mastercard Inc from issuing new debit, credit, or prepaid cards to Indian consumers indefinitely on Wednesday for violating data storage standards. “The firm has been found to be non-compliant with the directives on Storage of Payment System Data notwithstanding the passage of considerable time and appropriate opportunity,” the Indian central bank said in a statement.
The move comes less than three months after the central bank prohibited American Express and Discover Financial Services’ Diners Club International from issuing new cards owing to similar infractions.
On July 22, Mastercard will no longer be able to issue new cards.
(Euan Rocha contributed to this report.)
Reuters is the source of this information./n
