top of page

Reserve Bank of India takes supervisory action on Mastercard Asia / Pacific Pte. Ltd.

Writer: Taxgen TeamTaxgen Team

The Reserve Bank of India (RBI) has today ( Date : Jul 14, 2021 ) imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.

  • Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers of Mastercard.

  • Mastercard shall advise all card issuing banks and non-banks to conform to these directions. The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).

  • Mastercard is a Payment System Operator authorised to operate a Card Network in the country under the PSS Act.

Background

In terms of RBI circular on Storage of Payment System Data dated April 6, 2018, all System Providers were directed to ensure that within a period of six months the entire data (full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction) relating to payment systems operated by them is stored in a system only in India. They were also required to report compliance to RBI and submit a Board-approved System Audit Report conducted by a CERT-In empanelled auditor within the timelines specified therein.

(Yogesh Dayal) Chief General Manager

Press Release: 2021-2022/530 If you wish to write articles , you can Submit Articles at https://www.taxgen.in/submit-articles To know Process to Write Articles at Taxgen.in PDF File TEAM TAXGEN.IN Note - The information contained in this website is for general information purposes only. The information is provided by Taxgen.in and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website. Every effort is made to keep the website up and running smoothly. However, Taxgen.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

 
 

Comments

Rated 0 out of 5 stars.
No ratings yet

Add a rating
  • Facebook
  • YouTube
  • Instagram

Quick Links

About us

Terms of Information Provided.

The information contained in this website is for general information purposes only. The information is provided by Taxgen.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Every effort is made to keep the website up and running smoothly. However, Taxgen.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

This website provides free updates to Businessmen , Chartered Accountants, Company Secretaries, Tax Professional, Cost Accountants and other Account Professional on Amendments in Income Tax, Wealth Tax, Goods and Services Tax, Company Law, Service Tax, ICAI Regulation, FEMA, RBI, Custom Duty, Excise, Labour laws, Corporate Law , Goods and Service Tax etc. We update our reader with latest News on these which includes recent Circular, Notification, Amendments, and Case Laws etc.

We also provide various useful tools , Formats and Forms related to above laws in excel and word format. We Provide ITR Forms in Excel Format for , Income Tax Calculators , Income Tax Rates, Challan and other forms in Excel format, Information of IT Act / Rules, Investment, Tax Planning, Tax Saving Options, Financial and Other Utility Calculators for the benefit of public at large .

Forum

Taxgen.in provides the readers with the desired solution for the problems of the trade , our panel of authors are expert in their fields with vast knowledge and experience. 

©2020 by Taxgen.in.

bottom of page