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India bans Mastercard issuing new cards from July 22, 2021

India bans Mastercard from issuing new cards from July 22, 2021

Mastercard will be prohibited from issuing debit, credit, or prepaid cards to customers in India from 22 July 2021 (22.07.2021). The reason behind this action is the bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India.

Mastercard is the second-largest credit card issuer in India and the Indian central bank’s tough stance could have implications on foreign relations. The RBI has been pushing all regulated entities to store data relating to Indian customers on Indian soil since April 2018. RBI norms also allow data to be sent abroad for processing but the same must be deleted from overseas servers by end of the day.

India bans Mastercard

Mastercard is not met with RBI rules (mentioned above) and it stands out that RBI India bans Mastercard to issuing new cards in India from 22 July 2021. Mastercard announced that “We will continue to work with them to provide any additional details required to resolve their concerns”. India bans Mastercard action takes effect on July 22, 2021.

The RBI’s decision will not impact existing customers of Mastercard, and the company should advise all card-issuing banks in India to comply with the order, the RBI added.

MASTERCARD: Standard, world, world elite

Mastercard’s three levels of benefits are Standard, World, and World Elite:

  • Standard benefits include emergency card replacement; identify theft protection and zero fraud liability. Prior to July 2019, you also got extended warranty protection and price protection, but those two perks have been eliminated.
  • World benefits include the Standard-level offerings as well as cellphone insurance; access to trip planning and travel benefits through Mastercard Travel & Lifestyle Services; access to a concierge; and discounts and promotions with select retailers.
  • World Elite benefits include the World benefits, plus golf benefits and additional discounts and promotions.

Announcement from Mynuts related to this RBI decision:

Mynuts accepts all major Credit Cards, Debit Cards, Online Bank Transfer (Instant) with our payment partner RazorPay, Google Pay, Paytm, and Direct Bank transfers and you can pay for your order without any issue.

We deliver your orders with care and Hygiene. Orders are shipped within 2-3 business days or as per the delivery date agreed at the time of order confirmation. Discover our amazing collection of online dry fruits and nuts.

Buy Dry Fruits Online in India

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I am a freelance writer, blogger, and social media enthusiast.

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