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Expansion
The Reserve Bank of India (RBI) on Thursday lifted the ban on Mastercard it had imposed last year for failing to comply with local data storage norms. The central bank had barred US-based payment gateway MasterCard from adding new customers unless it complies with payment system data storage norms.
“In view of the satisfactory compliance of payment system data storage by Mastercard Asia/Pacific Pte Ltd, restrictions on on-boarding of new domestic customers are lifted with immediate effect,” RBI said in a statement.
RBI had barred MasterCard Asia/Pacific PTE from on-boarding new domestic customers (debit, credit or prepaid) on its card network with effect from July 22, 2021.
Automatic payment limit raised
Meanwhile, the RBI has increased the additional mechanism of verification for automatic payments for various services at regular intervals through cards, prepaid and UPI through electronic means from Rs 5,000 to Rs 15,000. This means that now payment for every Rs 15,000 transaction will no longer require additional verification.
