Data Storage Norms: Mastercard Submits Audit Report To RBI

After being banned by the RBI from issuing new cards, US-based payments technology major Mastercard on Friday said it has submitted an audit report to the regulator showing compliance with the local data storage norms. The Reserve Bank had on July 14 put an indefinite ban on Mastercard from issuing new credit, debit and prepaid cards. The ban came into effect from July 22. The restrictions were put in place because of the company’s failure to comply with local data storage norms that require payments companies to store data related…

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