US-based MasterCard has been banned. It has been barred from issuing new credit, debit and prepaid cards from July 22. In such a situation, for the convenience of the customers, RBL Bank will issue Visa Credit Card.
RBL Bank tied up with this company for Visa credit card
US-based MasterCard has been banned by the Reserve Bank on Wednesday. It has been banned for non-compliance with data storage norms. Under this, the issuance of new credit, debit and prepaid cards has been stopped from July 22. In such a situation, RBL Bank will issue a credit card on the Visa platform. The bank said on Thursday that it has entered into an agreement with Visa Worldwide to issue the card. The lender has also informed the indices in this regard.
The bank also said that it would be able to issue new cards after the technology integration which is expected to take 8 to 10 weeks. With the help of Visa card, you can easily use it from sending money abroad to withdrawing money from bank ATMs, making payments at the shop and online shopping etc.
Mastercard is a payment system operator authorized to operate the card network in the country. As per RBI’s circular on storage of payment system data dated April 6, 2018, all system providers were directed to ensure that the entire day related to the payment system operated by them within a period of six months would be a single transaction in India only. is stored in the system. But the rules were not followed by the company.
The Reserve Bank on Wednesday indefinitely barred US-based MasterCard from issuing new credit, debit and prepaid cards with effect from July 22 for failure to comply with data storage norms. Mastercard is one of the leading card issuing body in the country. After American Express Banking Corp and Diners Club International, RBI has acted on MasterCard on the local data storage issue.
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