Let us tell you that the RBI on Wednesday banned the creation of new credit, debit and prepaid card customers on Mastercard Asia Pacific from July 22.
Mastercard
Five private banks in the country, including Axis Bank, Yes Bank and IndusInd Bank, are facing difficulties in issuing new cards due to the Reserve Bank of India’s (RBI) decision to ban Mastercard. will have to face. The RBI on Wednesday actually banned Mastercard Asia Pacific from creating new credit, debit and prepaid card customers from July 22. This step was taken because the company did not comply with the rules for collection of data in the country.
According to a report by global brokerage company Nomura, a total of seven financial institutions or banks will not be able to issue new cards because they used to take cards from Mastercard in large numbers. Five private sector banks including Axis Bank, Yes Bank and IndusInd Bank will be affected by the RBI’s decision to ban Mastercard, the report said.
Problems of these banks including SBI will increase
HDFC Bank will also be affected by this decision but it has already been banned by RBI for issuing new debit, credit and prepaid cards. Apart from these five banks, Bajaj Finserv and public sector State Bank of India (SBI) may also face some problems. These banks also issue new cards through MasterCard.
According to the report, issuance of new cards for other payment systems will take two to three months as technology plays a major role in this.
Will be banned from 22nd July
Actually, the debit and credit cards issued by the banks are made by the companies. One of these is Mastercard Asia/Pacific Pte Ltd (Mastercard). Mastercard is a payment system operator authorized under the PSS Act to operate the card network in the country.
MasterCard is an American company. Its headquarter is in New York. This company was established in the year 1979 for inter bank transactions. In the early times, it was associated with financial services only in American banks. It currently provides service in about 160 countries. Under this, many types of cards are issued.
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