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After The Big Mastercard Ban, What Next? 10-Point Update
15 Jul 2021, 01:26 PM IST 
RBL Bank has signed up Visa for its credit cards after RBI barred Mastercard
- RBL Bank said on Thursday it has signed up Visa Inc for its credit cards, a day after RBI decided to bar Mastercard Inc from adding new domestic customers in the country.
- RBL Bank informed that it plans to issue new credit cards under the Visa network in eight to 10 weeks following a technology integration.
- The decision by RBL Bank has come in the aftermath of RBI barring payments company Mastercard from adding new domestic customers in India from July 22, onwards.
- The central bank took the action against Mastercard for violating its data storage rules of 2018 that require foreign card networks to store Indian payments data only in the country.
- Mastercard has been barred from adding domestic customers under all the three categories of debit, credit as well as prepaid cards.
- RBI however said that its decision will not have any impact on Mastercard's existing customers and the company will have to inform all card issuing banks as well as non-banks to conform to RBI's directions.
- The central bank said that despite being given considerable time and adequate opportunities given to Mastercard, it was found to be non-compliant with its directions on storage data rules.
- Mastercard said it was "disappointed" with the decision and claimed that it had provided regular updates on its compliance with the rules since 2018.
- Earlier in April this year, RBI had also barred American Express and Diners Club from adding new domestic credit card customers from May 1, 2021 onwards.
- The two payments companies were also found violating RBI's storage data rules.
