RBI turns up screws on global payment majors. What’s at stake?
The RBI has its worries and the global majors also make some sound arguments. The best way forward would be an international agreement under the aegis of BIS
July 19, 2021 / 01:03 PM IST
REUTERS/Eduard Korniyenko (RUSSIA - Tags: BUSINESS LOGO) - RTR4LASE
The Reserve Bank of India (RBI) order barring Mastercard from issuing any new credit cards or debit cards in India from July 22 would not have come as a huge surprise to the global payments giant. The Indian central bank had announced the digital data storage norms for all transactions pertaining to cards issued in the country as far back as April 2018. Global payments majors had lobbied since that time to loosen some of the norms, but the...