RBI lifts ban on Mastercard

Mastercard is a payment system operator, operating a card network card network in the country under the Payment and Settlement Systems Act. Along with Mastercard, Visa and Rupay are three big card networks in the country. According to industry estimates, Visa is the largest player in the space followed by Mastercard and Rupay. But Rupay is fast catching up with its global peers as public sector banks in India, are issuing more Rupay cards.

 

The RBI lifted the ban on Mastercard and it satisfied with company's compliance with the storage of payment data norms. It has been almost a year, this happened in June last year.The ban on mastercard imapcted YES Bank, RBL Bank ,HDFC Bank the most as a majority of their cards were issued on Mastercard's network.