Mastercard ban: RBL Bank restarts credit card issuances with rival Visa
The Hindu
Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on September 15 restarted credit card issuances on rival Visa's payment network. The Reserve Bank o
Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on September 15 restarted credit card issuances on rival Visa's payment network.
The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business.
RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances.
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