Recently RBI lifted the ban on which of the following cards and allowed to onboard new customers for debit, credit, or prepaid cards?

Solution

The Reserve Bank of India (RBI) lifted the ban imposed on Mastercard and allowed the card network to onboard new customers for debit, credit, or prepaid cards, as it is satisfied with the company’s compliance with the storage of payment data norms. The embargo on the company is being lifted almost a year after it was imposed in July last year. The move will benefit lenders, such as YES Bank and RBL Bank, which were solely issuing Mastercard cards before the ban. Mastercard is a payment system operator, operating a card network in the country under the Payment and Settlement Systems Act. Along with Mastercard, Visa and RuPay are the three big card networks in the country. About Mastercard Headquarters: New York, United States CEO: Michael Miebach