CURRENT AFFAIRS

Detailed explanation-1: -RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers. It had banned the company from onboarding new domestic customers onto its card network from July 22, 2021.

Detailed explanation-2: -MUMBAI: The Reserve Bank of India (RBI) has lifted the ban on Mastercard from onboarding new customers. The payment giant was barred from issuing fresh cards on July 14, 2021 for non-compliance with .

Detailed explanation-3: -MUMBAI: The Reserve Bank of India (RBI) on Wednesday lifted its 16-month-old ban on global credit cards major American Express (AmEx) from taking on new customers after the company complied with the central bank’s data localization & storage policy.

Detailed explanation-4: -The correct answer is Mastercard. The Reserve Bank of India (RBI) has imposed restrictions on Mastercard Asia/Pacific Pte. Ltd. (Mastercard) from onboarding new domestic customers (debit, credit, or prepaid) onto its card network from July 22, 2021.

Detailed explanation-5: -The central bank had imposed restrictions on Mastercard from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021 for non-compliance with the RBI regulations for storage of data in India.