India's central bank has banned Mastercard from issuing new cards in the country due to violation of data storage rules. Mastercard accounted for 33% of card payments in India in 2020.
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However, the Reserve Bank of India said the firm has had considerable time and adequate opportunities to comply with the data storage rules from 2018, which state that Indian payments data should only be stored within the country.
This comes three months after India barred American Express and Diners Club International from issuing cards for similar reasons.