RBI imposes restrictions on Mastercard from adding new customers from July 22 | Daily Current Affairs Dose |
Our Daily Current Affairs Dose 2021 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.
RBI imposes restrictions on Mastercard from adding new customers from July 22 | Daily Current Affairs Dose
The Reserve Bank of India (RBI) has imposed restrictions on Mastercard Asia/Pacific Private Limited for adding new domestic customers from 22nd July 2021.
According to the RBI, MasterCard will not be allowed to add customers, be it for debit, credit or pre-paid cards onto its network as the entity has failed to comply with the directions on Storage of Payment System Data.
This order will not impact existing customers of Mastercard. Mastercard shall advise all card issuing banks and non-banks to conform to these directions.
The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).
In terms of RBI circular on Storage of Payment System Data dated April 6, 2018, all System Providers were directed to ensure that within a period of six months the entire data (full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction) relating to payment systems operated by them is stored in a system only in India.
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They were also required to report compliance to RBI and submit a Board-approved System Audit Report conducted by a CERT-In empanelled auditor within the timelines specified therein.
Important facts for upcoming exams from the above Current Affairs Topic
- Establishment of Reserve Bank of India (RBI): 1 April 1935
- Headquarters of RBI: Mumbai, Maharashtra, India
- Governor of RBI: Shaktikanta Das
- Deputy Governor of RBI: Mahesh Kumar Jain, Dr. M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
- Ownership of RBI: Ministry of Finance , Government of India
Current Policy Rates
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
Current Reserve Ratio
- CRR: 4.00%
- SLR: 18.00%
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