NEW DELHI, India—India has lifted restrictions on Mastercard after the payments giant demonstrated “satisfactory compliance” with the South Asian market’s local data storage rules, Tech Crunch reported.
In a series of moves last year, the Reserve Bank of India indefinitely barred Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers over noncompliance with local data storage rules. The business restrictions on American Express and Diners Club remain in place in the country, though they are permitted to continue to serve their existing customer base.
Unveiled in 2018, the local data-storage rules require payments firms to store all Indian transaction data within servers in the country. Mastercard has identified India as a key growth market and has invested over $2 billion in the country over the past decade, Tech Crunch reported.
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