India’s central bank has ordered Mastercard to stop adding new customers for failing to comply with the country’s data storage rules, escalating a dispute between Indian authorities and US financial services groups over the control of customer data.
The central bank said the payments service provider had violated a 2018 order directing payments data to be stored in India. This would allow the regulator "unfettered supervisory access" to payment details.
The central bank said MasterCard failure to meet the requirements came “notwithstanding lapse of considerable time and adequate opportunities being given”. Its order comes into effect from July 22 and does not affect existing customers.
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