The Reserve Bank of India imposes restrictions on Mastercard's (NYSE:MA) Asia-Pacific division from issuing new debit, credit, or prepaid cards to its network starting July 22, citing the company's non-compliance with storage of payment system data.
The RBI said the order won't existing Mastercard customers.
Less than three months ago, the RBI also banned American Express and Discover Financial's Diners Club International from issuing new cards for similar violations, Mint reports.