RBI removes restrictions on Mastercard
Restriction on Mastercard issuance removed with immediate effect
Find out why
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Background
RBI had restricted Mastercard from issuing credit cards
The restriction took place in July 2021
Reason: Local data storage compliance issues
What has happened?
RBI has removed all restrictions
Mastercard can now continue issuing new credit cards in India
It can now onboard debit, credit, and prepaid card users
Consequences
Mastercard is major player in the card market, with Visa and Rupay
Competition is expected to become fiercer with the comeback
Market in numbers
India Market share: 36%
Mastercard debit cards in India: 400 million
Mastercard credit cards in India: 30 million+
The SBI SimplySAVE is a solid credit card for offline expenses
With Mastercard comeback, it is back. Here is our review!
Read more