RBI Action on Mastercard

Industry development & statement

Context

Statement

This is a bold move by the central bank and highlights the importance it gives to the protection of our citizen's personal data – especially sensitive data like that related to financial transactions. ADIF strongly supports the need for data localisation. It’s imperative that all organisations respect the laws and necessary action be taken towards their implementation.

Links

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51895

https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR5309163E3DE3C9140A1A574D3647A0B9D8E.PDF

Coverage

https://inc42.com/buzz/rbi-bars-mastercard-from-acquiring-new-customers-for-violating-data-policy/