RBI on Wednesday prohibited the use of US-based MasterCard from issuing new credit, debit, and prepaid cards with effect from July 22 for its failure to comply with data storage norms.
RBL Bank said on Thursday that it has reached an agreement with Visa Worldwide to begin issuing credit cards on the Visa platform, and the bank reports to the index. The bank also added that after integrating the technology, it will be able to issue new cards, which is expected to take 8-10 weeks.
The bank said in a statement that RBL Bank has approximately 3 million credit card customers and is the fifth largest credit card issuer in the country with a 5% market share.
What is a Mastercard?
Mastercard, one of the country’s major card issuers, is the third company that the Reserve Bank of India has banned from acquiring new customers after American Express Bank and Diners Club International due to local data storage issues.