Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Mastercard was ordered by the Indian authorities to stop issuing new cards to customers in India. The ban was announced by the officials on Wednesday, July 14.
Why India banned Mastercard from taking in new customers
Mastercard will not be allowed to grant new cards to anyone in India. Based on the reports, the authorities imposed the ban because the officials said the American multinational financial services corporation headquartered in New York violated some rules in the country. The policy that was allegedly violated was related to how Mastercard stores data.
The Indian authorities ordered the financial company to refrain from issuing credit cards, debit cards, and even prepaid cards starting next Thursday, July 22. This directive has been confirmed by the Reserve Bank of India (RBI).
While it was indicated when the order was set to start, there was no mention of when the restrictions on Mastercard would be lifted. What is certain for now is that the central bank in India imposed the restriction and it will be in effect for an indefinite time.
“The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia/Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021,” Yogesh Dayal, RBI’s chief general manager, said in a press release. “Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data.”
Mastercard’s response to the allegation and order
The Reserve Bank of India alleged that Mastercard violated the country’s data storage laws. The American firm was said to have failed to comply with rules that require foreign card issuers to store data on Indian payments exclusively in India.
CNN Business contacted Mastercard to ask about the issue in India and it has refused to share the number of its customers in the country. Then again, the company said that the ban has no effect on its current operations in India. It added that the firm is fully committed to “legal and regulatory obligations in the markets we operate in."
"While we are disappointed with the stance taken, we will continue to work with them and provide any additional details needed to resolve their concerns," Mastercard stated.
