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20-09-2021, 10:38 AM
September 20, 2021
7:30 AM +08
Last Updated 4 hours ago
By Aditya Kalra
NEW DELHI, Sept 19 (Reuters) - A senior U.S. trade official privately criticised India's July decision to ban Mastercard Inc (MA.N) from issuing new cards, calling it a "draconian" move that caused "panic"
......
The documents show frustration within the U.S. government after India's central bank banned new card issuance by American Express (AXP.N) and Diners Club International in April, then took similar action against Mastercard in July.
The Reserve Bank of India accuses the companies of breaking local data-storage rules.
......
Mastercard counts India as a key growth market.
......
The Mastercard ban rattled the company and upset India's financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards.
https://www.reuters.com/business/exclusi...021-09-19/
7:30 AM +08
Last Updated 4 hours ago
By Aditya Kalra
NEW DELHI, Sept 19 (Reuters) - A senior U.S. trade official privately criticised India's July decision to ban Mastercard Inc (MA.N) from issuing new cards, calling it a "draconian" move that caused "panic"
......
The documents show frustration within the U.S. government after India's central bank banned new card issuance by American Express (AXP.N) and Diners Club International in April, then took similar action against Mastercard in July.
The Reserve Bank of India accuses the companies of breaking local data-storage rules.
......
Mastercard counts India as a key growth market.
......
The Mastercard ban rattled the company and upset India's financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards.
https://www.reuters.com/business/exclusi...021-09-19/
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