Benzinga | Jul 14, 2021 01:16PM EDT

India's Central Bank Prohibits Mastercard From Registering New Members From Jul 22: Business Standard

* The Reserve Bank of India (RBI) has barred global card player Mastercard Inc (NYSE:MA) from onboarding new domestic customers on its network from July 22, Business Standard reports.

* The central bank's directive follows non-compliance with guidelines on local data storage, despite ample time and adequate opportunities given to it.

* The rules also encompass banks that work with Mastercard for debit, credit, or prepaid cards.

* The RBI had directed all the payment system providers to store the entire data relating to payment systems in a system in India. They were required to report compliance to RBI and submit a board-approved system audit report.

* Price action: MA shares traded higher by 1.35% at $388.89 on the last check Wednesday.