Just a few months after India's central bank has banned Mastercard from issuing new debit or credit cards to domestic customers, RBL Bank has restarted credit card issuances vis rival Visa.
The crackdown on India came after The Reserve Bank of India has accused the payment network of violating the rules requiring foreign card networks to store data on Indian payments exclusively in India, the BBC reported.
RBL Bank has teamed up with Visa to restart new issuances.
Credit cards constitute 37.5% of the retail book for the lender, which has a 5% market share in the segment, thehindu.com reported.
Last year, Mastercard accounted for 33% of all card payments in India, according to London-based payments start-up PPRO and quoted by BBC.
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