Mumbai, Jun 16 (PTI) The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.

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"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd...on Storage of Payment System Data, the restrictions imposed...on on-boarding of new domestic customers have been lifted with immediate effect," the RBI said in a statement.

The RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)