Yes Bank on September 21 announced its partnership with Visa to offer credit cards to its customers. "The transition has been achieved within a record time of less than 60 days, ensuring ease for customers across segments," the bank said referring to the shift from Mastercard. All the banks' offerings— consumer cards, business cards, and corporate cards— will now be powered by Visa. RBI's Mastercard ban The Reserve Bank of India (RBI) in July barred Mastercard from onboarding new domestic customers in India onto its card network because of non-compliance with data localisation guidelines. Based on Yes Bank’s website and information from Samsung Pay, it appears that Yes Bank previously issued cards only on the Mastercard network. As such, they were likely impacted adversely by the RBI’s supervisory action. At the end of May, Yes Bank had 967,351 credit cards, all Mastercard ones, in circulation. RBL Bank too had been issuing only on the Mastercard network and had to shift to Visa. Earlier this year, the RBI had barred American Express and Diners Club from onboarding new customers due to non-compliance with its data localisation guidelines. A few days after the ban, Mastercard said that it has complied with the local data storage norms laid down by the RBI and has filed a new audit report on July 20 to notify the central bank of its compliance. The RBI’s data localisation guidelines In 2018, the RBI had issued the following directions after it observed that not all payments companies were storing data in India: Entire data relating…
Yes Bank starts issuing cards on Visa network after RBI’s Mastercard ban
Mastercard’s non-compliance with data localisation norms laid down by the RBI had left Yes Bank with little choice.
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
- Views: Informed Consent—Fiction, Not Fact June 2, 2023
- Instagram explains how it ranks content on the platform June 2, 2023
- Here’s what online streaming industry thinks about Indian telecom regulator’s consultation on regulatory convergence June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...