MUMBAI : Visa Worldwide is the only foreign card network to have complied with Reserve Bank of India’s data localization rules that has led to business restrictions on three rival networks, according to RBI’s response to a Right to Information query (RTI) filed by Mint. RBI restricted rival Mastercard from signing up new customers from 22 July for failing to comply with the norms. In fact, given the way how government is viewing data and our policy is shaping, it is also likely that the data localization requirements may be introduced in other sectors," said Vaibhav Kakkar, partner at law firm Saraf and Partners. Asked if Mastercard complied with the rules, RBI governor Shaktikanta Das said on 6 August he “would not like to reply on individual entity-related questions". However, Das said whenever there are deviations or violations of regulatory guidelines, as a regulator, it is RBI’s job and responsibility to ensure compliance.

Source: Mint August 17, 2021 18:11 UTC