NEW DELHI (Reuters) -A senior U.S. trade official privately criticised India’s July decision to ban Mastercard Inc from issuing new cards, calling it a “draconian” move that caused “panic”, according to U.S. government emails seen by Reuters. The U.S. government has not publicly commented on the Mastercard ban. The Mastercard ban rattled https://www.reuters.com/world/india/indias-ban-mastercard-hit-banks-card-operations-income-sources-2021-07-15 the company and upset India’s financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards. The company has told Reuters it had submitted an additional audit report https://www.reuters.com/world/india/mastercard-submits-new-audit-india-after-ban-over-data-handling-2021-07-30 to the RBI before the ban took effect on July 22. Days later, he wrote that Mastercard was continuing “to put on the full court press” in Washington.

Source: MetroXpress September 19, 2021 08:15 UTC