According to a U.S. government email seen by Reuters, senior U.S. trade officials personally criticized India’s July decision to ban MasterCard Inc from issuing new cards and “panicked” it. Called the “radical” movement that caused. Documents show dissatisfaction within the U.S. government after the central bank of India banned the issuance of new cards by American Express and Diners Club International in April and took similar steps against MasterCard in July.
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The Reserve Bank of India has accused the company of violating local data storage rules. The ban does not affect existing customers.
According to a government email, the ban on MasterCard (the top payment network in India alongside visas) will take an approach to RBI when U.S. officials in Washington and India discuss the next steps with MasterCard. Caused a surge in email including.
“We started hearing from stakeholders about the fairly rigorous steps RBI has taken in the last few days,” said Brendan A. Lynch, Deputy Assistant Secretary of Trade for South and Central Asia, two days later. Written on July 16th. MasterCard announcement.
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“Others (Amex, Diners) seem to have been affected by similar behaviour lately,” Lynch wrote. I asked my Indian colleague to contact the central bank contacts “to find out what was happening”.
A spokesperson for Lynch, the US Trade Representative and the US Embassy in New Delhi did not respond to requests for comment. The US government has not publicly commented on the MasterCard ban.
RBI did not react immediately.
“We have been very constructive with the Government of India and the United States over the past few weeks and are grateful for their support,” a MasterCard spokesman told Reuters. This included discussions with RBI, and MasterCard “progressed well.” He said the situation seemed to be resolved quickly.
MasterCard counts India as a major growth market. In 2019, he said he was “bullish to India,” a country that made significant investments and built research and technology centres.
The MasterCard ban has rattled the company and financed India as Indian partner banks are struggling to quickly partner with new networks to offer their cards and are afraid of damaging their income. It confused the sector.
The RBI acted against MasterCard because it “turned out to be non-compliant” with the 2018 rules, despite “a considerable amount of time and ample opportunity.”
Rules requiring foreign card networks to store Indian payment data locally for “free supervisory access” fail US corporate lobbying and worsen trade relations between New Delhi and Washington It was carried out after letting.
MasterCard said he was “disappointed” with the decision. The company told Reuters that it had submitted an additional audit report to RBI before the ban came into effect on July 22.
The US government email indicates that there was hope that things could be organized before that.
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