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Finance

India slaps ban on Mastercard, threatening missed growth

US group accused of failing to comply with data storage rules

The Reserve Bank of India says Mastercard did not comply with rules introduced in 2018 that bar payments companies from transferring customer data overseas.    © Reuters

NEW DELHI (Financial Times) -- India's central bank has ordered Mastercard to stop adding new customers for failing to comply with the country's data storage rules, escalating a dispute between Indian authorities and U.S. financial services groups over the control of customer data.

The Reserve Bank of India said Mastercard had not complied with rules introduced in 2018 that bar payment companies from transferring customer data overseas. The regulations, which were fiercely resisted by U.S. payment companies, required all financial data to be stored exclusively in India.

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