Mastercard gives RBI new audit report

Mastercard has submitted a new audit report to the RBI, as it seeks to overturn a ban on card issuance linked to concerns over the US company’s handling of data processed abroad. The RBI on July 14 had sent panic waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the Mastercard from issuing new cards. It had cited noncompliance with 2018 rules that required it to store payments data only in India. The RBI had imposed the ban after deciding that a “system audit report” submitted by Mastercard’s auditor Deloitte in April was unsatisfactory.