RBI has barred Mastercard from adding new domestic customers from July 22
US-based network now can’t issue either prepaid, credit or debit cards
The order will not impact existing customers
Mastercard is the second-largest credit card issuer in India
Visa holds the top position
Central bank wants regulated entities to store data in India
RBI says Mastercard flouted norms on data localisation
The company has already invested $1 billion in India
It has plans to invest $1 billion more
US firms American Express and Diners Club have faced similar RBI action in past
