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India indefinitely bans MasterCard from issuing news cards over data storage violations

India’s central bank banned Mastercard indefinitely from issuing new debit or credit cards to domestic customers. The Reserve Bank of India has accused the company of violating data storage laws. The bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India. Mastercard will be […]

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Business

RBI lowers GDP outlook to 6.1% and cuts repo rate by 25 bps

The Reserve Bank of India’s Monetary Policy Committee (MPC) once again slashed key repo rate by 25 basis points. This is the fifth time that the committee revised the repo rate this year. The repo rate or the rate at which RBI lends to banks has been revised to 5.15 per cent from 5.40 per […]