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In one, Lynch told colleagues the understanding was that "the RBI has info they need and are hopeful that they will respond appropriately." But as the ban approached, "if the RBI doesn't change course, I'm sure the panic will resume," he wrote.ĭays later, he wrote that Mastercard was continuing "to put on the full court press" in Washington. The US government emails show there was hope things could be sorted out before that. The company has told Reuters it had submitted an additional audit report to the RBI before the ban took effect on July 22. Mastercard has said it was "disappointed" with the decision. firms also soured trade ties between New Delhi and Washington. The rules, requiring foreign card networks to store Indian payments data locally for "unfettered supervisory access", were implemented after failed lobbying efforts of U.S. The RBI acted against Mastercard because it was "found to be non-compliant" with the 2018 rules despite the "lapse of considerable time and adequate opportunities". The Mastercard ban rattled the company and upset India's financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards. In 2019 it said it was "bullish on India", a country where it has made major investment bets and built research and technology centres. Mastercard counts India as a key growth market. governments over the past few weeks and appreciate the support of both." This includes discussions with the RBI, and Mastercard has "made good progress" as it looks to resolve the situation quickly, he said. government has not publicly commented on the Mastercard ban.Ī Mastercard spokesman told Reuters, "We've had very constructive engagements with the Indian and U.S. Embassy in New Delhi did not respond to requests for comment. Lynch, spokespeople for the Office of the U.S.
"It sounds like some others (Amex, Diners) may have been impacted by similar actions recently," wrote Lynch, asking his colleagues in India to get in touch with their central bank contacts "to see what's going on". Lynch, the deputy assistant US trade representative for South and Central Asia, wrote on July 16, two days after the Mastercard announcement. "We've started hearing from stakeholders about some pretty draconian measures that the RBI has taken over the past couple days," Brendan A.
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officials in Washington and India as they discussed next steps with Mastercard, including approaching the RBI, the government emails show. Download Draconian font for PC/Mac for free, take a test-drive and see the entire character set. Moreover, you can embed it to your website with font-face. The ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between U.S. Download Draconian font for PC/Mac for free, take a test-drive and see the entire character set.
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