SBI Card, the nation’s largest pure play bank card issuer, on Thursday mentioned that it’s going to adjust to the most recent RBI directive that restricts Mastercard from onboarding new prospects from July 22. Nevertheless, SBI sees this having minimal influence on its new buyer acquisitions as there are only some co-brand bank cards on the Mastercard community.
“We can be complying with the most recent RBI directive that restricts MasterCard from onboarding new prospects from July 22, 2021. We’ve got a diversified product portfolio on a number of networks, viz. Rupay, Visa, Mastercard and American Categorical. Our new buyer acquisition influence is minimal as there are only some co-brand bank cards on the Mastercard community. All our proprietary merchandise can be found on a number of networks”, a SBI Card spokesperson mentioned.
This comes a day after RBI on July 14 took supervisory motion in opposition to Mastercard and barred it from buying new prospects (debit, credit score or pay as you go) froSBI Card July 22 for not complying with knowledge localisation necessities.