The Reserve Bank of India’s (RBI) ban on Mastercard is expected to hit customer acquisition of many banks, particularly those which issue credit and debit cards predominantly with Mastercard as the payment system operator, like Citi and RBL Bank. TATA Card is a co-branded credit card of SBI Cards and Tata Capital – only issues cards with Mastercard as the payment system operator.
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On Wednesday, the banking regulator barred Mastercard Asia/Pacific Pte. Ltd. (Mastercard) from onboarding new domestic customers (debit, credit or prepaid) onto its card network from July 22.
