“We have already signed an agreement with RuPay for credit cards, and the agreement with Visa will be signed next week… We expect to start credit card issuance in the next 90 to 120 days,” Prashant Kumar, MD & CEO of Yes Bank said in a concall with the media after disclosing the first-quarter earnings.
Earlier this month, the Reserve Bank of India imposed restrictions on Mastercard Asia / Pacific Pte Ltd (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021, after it was found to be “non-compliant with the directions on Storage of Payment System Data.”
When asked if the bank was aware that Mastercard was still non-compliant with RBI’s data storage norms and could face regulatory action, Prashant Kumar said “it was news to us,” in response.
According to Nomura, Yes Bank will be among the most impacted bank as its entire credit card scheme is aligned with Mastercard.
