RBI asks Visa, Mastercard to stop card-based commercial payments
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The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance.
While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response from Mastercard was awaited.
The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank.
While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response from Mastercard was awaited.
The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank.
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