Bank’s MD and CEO Prashant Kumar said that we have already signed an agreement with Rupay for the credit card and the agreement with Visa will be signed next week. We expect to start issuing credit cards in the next 90 to 120 days.
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Hence this decision was taken
This step has been taken due to non-compliance of data maintenance rules by the company. The impact of the ban has been huge on those banks, whose agreements were only with Mastercard. This bank’s entire credit card scheme is linked with MasterCard. Therefore, Yes Bank will not be able to issue credit cards for its customers for the next three to four months.
Ban will affect these 5 banks
Five private banks in the country, including Axis Bank, Yes Bank and IndusInd Bank, will face difficulties in issuing new cards due to the Reserve Bank of India’s (RBI) decision to ban MasterCard. The RBI on Wednesday actually banned Mastercard Asia Pacific from creating new credit, debit and prepaid card customers from July 22. This step was taken because the company did not comply with the rules for collection of data in the country.
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SBI will also be affected
HDFC Bank will also be affected by this decision. But it has already been banned by RBI for issuing new debit, credit and prepaid cards. Apart from these five banks, Bajaj Finserv and public sector State Bank of India may also face some problems. These banks also issue new cards through MasterCard.
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