{"id":119082,"date":"2021-07-16T19:30:39","date_gmt":"2021-07-16T14:00:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=119082"},"modified":"2021-07-20T17:02:16","modified_gmt":"2021-07-20T11:32:16","slug":"rbi-action-on-mastercard-again-shows-why-it-is-urgent-to-have-an-omnibus-data-protection-law","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-action-on-mastercard-again-shows-why-it-is-urgent-to-have-an-omnibus-data-protection-law\/","title":{"rendered":"RBI action on Mastercard again shows why it is urgent to have an omnibus data protection law"},"content":{"rendered":"<p><strong>Source<\/strong>: <a href=\"https:\/\/timesofindia.indiatimes.com\/blogs\/toi-editorials\/a-19-month-wait-rbi-action-on-mastercard-again-shows-why-it-is-urgent-to-have-an-omnibus-data-protection-law\/\">TOI<\/a><\/p>\n<p><strong>Synopsis:\u00a0<\/strong>Mastercard Asia has been ordered by RBI to refrain from taking on new customers as it failed to fulfil its obligations under the local data storage rules.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #f7f2f2;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Also Read<\/strong>: <span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/forumias.com\/blog\/mastercard-cant-issue-new-cards-from-july-22-rbi\/\" target=\"_blank\" rel=\"noopener\">Mastercard can\u2019t issue new cards from July 22: RBI<\/a><\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><strong>Issues involved<\/strong><\/h5>\n<ul style=\"list-style-type: disc;\">\n<li><strong>Impact on the payments market<\/strong>: India\u2019s retail payments landscape has transitioned to contactless payments, and cards are slowly losing relevance. Cards have a 3% market share and Mastercard is estimated to account for around one-third of those transactions. Therefore, RBI\u2019s move, especially since renewal of existing Mastercards are not affected, won\u2019t be really market disruptive<\/li>\n<li><strong>This <a href=\"https:\/\/forumias.com\/blog\/what-is-data-localisation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">data localisation<\/span><\/a> requirement is also consistent with<\/strong>\u00a0India\u2019s <span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/forumias.com\/blog\/need-for-a-robust-personal-data-protection-bill\/\">Personal Data Protection Bill<\/a> <\/strong><\/span>(PDP) that was introduced in Parliament 19 months ago. The bill was referred to a joint parliamentary committee and its report is still under preparation.<\/li>\n<\/ul>\n<p><strong>Way forward<\/strong><\/p>\n<p>The original bill covered localisation and stated that some critical data shall be processed only in India. PDP cannot exist in isolation. India has globally competitive firms in data processing and PDP\u2019s structure will have a ripple effect on them. A benchmark could be the EU\u2019s GDPR which allows transfer of data to non-EU-based firms provided they follow the same standards.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; background-color: #f7f2f2;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Also Read<\/strong>: <span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/forumias.com\/blog\/7-pm-the-issues-around-data-localization-25th-february-2020\/\" target=\"_blank\" rel=\"noopener\">Personal Data Protection Bill and issues around data localisation<\/a><\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Source: TOI Synopsis:\u00a0Mastercard Asia has been ordered by RBI to refrain from taking on new customers as it failed to fulfil its obligations under the local data storage rules. Also Read: Mastercard can\u2019t issue new cards from July 22: RBI Issues involved Impact on the payments market: India\u2019s retail payments landscape has transitioned to contactless&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-action-on-mastercard-again-shows-why-it-is-urgent-to-have-an-omnibus-data-protection-law\/\">Continue reading <span class=\"screen-reader-text\">RBI action on Mastercard again shows why it is urgent to have an omnibus data protection law<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[3423,3564,221,216,8420,8421],"class_list":["post-119082","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-data-localisation","tag-data-protection-bill","tag-economy","tag-gs-paper-3","tag-mastercard","tag-pdp-bill","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700788155,"cached_date":1704629221},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/119082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=119082"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/119082\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=119082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=119082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=119082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}