TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Will Khamenei Hit Back by Closing the Strait of Hormuz?

    U.S. Attacks Iran: Will Khamenei Hit Back by Closing the Strait of Hormuz?

    Trump Warns of More Attacks as Region Teeters on Brink

    US Strikes Key Iranian Nuclear Sites: Trump Warns of More Attacks as Region Teeters on Brink

    google maps shows akbar road as maharana pratap road

    Google Maps Shows Delhi’s Akbar Road as Maharana Pratap Road, Sparks Debate

    Air India Shake-up: DGCA Removes Top Brass Over Crew Duty Violations

    Air India Shake-up: DGCA Removes Top Brass Over Crew Duty Violations

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    Get Insurance: Secure your Tomorrow with Confidence

    Get Insurance: Secure your Tomorrow with Confidence

    real estate

    US Firms Hit All-Time High in Office Space Leasing Across India: Report

    PM Narendra Modia

    11 Years of Modi Govt: Making Welfare Seamless with Direct Benefit Transfers, DigiLocker, UMANG

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    ICRA’s analysis highlights that defence companies are benefitting from strong execution progress

    India’s Defense Sector Set for 15–17% Growth in FY26: ICRA Report

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    British F-35 Fighter Jet Stranded: Technical Glitch Grounds Stealth Aircraft

    British F-35 Fighter Jet Stranded in India for 4 Days: Technical Glitch Grounds Stealth Aircraft

    reliance infrastructure in strategic partnership

    Reliance Infrastructure and Dassault Aviation Expand Falcon Jet Manufacturing to India

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Will Khamenei Hit Back by Closing the Strait of Hormuz?

    U.S. Attacks Iran: Will Khamenei Hit Back by Closing the Strait of Hormuz?

    Trump Warns of More Attacks as Region Teeters on Brink

    US Strikes Key Iranian Nuclear Sites: Trump Warns of More Attacks as Region Teeters on Brink

    India- Pak war dents America's rebound

    Indo-Pak War 2025 Dents America’s Rebound

    PM Modi’s July Diplomacy Drive: Five-Nation Tour to Boost India’s Global Influence

    PM Modi’s July Diplomacy Drive: Five-Nation Tour to Boost India’s Global Influence

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Kamakhya Devi Temple- Ambubachi Mela

    Where the Goddess Bleeds: Inside the Sacred Mysteries of Kamakhya Temple

    Yoga as India's soft power

    As the World Bends, India Leads: Yoga Day and the Quiet Strength of Soft Power

    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    jagannath rath yatra

    Everything You Need to Know About Jagannath Rath Yatra: History, Significance, Rituals, and Celebrations

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    mistakes to avoid during yoga

    6 Common Yoga Mistakes to Avoid for a Better Practice

    Yoga as India's soft power

    As the World Bends, India Leads: Yoga Day and the Quiet Strength of Soft Power

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Lenacapavir becomes first FDA-approved HIV preventive drug

    FDA Approves First Twice-Yearly HIV Prevention Shot: Lenacapavir

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Will Khamenei Hit Back by Closing the Strait of Hormuz?

    U.S. Attacks Iran: Will Khamenei Hit Back by Closing the Strait of Hormuz?

    Trump Warns of More Attacks as Region Teeters on Brink

    US Strikes Key Iranian Nuclear Sites: Trump Warns of More Attacks as Region Teeters on Brink

    google maps shows akbar road as maharana pratap road

    Google Maps Shows Delhi’s Akbar Road as Maharana Pratap Road, Sparks Debate

    Air India Shake-up: DGCA Removes Top Brass Over Crew Duty Violations

    Air India Shake-up: DGCA Removes Top Brass Over Crew Duty Violations

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    Get Insurance: Secure your Tomorrow with Confidence

    Get Insurance: Secure your Tomorrow with Confidence

    real estate

    US Firms Hit All-Time High in Office Space Leasing Across India: Report

    PM Narendra Modia

    11 Years of Modi Govt: Making Welfare Seamless with Direct Benefit Transfers, DigiLocker, UMANG

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    ICRA’s analysis highlights that defence companies are benefitting from strong execution progress

    India’s Defense Sector Set for 15–17% Growth in FY26: ICRA Report

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    British F-35 Fighter Jet Stranded: Technical Glitch Grounds Stealth Aircraft

    British F-35 Fighter Jet Stranded in India for 4 Days: Technical Glitch Grounds Stealth Aircraft

    reliance infrastructure in strategic partnership

    Reliance Infrastructure and Dassault Aviation Expand Falcon Jet Manufacturing to India

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Will Khamenei Hit Back by Closing the Strait of Hormuz?

    U.S. Attacks Iran: Will Khamenei Hit Back by Closing the Strait of Hormuz?

    Trump Warns of More Attacks as Region Teeters on Brink

    US Strikes Key Iranian Nuclear Sites: Trump Warns of More Attacks as Region Teeters on Brink

    India- Pak war dents America's rebound

    Indo-Pak War 2025 Dents America’s Rebound

    PM Modi’s July Diplomacy Drive: Five-Nation Tour to Boost India’s Global Influence

    PM Modi’s July Diplomacy Drive: Five-Nation Tour to Boost India’s Global Influence

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Kamakhya Devi Temple- Ambubachi Mela

    Where the Goddess Bleeds: Inside the Sacred Mysteries of Kamakhya Temple

    Yoga as India's soft power

    As the World Bends, India Leads: Yoga Day and the Quiet Strength of Soft Power

    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    jagannath rath yatra

    Everything You Need to Know About Jagannath Rath Yatra: History, Significance, Rituals, and Celebrations

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    mistakes to avoid during yoga

    6 Common Yoga Mistakes to Avoid for a Better Practice

    Yoga as India's soft power

    As the World Bends, India Leads: Yoga Day and the Quiet Strength of Soft Power

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Lenacapavir becomes first FDA-approved HIV preventive drug

    FDA Approves First Twice-Yearly HIV Prevention Shot: Lenacapavir

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

How PM Modi rejected USA’s threats and went ahead with Mastercard ban

Sanbeer Singh Ranhotra by Sanbeer Singh Ranhotra
20 September 2021
in Trending
modi mastercard
Share on FacebookShare on X

In July, India had barred American financial services giant, Mastercard from adding new customers in the country. Mastercard is a major financial services company, but its reluctance to fall in line with Indian regulations led to the Indian government snapping the multinational company’s growth in India. India is a major financial market, and one of the fastest-growing ones at that. In a country like India, where digital transactions have soared since November 2016, following the massive demonetisation exercise launched by Prime Minister Narendra Modi, financial service companies had hoped to make it big. Mastercard would have too, had it complied with Indian regulations. 

Ever since, the United States of America has launched a tirade against India. It has subtly threatened the Modi government, calling the barring of Mastercard “discriminatory and trade-distortive”. However, the Modi government has not really paid much attention to Washington’s rants, which is why the U.S. has now taken its case to the press. 

RelatedPosts

Vikas Swarup Credits ‘3 Ts’ for India-Canada Diplomatic Reset

Pakistan’s Trump ‘Nomination’: A Masterclass in Strategic Servility

Pak Deputy PM Confirms Indian Strikes on Airbases; Saudi Mediation Bid

Load More

US Calls India’s Decision ‘Draconian’

Following two months of intense lobbying aimed at overturning the decision of the Indian government, the U.S. has now resorted to complaining to the media. Speaking to Reuters, a senior U.S. trade official privately criticised India’s July decision to ban Mastercard Inc from issuing new cards, calling it a “draconian” move that caused “panic”. Brendan A. Lynch, the deputy assistant U.S. trade representative for South and Central Asia was quoted out of his July emails as saying, “We’ve started hearing from stakeholders about some pretty draconian measures that the RBI has taken over the past couple days.” 

Alexander Slater, the deputy managing director of the US-India Business Council, which lobbies for American business interests said last month, “The free flow of data across borders is the bedrock of a robust strategic and economic relationship between the US and India.” According to estimates, Mastercard accounts for one-third of India’s card market.

Reuters reported that the ban on Mastercard triggered a flurry of emails between US officials in Washington and India as they discussed the next steps with Mastercard, including approaching the RBI. Lynch asked his colleagues in India to get in touch with their central bank contacts “to see what’s going on”. However, these pressure tactics of Washington have yielded no results.

Apart from Mastercard, the Reserve Bank of India (RBI) in April took similar action against American Express and Diners Club too.

What is India Saying?

India has clarity of thought. If foreign companies want to do business in India, they must comply with the reasonable regulations in place in the country. It is the least they can do in one of the world’s biggest and expansive markets. According to Reuters, RBI acted against Mastercard because it was “found to be non-compliant” with the 2018 rules despite the “lapse of considerable time and adequate opportunities”. 

According to one Indian executive quoted by the Financial Times, the data localisation rule “has been very, very clear for a very long time…Some of the foreign companies would rather sit and lobby rather than fix their systems.” 

Read more: How RBI’s MasterCard ban is helping VISA, UPI and RuPay

In a July 14 order, barring Mastercard from adding new Indian customers from July 22, the RBI said. “The Reserve Bank of India (RBI) has today 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. Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data.”

What Do the Rules Say?

Around 2018, India forbade financial groups from storing data overseas. The new rules require that all financial data originating from India, but processed overseas be destroyed within 24 hours and stored only in India. Companies must submit third-party audits showing compliance, which the RBI says is necessary to prevent money laundering and other illegal activity. 

The companies at the receiving end for non-compliance with the rules argue, however, that the rules were costly, counterproductive and encouraged other countries to take similar steps.

Under Prime Minister Narendra Modi’s leadership, India is doing what was required to be done long ago. The data of companies’ services in the country, and all transactions must be stored locally. This will help the RBI track money laundering and take note of suspicious transactions with relative ease. However, American giants are more interested in ranting against India’s realistic regulations, instead of getting their act straight. Notwithstanding the intense lobbying by such companies, and the indirect threats of the U.S. government, the Modi administration is standing tall and ensuring that those who do not comply with regulations are punished. 

Tags: IndiamastercardModiModi government
Share126TweetSend
Previous Post

Arrest of Delhi based YouTuber : Ishan LLB vs. Madrassa Board

Next Post

Aarey Metro shed was an ecological disaster, but Powai cycle track is Uddhav’s genius environmentalism

Related Posts

Will Khamenei Hit Back by Closing the Strait of Hormuz?
Geopolitics

U.S. Attacks Iran: Will Khamenei Hit Back by Closing the Strait of Hormuz?

22 June 2025

The Strait of Hormuz is under Iran’s direct control, and by shutting this narrow passage it could deliver a...

Trump Warns of More Attacks as Region Teeters on Brink
Geopolitics

US Strikes Key Iranian Nuclear Sites: Trump Warns of More Attacks as Region Teeters on Brink

22 June 2025

In a major military escalation, the United States launched precision airstrikes on several key Iranian nuclear facilities early Sunday,...

google maps shows akbar road as maharana pratap road
Trending

Google Maps Shows Delhi’s Akbar Road as Maharana Pratap Road, Sparks Debate

21 June 2025

There has been ongoing debate in Delhi about renaming streets after prominent Indian freedom fighters and brave warriors, as...

Load More

Comments 1

  1. Avtar Singh says:
    4 years ago

    GOOD JOB, please deal with….
    farcebook, p##hgle, scamazon, tw#tter and beware of cr#pple
    all Silly Cons Valley fake liberals……… Hindu haters/India haters = East India mk2

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

when the God leaves the temple to be with his devotees.

when the God leaves the temple to be with his devotees.

00:05:31

R.P. Singh Exposes AAP: Following Indira's Model of Separatist Appeasement?

00:11:04

kamakhya Devi and the Power of Menstruation: Ambubachi Mela Explained.

00:04:47

From love to murder- how five plots took down raja raghuvanshi

00:04:38

Marriage gone murderous: expert explains the gruesome murder case.

00:13:01
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited