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', according to U.S. government emails seen by Reuters.
The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.- triggered a flurry of emails between U.S. officials in Washington and India as they discussed next steps with Mastercard, including approaching the RBI, the government emails show.
"It sounds like some others may have been impacted by similar actions recently," wrote Lynch, asking his colleagues in India to get in touch with their central bank contacts "to see what's going on". The 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".
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