US payments-network firms are under Centre’s compliance scanner. Is Mastercard playing with fire?
Synopsis
Mastercard is having it rough from the RBI for failing to comply with the regulator’s data-localisation norms. Not many in the industry are with Mastercard on this. Whatever the case, Mastercard’s love affair with India, seeded by Ajay Banga, is on shaky ground. Richard Verma, Mastercard’s head of global policy, has a lot on his plate.
The year was 2018. The venue was the Indian consulate in New York. Ajay Banga, the then president and chief executive officer of Mastercard, was ready to deliver a speech at the inaugural New India Lecture and he seemed happy. After all, Banga, eight years into his job, had made everyone smile ear-to-ear with what he and his team had done at the company. Under his watch, Mastercard’s market cap had climbed from USD30 billion to around USD180
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