YES Bank may have to forgo issuing 100K cards; inks pact with RuPay

YES Bank may have to forgo issuance of 100,000 new credit cards in three months. The private lender, which has exclusive tie-up with Mastercard, says the curb will not impact profitability.

The bank has tied up with National Payments Corporation of India for issuing RuPay cards and will ink a similar deal with VISA.

On July 14, 2021, the RBI barred Mastercard from issuing new cards for failing to comply with rules to store data related to payment systems only in India.

The recent regulatory restrictions would not have any impact on the bank’s existing customers.