If you are also a customer of YES Bank, then this news is of your use. Actually, the RBI had banned Mastercard from issuing a new card. The entire credit card scheme of the bank is linked with MasterCard. Therefore, Yes Bank will not be able to issue credit cards for its customers for the next three to four months.
New Delhi. Yes Bank said during a press conference on Friday that it expects to re-issue credit cards in the next three to four months. This statement from the bank has come after Mastercard has been banned from issuing new cards. The Reserve Bank of India (RBI) has banned MasterCard Asia Pacific for creating new credit, debit and prepaid card customers with effect from July 22.
Bank’s MD and CEO Prashant Kumar said that we have already signed an agreement with Rupay for the credit card and the agreement with Visa will be signed next week. We expect to start issuing credit cards in the next 90 to 120 days.
Therefore, this decision has been taken
due to non-compliance of data maintenance rules by the company. The impact of the ban has been huge on those banks, whose agreements were only with Mastercard. This bank’s entire credit card scheme is linked with MasterCard. Therefore, Yes Bank will not be able to issue credit cards for its customers for the next three to four months.
Ban will affect these 5 banks
Five private banks in the country, including Axis Bank, Yes Bank and IndusInd Bank, will face difficulties in issuing new cards due to the Reserve Bank of India’s (RBI) decision to ban MasterCard. The RBI on Wednesday actually banned Mastercard Asia Pacific from creating new credit, debit and prepaid card customers from July 22. This step was taken because the company did not comply with the rules for collection of data in the country.
SBI will also be affected
HDFC Bank will also be affected by this decision. But it has already been banned by RBI for issuing new debit, credit and prepaid cards. Apart from these five banks, Bajaj Finserv and public sector State Bank of India may also face some problems. These banks also issue new cards through MasterCard.
