RBI Bans Mastercard from Onboarding New Customers in India
A recent report by Nomura, a Japanese research and brokerage house, stated that the Reserve Bank of India’s (RBI) ban on Mastercard from onboarding any new customers in India will drastically impact a few banks such as RBL Bank, Bajaj Finserv, Yes Bank, and others. In fact, the entire card schemes of these banks are allied with Mastercard. Around 60% of HDFC Bank’s card schemes are allied with Mastercard, Diners and Amex while it is 35-36% for ICICI Bank and Axis Bank. On the other hand, the portfolio of Kotak Mahindra Bank is allied with Visa and thus, will not…