{"id":139174,"date":"2021-09-19T20:03:35","date_gmt":"2021-09-19T20:03:35","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139174"},"modified":"2021-09-19T20:03:35","modified_gmt":"2021-09-19T20:03:35","slug":"exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails\/","title":{"rendered":"Exclusive: U.S. trade official called India's Mastercard ban 'draconian' – emails"},"content":{"rendered":"

NEW DELHI (Reuters) – A senior U.S. trade official privately criticised India\u2019s July decision to ban Mastercard Inc from issuing new cards, calling it a \u201cdraconian\u201d move that caused \u201cpanic\u201d, according to U.S. government emails seen by Reuters.<\/p>

FILE PHOTO: Smartphone with Mastercard logo is seen in front of displayed stock graph in this illustration taken, July 15, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/figcaption>

The documents show frustration within the U.S. government after India’s central bank banned here new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard here in July.<\/p>\n

The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.<\/p>\n

The ban on Mastercard – a top payment network in India alongside Visa – 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.<\/p>\n

\u201cWe\u2019ve started hearing from stakeholders about some pretty draconian measures that the RBI has taken over the past couple days,\u201d Brendan A. Lynch, the deputy assistant U.S. trade representative for South and Central Asia, wrote on July 16, two days after the Mastercard announcement.<\/p>\n

\u201cIt sounds like some others (Amex, Diners) may have been impacted by similar actions recently,\u201d wrote Lynch, asking his colleagues in India to get in touch with their central bank contacts \u201cto see what\u2019s going on\u201d.<\/p>\n

Lynch, spokespeople for the Office of the U.S. Trade Representative and the U.S. Embassy in New Delhi did not respond to requests for comment. The U.S. government has not publicly commented on the Mastercard ban.<\/p>\n

The RBI did not immediately respond.<\/p>\n

A Mastercard spokesman told Reuters, \u201cWe\u2019ve had very constructive engagements with the Indian and U.S. governments over the past few weeks and appreciate the support of both.\u201d This includes discussions with the RBI, and Mastercard has \u201cmade good progress\u201d as it looks to resolve the situation quickly, he said.<\/p>\n

\u201cPANIC\u201d, \u201cFULL COURT PRESS\u201d<\/p>\n

Mastercard counts India as a key growth market. In 2019 it said it was \u201cbullish on India\u201d, a country where it has made major investment bets and built research and technology centres.<\/p>\n

The Mastercard ban rattled here the company and upset India’s financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards.<\/p>\n

The RBI acted against Mastercard because it was \u201cfound to be non-compliant\u201d with the 2018 rules despite the \u201clapse of considerable time and adequate opportunities\u201d.<\/p>\n

The rules, requiring foreign card networks to store Indian payments data locally for \u201cunfettered supervisory access\u201d, were implemented after failed lobbying efforts of U.S. firms also soured trade ties between New Delhi and Washington.<\/p>\n

Mastercard has said it was “disappointed” with the decision. The company has told Reuters it had submitted an additional audit report here to the RBI before the ban took effect on July 22.<\/p>\n

The U.S. government emails show there was hope things could be sorted out before that.<\/p>\n

In one, Lynch told colleagues the understanding was that \u201cthe RBI has info they need and are hopeful that they will respond appropriately.\u201d But as the ban approached, \u201cif the RBI doesn\u2019t change course, I\u2019m sure the panic will resume,\u201d he wrote.<\/p>\n

Days later, he wrote that Mastercard was continuing \u201cto put on the full court press\u201d in Washington.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI (Reuters) – A senior U.S.<\/p>\n","protected":false},"author":3,"featured_media":139173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nExclusive: U.S. trade official called India's Mastercard ban 'draconian' - emails - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: U.S. trade official called India's Mastercard ban 'draconian' - emails - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW DELHI (Reuters) – A senior U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-19T20:03:35+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Exclusive-U.S.-trade-official-called-Indias-Mastercard-ban-draconian-emails.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails\/\",\"url\":\"https:\/\/precoinnews.com\/business\/exclusive-u-s-trade-official-called-indias-mastercard-ban-draconian-emails\/\",\"name\":\"Exclusive: U.S. trade official called India's Mastercard ban 'draconian' - 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