RBL, Yes Bank, And Bajaj Finserv Are Most Affected By Restrictions
RBL, Yes Bank, and Bajaj Finserv are most affected by restrictions on Mastercard.
With the Reserve Bank of India (RBI) barring MasterCard from onboarding new customers, credit card issuers including co-brand partners RBL, Yes Bank, and Bajaj Finserv have been hit the most.
In fact, the entire card schemes of these banks are linked to MasterCard, so they have been affected the most.
Japanese brokerage Nomura said in its report that the RBI’s move has affected these three entities the most.
Let us tell you that 60 percent of HDFC Bank card schemes are linked to Master Card, Amex, and Diners, while it is around 35-36 percent in the case of Axis Bank and ICICI Bank.
HDFC Bank is already unable to issue new cards, as RBI has put restrictions on the bank to issue new cards, hence it has less impact.
Kotak’s card portfolio, on the other hand, is completely linked to Visa, so it won’t be a problem.
The management of both Axis Bank and ICICI Bank have in recent days been in discussions about their co-branded cards with Flipkart and Amazon, which are the fastest-growing card schemes.
Nomura said that while Amazon’s ICICI Card is affiliated with Visa, Flipkart Axis Card is affiliated with Mastercard and there is a potential medium-term risk, so the current situation should continue.
On Wednesday, the central bank banned Mastercard Asia/Pacific Pte Ltd from adding new customers to all its card products (debit, credit, and prepaid) with effect from July 22, 2021.
RBI had earlier imposed similar restrictions on both American Express Bank (Amex) and Diners Club International (Discover Financial Services).
SBI customers will not be able to use net banking, there will be problems for some time today and tomorrow.
There is important news for the customers of the State Bank of India (SBI). For customers using SBI’s net banking, this facility is going to be closed for 150 minutes on 16 and 17 July i.e. today and tomorrow.
Therefore, you should avoid doing transactions at this time. SBI has given this information by tweeting.
The bank has written that we will do maintenance work on the night of July 16 and 17 from 10.45 pm to 1.15 pm. Internet Banking / YONO / YONO Lite / UPI services will not be available during this period.
We are sorry for the inconvenience caused to our customers and request your cooperation
