Why did RBI crack down on Visa-Mastercard, how will it affect the common man?
After the action on Paytm, RBI has cracked down on international payment merchants like Visa and MasterCard. The Reserve Bank has asked Visa and MasterCard to stop business payments.
Reserve Bank of India has banned big card companies Visa and MasterCard from B2B transactions like money transfer and rent payment through third party apps.
Suspicion of money laundering – The Reserve Bank has not yet told the reason behind this action. Apart from this, the Reserve Bank was suspecting fraud and money laundering in some big transactions.
