The Reserve Bank of India (RBI) has asked Mastercard and Visa to suspend commercial payments made by companies through cards.
According to a letter issued on February 8, the banking regulator directed these firms to suspend all business payment solution providers’ (BPSP) transactions till further notice.
These players, including some bankers, approached RBI on Wednesday (February 14) to clarify the business model to be followed in case corporate card-to-business account money transfer transactions, said reports.
“Visa received a communication from the RBI on Thursday, February 8 in what appears to be an industry-wide request for information on the role of business payment…
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