Current Affairs - Banking - Discussion

Global card payments brand Mastercard has announced its plan of investing $1 billion in India operations over the period of next 5 years. About $350 million of the total amount would be invested in setting up a local payments processing center as per the Reserve Bank of India's mandate to store all payments data locally. The rest of the investment will go towards existing services and expanding capacity among others. This is the first such processing center of the company outside of the US and could provide service markets such as Southeast Asia and Asia-Pacific.