Top headlines: RBI setback to Mastercard; Infosys Q1 net profit rises 23%

Here are the top stories of the day

RBI bars Mastercard from onboarding new customers in India from July 22

The Reserve Bank of India (RBI) on Wednesday barred global card player Mastercard Asia/ Pacific Pte Ltd from onboarding new domestic customers on its network from July 22, due to non-compliance with guidelines on local data storage, despite ample time and adequate opportunities given to it. Read more here

Infosys Q1 net profit rises 23%; company hikes FY22 revenue guidance

Infosys Q1 FY22 numbers look like a balancing act, but a hike in its annual revenue guidance signals for a robust growth for the industry. The company hiked its annual revenue growth rate for FY22 to 14-16 per cent. It had guided for 12-14 per cent revenue growth for FY22 in Q4 of FY21. Read more here

Bengal extends Covid curbs till July 30, allows Metro services on weekdays

Keeping in mind the warning of experts about a possible third wave of the Covid-19 pandemic, the West Bengal government on Wednesday extended the ongoing restrictions till July 30, but also announced certain relaxations.

Metro Railway services are allowed to resume operations with 50 per cent seating capacity on weekdays, a government order said. Read more here

Oil prices drop after Saudi Arabia and UAE reach output compromise

Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output.

The deal between the two Gulf producers means that members of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will be able to extend a deal to curb output until the end of 2022, the sources said. Read more here