In the news: 4000 students get US visa, ONGC net falls and more

Though there is not a single business news story which can be termed less important, here are five developments that you must know today.

RBI issues draft norms for mass transport pre-paid cards One area where a large number of small-value cash payments take place relates to mass-transit systems. Therefore, based on a review, it has been considered necessary to issue additional guidelines for a new category of prepaid payment instruments, the central bank said.

90,000 Indian students apply for US visa, 4,000 make the cut According to an official statement, around 4,000 students managed to get student visa which saw over 90,000 applicants, a number which doubled at the US embassy and consulates, especially in Mumbai and Hyderabad, over the last 12 months.

Flaws in Air India's ticket booking system: Police Police Commissioner Navdeep Singh Virk said the flaw came to light following the arrest of an IGI Airport ticket booking attendant for fraud.

ONGC net profit falls 19.5% on higher costs, write-off The net profit of Oil and Natural Gas Corp in January- March was lower than Rs 4,889 crore in the January-March period of the previous fiscal, 2013-14, ONGC Chairman and Managing Director Dinesh K Sarraf told reporters in New Delhi.

Court pulls up I-T dept for withholding info on foreign a/cs Directing the department to deposit the fine amount in the Prime Minister's Relief Fund, Additional Chief Metropolitan Magistrate (ACMM) Devendra Kumar Sharma said the tax body was not placing complete documents, which could have evidentiary value, on record for reasons best known to it.