D Subbarao, the RBI Governor from 2008-13, says that he often felt pressured to fall in line with Finance Ministry goals, and that the government "was distinctly uncomfortable with the RBI raising interest rates". BS
TCS Q1 results met analyst expectations, but volume growth seems to have "entered the slow lane" and indicates that the company may now be growing at a slower rate than Infosys. Analysts are watching the results closely to understand the impact of Brexit and the slowdown in global growth. ET
Essar Oil, India's second largest private oil refiner, is in talks with international companies to sell 23.5% of its stake, in a deal that is expected to close at the end of this month. LiveMint
The government is targeting bodies like the Institute of Chartered Accountants of India (ICAI) for overhaul - these bodies act as both regulators and industry representatives. The government plans to remove their regulatory role to end the conflict of interest. FE
Photo of the Day: the augmented reality game Pokemon Go which adds Pokemon characters to your surroundings to chase and capture, is a worldwide sensation, and has now been downloaded millions of times in the countries it is available. Atlantic
