Essar defaults on FRN repayment
Essar Steel has become the first Indian company to default on repayment of $250 million floating rate notes (FRN) issue - which is due for payment on July 20 - to the overseas investors.

BoI lowers interest rates on certain maturity slabs
Bank of India (BoI) has announced lowering of interest rates on certain maturity slabs of domestic and non-resident external (NRE) deposits with effect from July 21.

IDBI to raise Rs 6,000 crore
The Industrial Development Bank of India (IDBI) is planning to raise Rs 6,000 crore this fiscal, through the private placement route.

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