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Biz EOD: FM's 7 green shoots of economic revival; IDBI to shed weak bank tag; Chaayos raises $21.5 mn

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twitter-logo BusinessToday.In   New Delhi     Last Updated: February 11, 2020  | 21:22 IST
Biz EOD: FM's 7 green shoots of economic revival; IDBI to shed weak bank tag; Chaayos raises $21.5 mn
Top stories from the world of business and economy.

Finance Minister Nirmala Sitharaman listed seven indicators of recovery -- global sentiment, NIP, IIP, PMI manufacturing index, forex reserves, gross GST collection and secondary markets -- in the Indian economy. The LIC-owned IDBI Bank has met all but one parameters to exit the Reserve Bank of India's prompt corrective action (PCA) framework under which the central bank puts partial restrictions on weak banks. Popular tea cafe chain Chaayos has raised $21.5 million in an equity and debt mix (Series-B2 round) led by Silicon Valley-based investment firm Think Investments. Read for more top stories from the world of business and economy:

1. Finance minister Nirmala Sitharaman lists 7 green shoots in Indian economy

Replying to the debate on Union Budget 2020 in Lok Sabha, Finance minister Nirmala Sitharaman enumerated the seven early signs of revival in the economy namely- Global sentiment, NIP, IIP, PMI manufacturing index, forex reserves, gross GST collection and secondary markets.

2. IDBI Bank all set to shun the weak bank tag with LIC lifeline

A bulk of the bank's NPAs are facing the bankruptcy proceedings where adequate provisions have been made. The bank expects to get the benefit of write-backs as and when the recovery takes place.

3. 'Very competent doctors': Nirmala Sitharaman takes dig at Manmohan Singh in Lok Sabha

Comparing fiscal discipline under the Modi government with that of Manmohan Singh government (2009-2014), Sitharaman said that the previous regime had failed to contain fiscal deficit numbers.

4. Syndicate Bank Q3 net profit quadruples to Rs 434.82 crore as bad loans shrink

The net interest income, the difference between interest earned and interest expended, for the December quarter of the ongoing fiscal was pegged at Rs 1,871.39 crore.

5. Chaayos raises $21.5 million in fresh round of funding; to increase store count to 300

Popular tea chain Chaayos led by Sunshine Teahouse Pvt Ltd raised $18.5 million of primary capital from Think Investments and other investors, and $3 million debt investment from InnoVen Capital in the said round.

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