Union minister Rajeev Chandrasekhar said he will meet Indian startups this week to understand the impact of SVB Financial’s collapse on them and how the government can help during the crisis.
“The @SVB_Financial closure is certainly disrupting startups across world. Startups are an imp part of #NewIndia Economy,” Union Minister of State for Entrepreneurship, Skill Development, Electronics and Technology Chandrasekhar said in a tweet.
The @SVB_Financial closure is certainly disrupting startups across world .
Startups are an imp part of #NewIndia Economy.
I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis.#IndiaTechade@PMOIndiapic.twitter.com/1HLTwAs9IF
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) March 12, 2023
One of the most prominent lenders in the world of technology startups Silicon Valley Bank, struggling under the weight of ill-fated decisions and panicked customers, collapsed on Friday, forcing the US federal government to step in, The New York Times reported.
Regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation (FDIC).
The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023, read FDIC statement.
The bank’s failure is the second-largest in US history, and the largest since the financial crisis of 2008, NYT reported.
The bank’s shares tumbled over 60 per cent since this week, data showed.
(Except for the headline, this story has not been edited by String Reveals staff and is published from a syndicated feed.)
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