Silicon Valley Bank Crisis: The closure order after the bankruptcy of Silicon Valley Bank (SVB), the world’s largest bank for startup ecosystem funding, has affected many startups in India. After the bankruptcy of SVB, the American regulator on Friday ordered the bank’s property to be seized and locked. It is the 16th largest bank in America. The American regulator has taken this major decision in view of the financial condition of Silicon Valley Bank.
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Let us tell you that the closure of Silicon Valley Bank (SVB) has emerged as the biggest banking sector crisis after the 2008 financial crisis. Ruchit G Garg, CEO of Harvesting Farmer Network, is one of the Indian startup owners whose business has been adversely affected by the Silicon Valley Bank (SVB) crisis.
Ruchit ji Garg had a special conversation with NewsBust India about this. During this told that we are banking with SVB for more than 10 years. We have deposits which are still stuck with them. It is a matter of relief for us and the situation is slightly better because most of our operations are in India.
“We already have a lot of money in the form of FDI (foreign direct investment) in Indian entities with just better planning and luck, but still a huge chunk of our money is lying in SVBs,” he said.