Nearly 800 Indian Employees At Silicon Valley Bank Face Uncertainty | Last week, Silicon Valley Bank collapsed. The regulators then took control of Silicon Valley Bank. The company has been a key lender to startups across the US since the 1980s.
Nearly 800 Indian Employees At Silicon Valley Bank Face Uncertainty
The US government announced Sunday that it would take sweeping measures to salvage depositors’ money at SVB, which failed. This has resulted in uncertainty for nearly 800 Silicon Valley Bank’s India office employees.
In his Twitter post, Madhav Chanchani said, “Many US-based venture capital firms began to explore India when it became one of the hottest new emerging markets.
Also, Indian Americans became more prominent in startups and venture firms in the US. Many wanted to take advantage of the opportunity immediately, and some returned to India.”
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He added, “Silicon Valley Bank started bringing top VC firms like Sequoia, Norwest, and Mayfield to India in 2004-05, made their first few investments in 2004-05 and launched dedicated funds later in 2005.”.
Initially, SVB’s India expansion was led by @AshLilani, who also headed the firm’s global operations.
The idea was to become the bank of choice for these VC firms. However, the firm soon discovered that obtaining a banking license in India would take decades, he wrote.
The Silicon Valley Bank has an office in the Bengaluru Manyata Embassy Business Park. Currently, there is uncertainty about the future of the bank as well as the careers of the employees.
In addition, the following concerns have been raised:
- Is there a similar problem with other banks?
- In addition, are our Indian banks safe?
There has been some evidence that most deposits in Indian banks originate from corporations, while household savings account for a large part of the total.
In addition, a large percentage of deposits are held by public sector banks, while very strong private sector banks have the rest, like HDFC Bank, ICICI Bank, and Axis Bank.
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