Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Banks race to help startups after SVB fallout, set up crack teams
Hindustan Times
|March 13, 2023
The banks set up specialized teams to assist startups in moving funds to their branches in Gift City when a freeze on transactions is lifted for Silicon Valley Bank.
At least three Indian banks-Axis Bank, Kotak Mahindra Bank, and ICICI Bank-along with the Indian unit of HSBC assembled crack teams to work through the weekend to assist startups affected by the collapse of Silicon Valley Bank open new dollar accounts in Gujarat's Gift City, which caters to non-residents and offshore entities.
After a run on the bank on Thursday and Friday, US regulatory authorities led by the California Department of Financial Protection and Innovation shut down SVB and appointed the Federal Deposit Insurance Corp (FDIC) as a receiver.
Due to SVB's startup-friendly policies, most US startups, and many Indian startups with US subsidiaries, banked exclusively with the bank. Deposits of significant capital from fundraises also tended to be parked with the bank.
They temporarily lost access to their accounts and those deposits after the bank was shut down on Friday night. Some startups took preemptive action hours before US authorities took charge by transferring funds aided by the Indian banks. Not everyone succeeded.
This story is from the March 13, 2023 edition of Hindustan Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Hindustan Times
Hindustan Times
NEXT FOUR YEARS OF BJP GOVT WILL TRANSFORM DELHI, SAYS CM GUPTA
NEW DELHI: Chief minister Rekha Gupta on Monday said the first year of her tenure was about changing the direction of Delhi, and the next four years will focus on transforming the condition of the national capital.
1 min
February 24, 2026
Hindustan Times Delhi
‘Change is inevitable in Bengal’; says PM; slams Mamata regime
Prime Minister Narendra Modi on Monday said he was “heartbroken by the deceit and anguish” faced by the cross-section of West Bengal's citizens under the current Mamata Banerjee regime and vowed to correct it by building a “Viksit Paschim Banga”.
1 mins
February 24, 2026
Hindustan Times
Boong's young star keeps head down, prepares for Class 6 exam
Gugun Kipgen, the 13-year-old lead actor of the Manipuri-language film Boong, which won the Best Children and Family Film award at the 2026 BAFTAs, is staying away from the limelight.
2 mins
February 24, 2026
Hindustan Times Delhi
MERCURY HITS 30°C FOR 3RD TIME IN FEBRUARY, 5°C ABOVE NORMAL
Mercury continued to rise in the Capital on Monday, crossing 30°C for the third time this month as skies remained clear and bright sunshine prevailed in Delhi.
1 min
February 24, 2026
Hindustan Times
Trump's latest outburst looms over trade deals
The US Supreme Court's nixing of President Donald Trump's “reciprocal” tariffs and his reaction to the decision is throwing fresh confusion over the raft of trade deals negotiated by global partners as the inescapable reality of ongoing levies remains a threat.
4 mins
February 24, 2026
Hindustan Times Delhi
Mandelson arrested in London amid scrutiny over Epstein links
London police on Monday arrested Britain's former ambassador to the United States, Peter Mandelson, amid allegations over his ties to disgraced US financier Jeffrey Epstein.
1 min
February 24, 2026
Hindustan Times Delhi
Barcelona back atop La Liga with Levante win
Barcelona cruised to a 3-0 victory over Levante to reclaim pole position in La Liga on Sunday.
1 min
February 24, 2026
Hindustan Times Delhi
Too soon to comment on US tariff change’s impact on India: FM
Finance minister Nirmala Sitharaman on Monday said it is too early to talk about the impact of the US Supreme Court's decision to strike down the Trump administration’s global trade tariffs, as the Indian government is still analysing the fallout.
1 min
February 24, 2026
Hindustan Times
FLUCTUATING AIR FARES A 'VERY SERIOUS CONCERN', SAYS APEX COURT
The Supreme Court on Monday termed the issue of unpredictable fluctuations in air fares and ancillary charges levied by private airlines as “serious,” asking the Union government to consider the issue and provide a formal response.
2 mins
February 24, 2026
Hindustan Times Delhi
England aim to spin their way to World Cup semis
England are yet to catch fire at the T20 World Cup, but they won't mind one bit if another “ugly” win secures Harry Brook’s sidea semifinal berth with a game to spare.
2 mins
February 24, 2026
Translate
Change font size