Days after the collapse of Silicon Valley Bank (SVB), the Reserve Bank of India (RBI) has swung into action to take stock of its impact on Indian companies and banks. The regulator has started collecting information on banks and nonbanks exposure to the failed Santa Clara-headquartered lender.
According to sources, the banking regulator has asked banks to furnish details of their equity exposure and deposits in SVB. In addition, the regulator is also gathering a cause for data on similar exposure of Indian nonbank entities.
"The regulator is taking stock of the impact on the country's financial system due to the bank's failure in the US. Both banks and non-banking companies may have exposure in terms of equity investments or deposits in the failed lender," informed a source.
There are a few Indian banks with operations in the US, like State Bank of India (SBI), ICICI Bank, Bank of Baroda, and Bank of India.
This story is from the March 14, 2023 edition of Business Standard.
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This story is from the March 14, 2023 edition of Business Standard.
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