Startup CEO decodes effects of US bank’s sudden collapse

New Delhi (Agencies):

The collapse of Silicon Valley Bank, a key lender to US startups since the 1980s, has also affected several startups in India, hitting their daily cash needs and other running expenses. US authorities swooped in and seized the bank’s assets after a run on deposits made it no longer tenable for the medium-sized bank to stay afloat on its own.

Ruchit G Garg , the chief executive of Harvesting Farmer Network, was among the startup owners in India whose business felt the ripple effect of Silicon Valley Bank’s (SVB) collapse, the biggest since 2008 when Wash- ington Mutual sputtered and died.

“We have been banking with SVB for over 10 years. We have deposits that are right now stuck with them. Thankfully for us, the situation is a little bit better as most of our operations are in India,” Garg said.

“Just by sheer planning and luck we have a lot of money already made as FDI in Indian entities. But still a large portion of our money is sitting in SVB,” he said. Many other startups, however, may be in a much worse situation, Mr Garg said, citing young companies that carry out a bulk of their operations abroad, especially in the US. “Multiple startups have their money stuck in SVB, the most serious being the ones operating in the US. If they have been working mostly in India, they would have funds parked in Indian banks too. The problem is magnified for startups that have SVB as the only main banking partner,” said Garg.

UNION MIN CHANDRASEKHAR TO MEET REPRESENTATIVES OF INDIAN START-UPS HIT BY SILICON VALLEY BANK COLLAPSE

Albanese’s visit and today’s annual summit will take India-Australia ties to a higher level.

“Delighted to call on

Prime Minister @AlboMP of Australia this morning. His visit and today’s Annual Summit will take our

He tweeted, “Thank you to Prime Minister @narendramodi for the extraordinary effort to make my Australian delegation feel welcome in India. Having the pleasure of hearing The Triffids and The Go-Betweens on the sitar was unexpected and extremely touching.”

New Delhi (Agencies): Union Minister of State for Electronics and IT Rajeev Chandrasekhar will meet representatives of Indian start-ups affected by the collapse of the troubled Silicon Valley Bank (SVB) to understand how it has impacted them and how the government can help. “A few start-ups have reached out to me, and there is a general worry. Prime Minister Narendra Modi’s vision of India’s ‘techade’ has a big role for the success of our start-ups and innovation ecosystem. We want to be supportive of our young Indians in whatever way we can. We won’t let the SVB failure slow their growth,” Chandrasekhar said.

Uttar Pradesh Government Transfers 8 Ips Officers

New Delhi (PTI): The CBI has brought back a kidnapping-and-murder accused wanted by the Kerala Police through extradition from Saudi Arabia, the 33rd fugitive extradited since last year, under “Operation Trishul” on Sunday, officials said.

Mohammed Haneefa Makkata, a fugitive with an Interpol Red Corner Notice (RCN) issued against him, was

2006, a case that was probed by the Kunnamangalam police station in Kozhikode, the officials said. He was located in Saudi Arabia on the basis of the RCN, they added.

Srinagar (PTI): Attempts are being made round-the-clock to wipe out the remnants of terror in Jammu and Kashmir and the “enemy” is finding it hard to digest the prevailing peace, the Union Territory’s police chief Dilbag Singh said on Sunday.

Singh was speaking to reporters on the sidelines of the opening ceremony of the 71st BN Mullik Memorial All India Police Football Championship at the Bakshi Stadium.

Asked about the targeted killings, especially of minorities, in the Valley, Singh said while some incidents are taking place, violence has largely come down.

“Targeted killings have also come down. Some incidents take place sometimes but we take those seriously and counter measures are being taken. Attempts are on day and night to wipe out the remnants of terror and these will continue,”

Singh, the Jammu and Kashmir director-general of police, said. The police chief also expressed happiness that youngsters who used to “play with grenades” are today taking part in sporting activities.

MADHURI’S MOTHER SNEHALATA DIXIT DIES AT AGE OF 90

Mumbai (PTI): Film star wanted by the Kerala Police in connection with the abduction and killing of one Karim in

Madhuri Dixit’s mother Snehalata Dixit died here on Sunday. She was 90. The Bollywood actor shared the news in a statement issued to the media. “Our beloved Aai, Snehalata Dixit, died peacefully this morning surrounded by her loved ones,” the statement said. Snehalata Dixit’s last rites will be performed at Worli’s Vaikunth Dham. Madhuri, who is the youngest of the four siblings, had shared a heartwarming post on her mother’s 90th birthday last year.

The Interpol unit of Saudi Arabia informed the Central Bureau of Investigation (CBI) about Makkata’s location and sought a team to take him back to India, the officials said.

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SUSPECTED ‘DACOIT’ SHOT DEAD IN POLICE ENCOUNTER WAS A FARMER, FINDS PROBE

Guwahati (Agencies): A probe into the death of a person, suspected to be a dacoit, in a police encounter in Assam’s Udalguri district confirmed that it was a case of “mistaken identity”. The CID probe concluded that the person killed in the shootout was not dacoit Kenaram Boro (also known as Kenaram Basumatary) but a person identified as Dimbeswar Muchahary, who his family asserted was a “small-time farmer”. The police, however, claimed he was also a “hardened criminal”. The police claimed that two policemen were also injured in the “shootout”.

COUPLE ENDS LIFE AFTER FAMILY DISAPPROVES THEIR RELATIONSHIP

Muzaffarnagar (Agencies): A young couple have allegedly died by suicide in Muzaffarnagar. Pankaj (23) and Shivani (20) were pulled up by the girl’s family over their relationship. Moments later, Pankaj killed himself by consuming poison and his girlfriend, Shivani also followed suit. Circle Officer (Budhana), Vinay Kumar Gautam, said, “The two victims were distant relatives. They consumed poisonous substances and died during treatment. Further probe is on.”