You are here: Home » Current Affairs ยป News
RBI Governor Das gets the 'Governor of the Year' award for 2023
icon-arrow-left
Yamuna riverfront at Millennium Depot to be made similar to Sabarmati: LG
Business Standard

SVB fallout: Nazara Tech says Rs 60 cr shifted to other bank accounts

The abrupt failure of SVB last week had left many startups, tech companies, entrepreneurs and VC funds nervous and jittery about their deposits

Topics
Banks | Nazara Technologies | Companies

Press Trust of India  |  New Delhi 



SVB, Silicon valley bank
Photo: Bloomberg

on Wednesday said that out of Rs 64 crore held by its two step-down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB.

The balance of Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

Nazara informed that both the -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB.

"From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

The abrupt failure of SVB last week had left many startups, tech companies, entrepreneurs and VC funds nervous and jittery about their deposits.

SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups. Its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis.

US Treasury Secretary Janet Yellen had approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors.

Federal regulators stepped to back all SVB deposits.

Minister of State for IT Rajeev Chandrasekhar on Tuesday said the ministry will take up the woes of Indian startups impacted by the SVB collapse with the finance ministry to help them navigate through the crisis and address the immediate liquidity crunch they are facing.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Wed, March 15 2023. 22:27 IST

RECOMMENDED FOR YOU