Silicon Valley Bank Crisis: US-India Partnership Forum Thanks US For "Swift Action"
NDTV
USISPF chief Mukesh Aghi said that the Silicon Valley Bank has been the go-to bank for the US and foreign tech startups and members of the venture capital industry for years and its abrupt halt has left several of its customers worldwide in a crisis.
Welcoming the measures taken to fully preserve the insured and uninsured deposits at the now collapsed Silicon Valley Bank, the US India Strategic and Partnership Forum (USISPF) has said a swift resolution is vital for the United States to maintain its leadership in the global startup and innovation ecosystem.
USISPF chief Mukesh Aghi on Sunday observed that the Silicon Valley Bank (SVB) has been the go-to bank for the US and foreign tech startups and members of the venture capital industry for years and its abrupt halt has left several of its customers worldwide in a crisis.
He said the most immediate task was to prevent the contagion beyond the current limited case and maintain the US leadership in the global startup ecosystem by ensuring a swift and orderly resolution of the matter.
“The authorities have done so, realising that failure to protect the value of deposits would cripple many of these startup firms, resulting in the loss of hundreds of thousands of jobs and impacting millions of lives globally. Furthermore, the startup ecosystem in the United States is tightly integrated with the ecosystem globally,” Aghi said in a statement.
