Page 5 - Banks

SaaS firm Freshworks says exposure to Silicon Valley Bank minimal

Chennai-based company says 'vast majority' of its finances not held at failed US lender

Here's everything we know about how the Fed is handling the SVB crisis

Fearing contagion would upend the industry, the US Federal Reserve, Treasury Department and Federal Deposit Insurance Corp. moved quickly over the weekend to protect customer deposits

SVB crisis: Depositors to get access to 'all of their money' from today

SVB crisis: To allay the fears, a joint statement was issued by the Joe Biden administration stating that resolution will 'fully protect all depositors' and 'no losses will be borne by the taxpayer'

SVB Crisis: What led to the collapse of start-ups' favourite bank?

What is the Silicon Valley Bank? What led to its collapse? Will customers get their money back? How will SVB's collapse hurt start-ups? Will SVB collapse hurt Indian banks? Read to find the answers

Silicon Valley Bank's collapse highlights fickleness of crypto money

Events last week showed that Kiyotaki-Moore may have been right, not just in their analysis but also in their hyperbole: People accept and hold money not because it circulates freely

All Silicon Valley Bank deposits safe, new backstop for banks created: US

SVB's collapse into FDIC receivership - the second-largest US bank failure in history behind Washington Mutual in 2008 - came suddenly on Friday, following a frenetic couple of days

Govt sees negligible impact from Silicon Valley Bank failure: Officials

Startup sector may be face liquidity issues; exposure of Indian banks to SVB yet to be ascertained

Silicon Valley Bank crisis unlikely to affect Indian banks, say analysts

Have exposure to bigger banks only, not small ones: SBI chairman Khara

SVB fallout impact: Govts across globe stepping in to look for solution

Meity may meet advisory group on e-commerce and cyber laws; meanwhile US lawmakers rush to sell SVB assets and make portion of uninsured deposits available to account holders as early as Monday

Silicon Valley Bank fallout: Paying staff first challenge for start-ups

Y Combinator says over 100,000 jobs within its community at risk

Fallout from SVB collapse spreads around world from London to Singapore

Founders are warning that the bank's failure could wipe out startups around the world without government intervention

FDIC, US Fed discuss fund to backstop deposits if more banks fail

The hope is that setting up such a vehicle would reassure depositors and help contain any panic

SVB chief pressed US lawmakers to weaken bank risk scrutiny 8 years ago

Eight years before the second-largest bank failure in American history occurred this week, the bank's president personally pressed Congress to reduce scrutiny of his financial institution

Mandatory for banks to record transactions of politically exposed people

Centre has amended the Prevention of Money-laundering Rules, 2005, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons

SVB rival banks benefit as startups withdraw funds to seek new home

A few banks benefited from some startups that withdrew funds from the now-failed Silicon Valley Bank

Indian shares slide as IT firms fear high interest ahead of US jobs data

IT stocks lost 0.66%, falling for the third session in a row due to worries about rate hikes in the United States and Europe, where a majority of their clients are based

State Bank of India raises Rs 3,717 cr from its third AT1 bond sale

The nation's largest lender State Bank of India on Wednesday raised Rs 3,717 crore through additional tier 1 bond sale. The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25 per cent. The proceeds will be used to augment its additional tier 1 capital and overall capital base of the bank and also for strengthening capital adequacy in accordance with RBI guidelines. These perpetual bonds have a call option after 10 years and every anniversary thereafter. On the investor interest, the bank said the issue attracted an overwhelming response from investors with bids of Rs 4,537 crore from 53 bids from provident and pension funds and insurance companies and was oversubscribed by about 2.27 times against the base issue of Rs 2,000 crore. Given the high response, the bank has decided to accept Rs 3,717 crore at a coupon rate of 8.25 per cent payable annually. This represents spread of 66 bps over the

Moody's downgrades long-deposit ratings of five Pakistani banks amid crisis

Moody's Investors Service has downgraded the long-term deposit ratings of five Pakistani banks to Caa3 from Caa1, The Express Tribune reported

Valuation comfort remains with PSU banks despite sharp gains

The entire sector has beaten the Nifty (up 6 per cent in the same period) comfortably - the Bank Nifty, which includes both private and PSU banks, is up 16.6 per cent

What Axis Bank's acquisition of its consumer biz means for Citi's customers

Product such as home loans and credot/debit will undergo no change; but in case there are changes, the customer will be duly informed