Parliamentary panel to discuss SVB's impact on startups with Finance ministry, RBI officials
According to a media report, a parliamentary panel has summoned top officials from the finance ministry and Reserve Bank of India (RBI) on April 3 to discuss the impact of Silicon Valley Bank (SVB)'s collapse on the Indian startup ecosystem.
In addition to representing the Indian Private Equity and Venture Capital Association (IVCA) to discuss "Impact of crisis in certain Global Banks on India's startup ecosystem," BJP leader Jayant Sinha, former minister of state for finance, has chaired the parliamentary standing committee on finance.
The panel has 31-member which includes former Union Minister Ravi Shankar Prasad, former Deputy Chief Minister of Bihar Sushil Modi, and Senior Congress leader P Chidambaram. "Hearing the views of representatives of the Ministry of Finance (Department of Financial Services), Reserve Bank of India (RBI) and Indian Banks' Association (IBA) on the subject 'Impact of crisis in certain Global Banks on India's startup ecosystem," the agenda of the meeting states, as quoted in the report.
The meeting will also be attended by the Secretary in the Department of Financial Services as well as the Executive Director from RBI, the media report quoted sources saying. The members are likely to discuss how Silicon Valley Bank's collapse and the recent Credit Suisse crisis have affected Indian businesses, especially startups.
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