‘$200 mn from SVB moved to GIFT City’2 min read . Updated: 17 Mar 2023, 12:20 AM IST
Due to restrictions on overseas transfers from SVB accounts, most Indian companies that had parked funds overseas moved them to other US banks
About $200 million of the $1 billion funds held by Indian startups in Silicon Valley Bank (SVB) were transferred to GIFT City, a global financial centre located in Gujarat, after the US lender collapsed, Rajeev Chandrasekhar, minister of state for electronics and information technology, said in an interview.
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