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As the collapse of <keyword id="630197" type="General" weightage="50" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>) in the US left the Indian startup ecosystem worried, Union Minister of State for Electronics and IT, <keyword id="205969" type="General" weightage="50" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword>, on Sunday said he will hold a meeting with the startup Founders and CEOs next week to see how the government can help them during the crisis. The bank's collapse is going to impact several startups in India which have exposure to its investments and have parked their funds in the bank. "The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an important part of #NewIndia Economy," Chandrasekhar said in a tweet. The minister said he will meet with the Indian startups next week "to understand the impact on them and how the Narendra Modi government can help them "during this crisis." According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups. Top venture capitalist (VC) firms have also issued a joint statement on the collapse of SVB, one of the largest US banks serving the global startup community, saying they are "deeply disappointing and concerning". According to reports, SVB was a bank to more than 2,500 venture capital firms, including Lightspeed, <keyword id="6581358" type="General" weightage="50" keywordseo="bain-capital" source="Orion">Bain Capital</keyword> and Insight Partners. On Friday, the <keyword id="905063" type="General" weightage="50" keywordseo="us-federal-deposit-insurance-corporation" source="Orion">US Federal Deposit Insurance Corporation</keyword> (FDIC) took control of the SVB's $175 billion in customer deposits. US-based technology startup accelerator Y Combinator, which has invested in thousands of startups, including at least 200 from India, has written a petition to US Treasury Secretary Janet Yellen and others, asking them to prevent further shockwaves that could lead to financial crisis and layoffs of more than 100,000 workers. Over 1,200 CEOs and founders representing over 56,000 employees have already signed the petition, written by Garry Tan, CEO and President of Y Combinator, to save startups and hundreds of thousands of jobs. SEE ALSO: <a href="https://www.businessinsider.in/international/news/us-bank-svb-taken-over-is-largest-failure-since-2008/articleshow/98560513.cms">US bank SVB taken over is largest failure since 2008</a> <a href="https://www.businessinsider.in/careers/news/meta-to-begin-laying-off-another-11k-employees-in-multiple-waves-next-week/articleshow/98558203.cms">Meta to begin laying off another 11K employees in multiple waves next week</a> <a href="https://www.businessinsider.in/entertainment/news/not-just-game-of-thrones-144-hbo-originals-are-exiting-disney-hotstar/slidelist/98541137.cms">HBO Originals White Lotus, Big Little Lies &amp; more that’ll vanish from Disney+ Hotstar</a>

SVB collapse: Minister Chandrasekhar to meet Indian startups to see how govt can help them

<ul class="summary-list"><li>Billionaire Charles Schwab's net worth has plunged about $3 billion since March 8.</li><li>Shares of Charles Schwab Corp fell sharply amid the collapse of Silicon Valley Bank.</li></ul>Billionaire Charles Schwab's fortune has taken a massive beating after shares of the eponymous company he founded plunged amid the banking crisis. Shares of Charles Schwab Corp, a savings and loan holding company, closed 11.6% lower at $51.91 apiece on Monday, bringing its market value lower by nearly 38% so far this year.As founder <a href="https://www.bloomberg.com/billionaires/profiles/charles-r-schwab/" target="_blank" rel="noopener">Schwab</a> has much of his fortune tied to a 6% stake in the company, the billionaire has seen $2.9 billion wiped off from his fortune since March 8, when the <a href="https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3">Silicon Valley Bank, or SVB,</a> situation started unraveling, per <a href="https://www.bloomberg.com/news/articles/2023-03-13/svp-fallout-billionaire-charles-schwab-hit-by-one-of-worst-finance-wipeouts" target="_blank" rel="noopener">Bloomberg.</a>The 85-year-old tycoon, who is the world's 183rd richest person, is now worth nearly $10 billion after 26% of his wealth was erased so far this year, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>Schwab's losses as of March 14 mean his wealth has dropped the most among US billionaires so far this year. He is leading losses only behind <a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1">Indian billionaires</a> Gautam Adani and Mukesh Ambani, who have suffered from a bout of losses following a <a href="https://markets.businessinsider.com/news/stocks/adani-group-hindenburg-research-short-report-4th-richest-person-world-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*2kpf7k*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3ODc1NzUxMS4yNjMwLjEuMTY3ODc2MjA0Ni4wLjAuMA..">US short seller's attack</a> on Adani's business empire.<h2>Investors are worried about banks' massive unrealized losses</h2>Ever since SVB imploded, investors are growing more and more worried about the massive unrealized losses banks are sitting on in their bond portfolios. Charles Schwab Corp — while best known for its discount brokerage business — also provides <a href="https://www.schwab.com/bank#:~:text=Deposit%20and%20other%20lending%20products,FDIC%20and%20Equal%20Housing%20Lender." target="_blank" rel="noopener">banking and loan services.</a>The bank posted a<a href="https://markets.businessinsider.com/news/stocks/charles-schwab-stock-price-crash-investors-circle-banks-bond-losses-2023-3"> combined nearly $28 billion in unrealized losses</a> as of December 31, across its held-to-maturity and available-for-sale bond portfolios, per<a href="https://content.schwab.com/web/retail/public/about-schwab/SEC_Form10k_2022.pdf" target="_blank" rel="noopener nofollow"> its annual 10-K filing</a>, which is causing jitters — that's because investors are concerned that Charles Schwab Corp could go the way of SVB if it's forced to sell its bonds at a loss.Charles Schwab Corp even sought to soothe investor jitters in a <a href="https://pressroom.aboutschwab.com/press-releases/press-release/2023/Schwab-Reports-Monthly-Activity-Highlights-e564be671/default.aspx" target="_blank" rel="noopener">statement on Monday,</a> saying it has enough liquidity to weather any volatility.Peter Crawford, the company's CEO, said in the statement that the company has access to "significant liquidity," including about $100 billion of cash flow, and over $300 billion of incremental capacity with the Federal Home Loan Bank and other short-term facilities."Given our significant access to other sources of liquidity there is very little chance that we'd need to sell them prior to maturity," Crawford added.More than 80% of its bank deposits also fall within <a href="https://www.businessinsider.com/personal-finance/fdic">Federal Deposit Insurance Corporation</a> insurance limits — <a href="https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/" target="_blank" rel="noopener">which is $250,000</a> per depositor, per insured bank, for each account ownership category — he added.The firm added in the <a href="https://pressroom.aboutschwab.com/press-releases/press-release/2023/Schwab-Reports-Monthly-Activity-Highlights-e564be671/default.aspx" target="_blank" rel="noopener">Monday statement</a> it was holding $7.38 trillion of client assets and 1.7 million banking accounts at the end of February. Charles Schwab's shares rebounded 3.4% in after-hours trade on Monday.Charles Schwab Corp did not immediately respond to Insider's request for comment sent outside regular business hours.

Billionaire Charles Schwab's wealth plunged nearly $3 billion after his brokerage's shares were hammered amid the banking crisis

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SVB collapse: Minister Chandrasekhar to meet Indian startups to see how govt can help them

IANS

Billionaire Charles Schwab's wealth plunged nearly $3 billion after his brokerage's shares were hammered amid the banking crisis

Huileng Tan

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