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June 6, 2023 12:04 pm

Sitharaman reviews public sector banks amid volatility in US banking system

New Delhi, March 25

Union Finance Minister Nirmala Sitharaman on Saturday chaired a meeting to review the performance of government-owned banks. Various financial, efficiency and health parameters in the banking sector were reviewed.

This review meet comes amid volatility in the US banking system due to the recent collapse of Silicon Valley Bank and some other banks in contagion.

For the record, prominent global lender in the world of technology startups, the Silicon Valley Bank collapsed on March 10 after a run on the bank, forcing the US federal government to step in.

Regulators shut down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation (FDIC). Currently, the FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors.

“Union Finance Minister Smt. @nsitharaman chairs the meeting to review performance of Public Sector Banks #PSBs on various financial, efficiency and health parameters,” Ministry of Finance tweeted.

“The meeting is also being attended by Union Minister of State for Finance Dr @DrBhagwatKarad, Secretary @DFS_India, Chairman @TheOfficialSBI and MDs & CEOs of Public Sector Banks.”

Notably, a number of Indian startups have funds parked in the failed US-based Silicon Valley Bank, and possibly others too.

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