Covid position in India ,impact of SVB failure and US Australian defense deal

2) Silicon Valley Bank ( SVB ) collapse and it’s impact on Indian companies and banks: RBI has collected information on banks and non banks exposure to SVB . RBI has asked banks to give details of equity and deposits in SVB . Similarly data on Indian non banking entities were also called for . Already State Bank of India , Bank of India , Bank of Baroda and ICICI banks have their operation in US . Indian banks exposure to the SVB is very limited Further liquidity and capital position are healthy at present . However few indian technology and start – up companies are impacted by SVB’s failure . Nazara, a gaming company had 7.75 million dollar balances in the failed SVB bank . Indian banks see opportunity to serve start -up ecosystem .

3) US to supply to Australia ,nuclear powered attack submarines -Aukus deal: It will modernise the fleet . Mr Biben stressed , the submarines are nuclear powered , not nuclear armed .Mr Albanese stated, this agreement is the single biggest invesment in Australia’s defense capability . AUKUS is the significance multi lateral defense partnership . Engineers from UK will share their experience in running it’s submarines fleet with Australian engineers .Its a measure to counter China’s influence in the Indo-pacific region.  The China has criticised the deal and argued , the AUKUS deal violates Nuclear non proliferation treaty .

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