Insurance Archives - Page 4 Of 18

This Is How Global Banking Crisis Can Impact India in Different Ways | In the News

March 21, 2023

India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India’s banking system or its broader macroeconomic stability unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe the indirect impact of the banking crisis might ripple through India’s economy and manifest in India’s tech sector, markets, and startups.

However, there will be some positives. Firms like TCS and Infosys are best placed to win the cost optimization projects that will come up now due to the stress in the sector, and “even one large deal win can bring a substantial positive pace of growth for the companies,” according to Peter Bendor-Samuel, founder of research firm Everest Group.

Read more in The Economic Times.

Banking Crisis: Indian IT-BPM Companies May Feel the Heat | In the News

March 21, 2023

The banking crisis in the US and Europe could take a toll on the Indian US$245 billion IT business process management (BPM) industry, which draws close to 41% of its revenues from the banking, financial services, and insurance (BFSI) sector, analysts said.

“Companies like TCS, Infosys, Wipro, and LTIMindtree have exposure through their banking vertical across North American regional banks. Over the short term, there will be an impact to BFSI growth due to this crisis,” said Peter Bendor-Samuel, CEO at Everest Group.

Read more in The Economic Times.

Explained | Will the SVB Collapse Impact Indian Start-Ups? | In the News

March 19, 2023

On March 10, banking regulators in the US took control of the Silicon Valley Bank (SVB), which typically catered to start-ups, venture capitalists, and tech firms, after it suffered a sudden collapse. The Joe Biden administration moved in quickly with the Federal Reserve, the US Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) deciding to guarantee all deposits at SVB.

A number of industry stakeholders said while the immediate impact would be minimal because of the bailout, the change in sentiment may have some dampening effect on the entire tech industry for a while. Peter Bendor-Samuel, CEO at Everest Group, told The Hindu that given that the US was guaranteeing all deposits, the direct impact on the industry and Indian firms, “is likely to be modest.”

Read more in The Hindu.

SVB Crisis: IT Industry May See Fewer BFSI Deals | In the News

March 18, 2023

The Indian IT industry, which has been facing macroeconomic challenges, might witness a further slowdown in BFSI (Banking, Financial Services, and Insurance) deals due to the recent collapse of Silicon Valley Bank (SVB).

Peter Bendor- Samuel, CEO of Everest Group, told TNIE that the direct impact of the SVB crisis on the Indian IT industry will be modest but the indirect could be more significant. In case of direct impact, this is going to have a negative effect on the high-tech customers, particularly the smaller start-ups.

Read more in The New Indian Express