450 Indian Startups interact with Union MoS IT over Silicon Valley Bank collapse

New Delhi: Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Rajeev Chandrasekhar interacted with over 450 startups, owned/co-owned by Indians, Venture Capitalists (VCs), Industry leaders & others stakeholders on the collapse of Silicon Valley Bank through video conferencing from New Delhi.

He assured them that the Narendra Modi government is laser-focused on helping them tide over this crisis.  The Minister said the Indian banking system was robust and suggested that they could explore using it, “Indian banking system is most stable & robust and you must explore it as part of your organisational framework.

While startups have a natural incentive to use banks like SVB, we must figure out a way to use the Indian banking system without changing your business model.” This consultation was part of the government’s approach to address the situation and offer any assistance to members of India’s innovation and startup ecosystem who had financial holdings in SVB.

Rajeev Chandrasekhar assured the startups that they could approach CEO, MeiTY Startup Hub for any problems/issues.