NEW DELHI:Union Minister of State for 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 (SVB) through video conferencing from New Delhi. He assured them that the Narendra Modi government is focused on helping them tide over this crisis.
The Minister said the Indian banking system was robust and suggested that startups could explore using it. The 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. Startups like Zoth.Io, Hatica.Io and VCs and financial service providers like Blume VC and Mirae Asset were part of the meet.
Some of the concerns that were shared by the attendees included transfer of their US dollar deposits to India and to US-based branches of Indian banks, among other issues.
The Minister thanked them all for sharing their suggestions and assured them the Government would do everything possible to navigate the storm caused by the bank collapse.“We will share the list of suggestions with Finance Minister Smt Nirmala Sitharaman and explore how best your concerns can be addressed,” he said.
Chandrasekhar assured the startups that they could approach CEO, MeiTY Startup Hub for any problems/issues that they were facing and the Government would do its best to help out.
