NEW DELHI: Rajeev Chandrasekhar, Union Minister of State for Skill Development & Entrepreneurship and Electronics and IT, engaged in video conferencing conversations from New Delhi on Tuesday with over 450 startups that were owned or co-owned by Indians, Venture Capitalists (VCs), industry leaders, and other stakeholders regarding the failure of Silicon Valley Bank. The minister gave them the reassurance that the Narendra Modi administration is totally committed to aiding them in navigating this crisis.

The Indian financial sector, which Rajeev Chandrasekhar characterised as being solid and resilient, was proposed as a potential resource. He stated, "You must study it as part of your organisational framework. Although it makes sense for entrepreneurs to use banks like SVB, we need to find a way to use the Indian banking system without altering your business strategy."

This conversation was a component of the government's strategy for dealing with the issue and providing support to those entrepreneurs and innovators in India who owned financial stakes in SVB. The meeting included startups like Zoth.Io and Hatica.Io as well as VCs and financial service providers like Blume VC and Mirae Asset.

Transferring their US dollar accounts to Indian banks in India and to US-based branches of Indian banks was among the guests' worries, among other things. The Minister thanked everyone for their input and promised them that the Government will take every precaution to weather the storm brought on by the bank collapse.

We will share the list of suggestions with Finance Minister Smt. Nirmala Sitharaman and investigate how best to address your issues," Rajeev Chandrasekhar said. We will also look into how easily we may move your US dollar deposits to Indian banks, foreign banks with IFSC centres, or any other Indian bank with a presence in the US.

The Minister added that "We will study the possibility of whether any credit lines can be made available in US dollars or Indian rupees" for those companies whose investments would be returned in full but who do not now have access to them. Moreover, we'll check if we can't give you access to more credit options similar to those in the US and make it simpler for them to switch from SVB to any other Indian bank in the US."

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