Amidst the SVB crisis, the government took this step, there will be a meeting with the startup founders. Loktej Business, World News
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After the collapse of one of the largest banks in the US, Silicon Valley Bank (SVB), the government has been proactive in assessing the possible impact on Indian startups. Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Sunday informed that he will hold a meeting with the founders and CEOs of startups next week to see how the government can help them in times of crisis. Silicon Valley Bank is a leading bank investing in startups.
Government wants to help these startups
In a tweet, Chandrasekhar said, “The collapse of Silicon Valley Bank is definitely disrupting startups across the world. Startups are an important part of the economy of new India.” The minister said he would be meeting key people from Indian startups next week to understand the impact on them and how the Narendra Modi government can help them during this crisis.
Almost so many startups of India will be affected by this
SVB had investments in at least 21 startups in India, according to recent data from Traxon, a global software-as-a-service (SaaS)-based market intelligence platform, though it did not disclose investment details in these startups.
According to the information, as of December 31, 2022, the total assets of Silicon Valley Bank were about $ 209 billion and total deposits were about $ 175.4 billion. Silicon Valley Bank’s main office and all branches will reopen on March 13 and all insured depositors will have full access to their insured deposits as of Monday morning. The startup-focused-Silicon Valley bank has 17 branches in California and Massachusetts, according to the FDIC.
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