SVB Crisis Indian Startups May Have Deposited About 1 Billion In SVB Said State Minister For Technology Rajeev Chandrasekhar

Silicon Valley Bank Crisis: Ever since the sinking of Silicon Valley Bank, there is an atmosphere of chaos in startup companies around the world including America. Its effect is also visible in India. Minister of State for IT Rajeev Chandrasekhar has estimated that a large number of country’s startup companies had their money deposited in Silicon Valley Bank. He says that this figure can be close to $ 1 billion. In such a situation, to save startups, Indian banks should give maximum credit lines to these companies.

Rajeev Chandrasekhar said this important thing

Talking about the issue on Twitter’s Chatterbox, Minister of State for Technology Rajeev Chandrasekhar said that the Indian banking system needs to be changed so that startups trust Indian banks instead of US banks. Along with this, he said that more than $ 1 billion of road startup companies across the country is deposited in the Silicon Valley Bank (SVB Crisis). He also said that in the last one week we have met 460 such people who have been affected by this banking crisis.

The demands of all these people have been conveyed to Finance Minister Nirmala Sitharaman. Along with this, the Minister of State also said that citing one of the suggestions given to the Finance Minister, Minister of State Chandrashekhar said that Indian banks can provide credit line facility to startups having money in Silicon Valley Bank.

SVB was closed on 10 March

Significantly, Silicon Valley Bank mainly works to give loans to startup companies. Along with this, many tech companies deposit their money in this bank. As of December 2022, Silicon Valley banks had total deposits of $209 billion. It is the 16th largest bank in America. Due to the poor performance of tech companies for the last few months, the bank has also been badly affected. Amid the news of the bank sinking, investors had withdrawn $ 42 billion from the bank in just one day. The reason for this was the shortage of funds in the bank. In such a situation, the bank was seized by the regulators on 10 March.

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