MoS IT Chandrasekhar to take up SVB-liked startups' woes with FinMin

The IT ministry will take up woes of Indian startups impacted by the Silicon Valley Bank collapse with the finance ministry to help them navigate through the crisis and address the immediate liquidity crunch they are facing, Union Minister Rajeev Chandrasekhar said on Tuesday.

The Minister of State for Electronics and IT during interactions with startups asked them to engage with the Indian banking system, which has been very robust and assured them of resolving teething issues they may face.

Though startups and venture capitalists said that the US government authorities have assured of returning full money to the depositors, there is no clarity on the timelines, which will lead to a liquidity crunch in the firms that have been impacted by the SVB collapse, according to the minister.

"I am going to put together a suggestion list and give it to the honourable finance minister on your behalf, and work closely with the government of India as a whole," Chandrasekhar said.

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