Indian start-ups seek government's help over Silicon Valley Bank crisis

Indian start-ups seek government’s help over Silicon Valley Bank crisis

Over 450 Indian start-ups, venture capitalists, and investors have met with the Indian government to discuss the impact of the collapse of the Silicon Valley Bank (SVB). 

Among the issues raised were the following:

  • Blockages in international wire transfers
  • Disruptions due to threshold limits on withdrawals
  • Lack of communication from US agencies
  • The need for preferential access to credit

Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, assured the group that the ministry would put together a list of suggestions and provide it to the finance minister on their behalf. 

The government will consider suggestions such as preferential credit access or new credit products for start-ups. 

The stakeholders also called for a government-led evacuation program to retrieve deposits from SVB, which international wires would otherwise block. 

The immediate priority for the government is to help affected start-ups, which should consider processing times as a transition period while solutions are found.

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