India’s state minister for technology said on Sunday he will meet start-ups this week to assess the impact on them of Silicon Valley Bank’s (SIVB.O) collapse, as concerns rise about the fallout for the Indian start-up sector.
California banking regulators shut down Silicon Valley Bank (SVB) on Friday after a run on the lender, which had $209 billion in assets at the end of 2022, with depositors pulling out as much as $42 billion on a single day, rendering it insolvent.
“Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis,” Rajeev Chandrasekhar, the state minister for IT said on Twitter.
Source : India’s Tech Minister to Meet with Startups to Discuss SVB Fallout