The minister mentioned that the Indian banking machine is powerful and prompt that they may discover the usage of it, “Indian banking system is most stable & robust and you must explore it as part of your organizational framework. While startups have a natural incentive to use banks like SVB, we must figure out a way to use the Indian banking system without changing your business model.”
This session used to be a part of the federal government’s way to deal with the placement and be offering any help to contributors of India’s innovation and startup ecosystem who had monetary holdings in SVB. Startups like Zoth.Io, Hatica.Io and VCs and monetary provider suppliers like Blume VC and Mirae Asset have been a part of the meet.
Concerns raised through Desi startups
Some of the worries that have been shared through the attendees integrated switch in their US buck deposits to India and to US-based branches of Indian banks, amongst different problems.
The minister thanked them concerned about sharing their tips and confident them the federal government would do the whole lot conceivable to navigate the hurricane brought about through the financial institution cave in.
Chandrasekhar mentioned, “We will share the list of suggestions with the Finance Minister. Smt Nirmala Sitharaman and explore how best your concerns can be addressed. We will also explore how smoothly we can facilitate the transfer of your US dollar deposits to Indian banks, IFSC centered foreign banks or any other Indian bank which has presence in the United States.”
The minister also said that for those startups whose deposits were going to be made whole, but have no access to it currently, “We will explore the option of whether any credit lines can be made available in US dollar or Indian rupees. We will also try to see if more credit products like in the US, can be made available to you and make it easier for them to move from SVB to any other Indian Bank in the US.”
Chandrasekhar confident the startups that they may manner CEO, MeiTY Startup Hub for any issues/problems that they have been going through and the federal government would do its absolute best to assist out.