Silicon Valley Bank crisis: Union minister Rajeev Chandrasekhar to hold meeting with startups

MoS Rajeev Chandrasekhar

In the wake of the Silicon Valley Bank collapse in US, Union MoS for Entrepreneurship, Skill Development, Electronics & Technology, Rajeev Chandrasekhar, will meet startups this week.

In a tweet, the union minister said that the closure of the Silicon Valley Bank has disrupted startups across the world.

He added that the meeting with the startups will be conducted to help understand how the Modi government can help in the crisis.

The @SVB_Financial closure is certainly disrupting startups across world .

Startups are an imp part of #NewIndia Economy.

I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis.#IndiaTechade @PMOIndia pic.twitter.com/1HLTwAs9IF

Related stories

• 
  Rajeev Chandrasekhar takes charge as Kerala BJP chief: 'Will return only after bringing NDA to power...
• 
  Rajeev Chandrasekhar's agenda as new Kerala BJP chief: 2026 elections, local body polls, support fro...
• 
  AI is the next battleground, expect a lot of geopolitical posturing around access: Rajeev Chandrasek...

— Rajeev Chandrasekhar

The FDIC, which is in-charge of protecting SVB's insured deposits, has formed the Deposit Insurance National Bank of Santa Clara.

SVB's collapse has hit the startup community as the bank is one of the major financial service providers due to its existing business relations with a lot of venture capital funds and investors.

About 60 percent of YCombinator’s startups having Indian founders and operations in the US or India, have exposure to SVB, people familiar with the matter told Moneycontrol.

A third of the incubator’s portfolio startups will not be able to make payrolls in the next 30 days, YCombinator’s President and CEO Garry Tan told CNBC.

Read more: YCombinator-backed Indian start-ups are collateral damage in Silicon Valley Bank collapse