union minister of state for skill development entrepreneurship and electronics it rajeev chandrasekhar interacted with over 450 startups ownedcoowned by indians venture capitalists vcs industry leaders others stakeholders on the collapse of silicon valley bank through video conferencing from new delhi he assured them that the prime minister narendra modi government is laserfocused on helping them tide over this crisis read alsowere building ai for governance commercial use deep capabilities rajeev chandrasekharunion minister of state for electronics and it rajeev chandrasekhar on monday broadly outlined the indiaai programme and how it will help the country build worldclass platforms solutions and tools to not only solve local issues but also help the world reiterating that artificial intelligencethe minister said that the indian banking system is robust and suggested that they could explore using it indian banking system is most stable robust and you must explore it as part of your organisational 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 modelthis consultation was part of the governments approach to address the situation and offer any assistance to members of indias innovation and startup ecosystem who had financial holdings in svb startups like zothio haticaio and vcs and financial service providers like blume vc and mirae asset were part of the meetconcerns raised by desi startupssome of the concerns that were shared by the attendees included transfer of their us dollar deposits to india and to usbased branches of indian banks among other issuesthe minister thanked them all for sharing their suggestions and assured them the government would do everything possible to navigate the storm caused by the bank collapsechandrasekhar said we will share list of suggestions with 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 centred foreign banks or any other indian bank which has presence in the united statesthe 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 uschandrasekhar assured the startups that they could approach ceo meity startup hub for any problemsissues that they were facing and the government would do its best to help out