Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, will meet with leaders of Indian start-ups hit by the failure of the struggling Silicon Valley Bank (SVB) to learn how it has affected them and how the government can assist.

Since many Indian start-ups are SVB customers, it was reported on Friday that the bank’s collapse sent shockwaves across the community.

“A few start-ups have reached out to me, and there is a general worry. Prime Minister Narendra Modi’s vision of India’s ‘techade’ has a big role for the success of our start-ups and innovation ecosystem. We want to be supportive of our young Indians in whatever way we can. We won’t let the SVB failure slow their growth,” was mentioned by Chandrasekhar, the Minister of State for Skill Development and Entrepreneurship.

The largest market for SVB is the tech sector, which has a huge number of Indian start-ups, particularly in the SaaS (Software as a Service) business that provides services to US customers with accounts at the bank.

SVB had roughly $175 billion in total deposits as of December 2022, along with $209 billion with total assets. Depositors will have access to their insured accounts, which are limited to $250,000, by Monday, according to a press statement from the Federal Deposit Insurance Corporation (FDIC) (March 13). Nonetheless, information provided to the FDIC by the bank at the end of 2022 revealed that 89% of its $175 billion in deposits were not insured. An upheaval in international markets, particularly India, was caused by the bank’s problems.