With US govt action, looming risks to Indian startups have passed: MoS IT
Minister of State for IT Rajeev Chandrasekhar on Monday said that with US Government's latest action on Silicon Valley Bank, the looming risks to Indian startups have passed, as he added that the learning for Indian startups from this crisis is to trust Indian banking system more.
The Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday.
Chandrasekhar tweeted, "With this US govt action, looming risks to Indian Startups have passed. Learning for Indian Startups from this crisis - trust Indian banking system more."
He added: "Thank u to PM @narendramodiji, FM @nsitharaman n @RBI for their continuous leadership n monitoring durng this."
The failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery, and the US Government's latest statement has given hope to depositors who had accounts with the crisis-ridden bank.
California-based Silicon Valley