Minister of State for Electronics and IT Rajeev Chandrasekhar on Tuesday interacted with over 450 startups owned or co-owned by Indians, Venture Capitalists, Industry leaders and others stakeholders on the collapse of Silicon Valley Bank through video conferencing. He assured them that the Narendra Modi Government is laser-focused on helping them tide over this crisis. The Minister said, Indian banking system is robust and suggested that they could explore using it. He said, while startups have a natural incentive to use banks like Silicon Valley Bank, there is a need to figure out a way to use the Indian banking system without changing the business model.<br />'' <br />''This consultation was part of the government's approach to address the situation and offer any assistance to members of India's innovation and startup ecosystem who had financial holdings in Silicon Valley Bank.<br />'' <br />''Some of the concerns that were shared by the attendees included transfer of their US Dollar deposits to India and to US-based branches of Indian banks, among other issues.<br />'' <br />''The Minister assured them that the Government would do everything possible to navigate the storm caused by the bank collapse.<br />'' <br />''<span style="color: #222222;">Mr Chandrasekhar said, his Ministry will share list of suggestions with Finance Minister Nirmala Sitharaman and explore how best their concerns can be addressed. He said, Government will also explore how smoothly it can facilitate the transfer of their US dollar deposits to Indian banks, IFSC centred foreign banks or any other Indian bank which has presence in the United States.</span><br />