SVB crisis: $200 mn worth start-up deposits moved to GIFT City, says MoS IT

Says Indian financial sector should be preferred banking partner for start-ups

Around $200 million worth of deposits of Indian start-ups have been withdrawn from Silicon Valley Bank (SVB), which was taken over by US banking regulators last week after it collapsed, and moved to the Gujarat International Finance Tec-City (GIFT City) IFSC, Rajeev Chandrasekhar, minister of state (MoS) for electronics and information technology said on Thursday.

“It turns out that there was over a billion dollars of deposits of Indian start-ups in SVB. The existential, solvency crisis that was there six-seven days ago has become much more manageable, even the short-term liquidity crisis is being addressed as the bank allows access