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Startups realise Indian banks safer: IT minister – Times of India

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BENGALURU: Minister of state for electronics and IT, Rajeev Chandrasekhar, has that mentioned that after the Silicon Valley Financial institution (SVB) disaster, startups have realised the Indian banking system is way safer and extra prudent.
“Data that I’ve gathered leads me to imagine that there’s north of $1 billion in SVB alone from Indian startups. I don’t find out about different banks. That was in danger and it’s not in danger. The startups have realised that the Indian banking system is a safer banking system. There are plenty of solutions for making the transition from overseas banks to Indian banks smoother. We’re targeted on that facet. Indian banks are going to step up and do extra enterprise with startups after SVB,” he mentioned in Bengaluru on Friday.
The collapse of SVB has affected entrepreneurs and startups globally. That was as a result of it had been the banker of selection for startups, includingIndian entrepreneurs. It is not uncommon for Indian startups to include within the US to entry capital from international VC corporations, and the cash raised was usually deposited in SVB.
Chandrasekhar mentioned they’ve detailed solutions from 460 individuals within the startup atmosphere summarised right into a letter to the FM. “Six solutions have been made and our FM has been working intently on the difficulty. I can predict right this moment that definitely the Indian banking system will financial institution Indian startups throughout this restricted disaster however, going ahead, will play a much bigger and a deeper function in supporting startups,” he mentioned.
On Foxconn’s plan for Karnataka, he mentioned the Taiwanese contract producer will set up its footprint within the Devanahalli space. “Apple as a model, which is what Foxconn is a contract producer of, goes to do considerably extra manufacturing in India. This 12 months alone they’ve executed almost Rs 40,000 crore of exports from India,” he mentioned. The corporate’s chairman & CEO was in Bengaluru not too long ago and mentioned he was dedicated to creating the venture a actuality.
The minister mentioned Apple may have an enormous presence in Bengaluru and Apple’s manufacturing ecosystem will create spillover alternatives in and round Bengaluru. “Karnataka is stepping up in electronics manufacturing. It’s been presently front-led by Tamil Nadu, with Pegatron and Foxconn. This unit will be certain Karnataka, TN and Noida would be the dominant geographies for electronics manufacturing in India in coming years. ”



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