Indian startups have deposits worth about $1b in SVB: deputy minister

Indian startups have deposits worth about $1b in SVB: deputy minister

FILE PHOTO: A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino/File Photo

Indian startups had deposits worth about $1 billion with embattled Silicon Valley Bank and the country’s deputy IT minister said he had suggested that local banks lend more to them going ahead.

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