<p>Union Minister Rajeev Chandrasekhar on Thursday said deposits close to $1 billion attributable to Indian startups were with the US-based Silicon Valley Bank.</p>.<p>The failure of Silicon Valley Bank (SVB), which was a key funding source for startups, has sent shockwaves across the global financial system.</p>.<p>During a Twitter live session, Chandrasekhar said he heard that over $200 million of startups' deposits have been transferred to GIFT City bank.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/north-and-central/no-security-testing-of-phone-operating-system-meity-1200565.html" target="_blank">No security testing of phone operating system: MeitY</a></strong></p>.<p>"I had kind of very empirically and anecdotally calculated that there was more than a billion dollars of startups' capital as deposits. According to some, this is a conservative estimate. There were deposits in SVB that are attributable to Indian startups close to a billion or more," the Minister of State for Electronics and IT said.</p>.<p>Chandrasekhar also said that he has taken up the issue of SVB failure with the Finance Minister on Wednesday and pitched for fine-tuning the Indian banking system as per the requirement of startups.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/stock-markets-in-bloodbath-as-bank-fears-resurface-1200412.html" target="_blank">Stock markets in 'bloodbath' as bank fears resurface</a></strong></p>.<p>Responding to a query, he said the country's semiconductor journey is going to begin in 2023.</p>.<p>"We are going to ground break a fab (chip-making plant). We are going to create packaging units in India and by the end of the financial year 2023, I think, there will be more than 50-55 design startups that are doing device design," Chandrasekhar said.</p>
<p>Union Minister Rajeev Chandrasekhar on Thursday said deposits close to $1 billion attributable to Indian startups were with the US-based Silicon Valley Bank.</p>.<p>The failure of Silicon Valley Bank (SVB), which was a key funding source for startups, has sent shockwaves across the global financial system.</p>.<p>During a Twitter live session, Chandrasekhar said he heard that over $200 million of startups' deposits have been transferred to GIFT City bank.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/north-and-central/no-security-testing-of-phone-operating-system-meity-1200565.html" target="_blank">No security testing of phone operating system: MeitY</a></strong></p>.<p>"I had kind of very empirically and anecdotally calculated that there was more than a billion dollars of startups' capital as deposits. According to some, this is a conservative estimate. There were deposits in SVB that are attributable to Indian startups close to a billion or more," the Minister of State for Electronics and IT said.</p>.<p>Chandrasekhar also said that he has taken up the issue of SVB failure with the Finance Minister on Wednesday and pitched for fine-tuning the Indian banking system as per the requirement of startups.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/stock-markets-in-bloodbath-as-bank-fears-resurface-1200412.html" target="_blank">Stock markets in 'bloodbath' as bank fears resurface</a></strong></p>.<p>Responding to a query, he said the country's semiconductor journey is going to begin in 2023.</p>.<p>"We are going to ground break a fab (chip-making plant). We are going to create packaging units in India and by the end of the financial year 2023, I think, there will be more than 50-55 design startups that are doing device design," Chandrasekhar said.</p>