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  • Emphasising that Indian banking system is resilient and strong, Union Minister of State for Electronics & IT and Skill Development & Entrepreneurship, Rajeev Chandrasekhar said startups should therefore opt for Indian banks as their preferred banking partners. During a fireside chat at the Lenovo Tech World India 2023, the Minister also spoke about the transfer of bank deposits worth over $200 million to GIFT City, Gujarat—a sign of the Indian banking systems growing prominence. Special provisions available at Gift City can be a quick and impactful support for the Indian startups, he added. Today what is attractive about the banking system is not their appetite to take risk instead it is their prudency which makes them strong. What startups are looking for is not risk or risky instruments, instead they are looking for safe havens where capital can be deposited, he stressed.

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