Rajeev Chandrasekhar, minister of state for information technology (IT), stated on Tuesday that his department will discuss the issues facing startups impacted by Silicon Valley Bank’s insolvency with the Finance Ministry. This will make it easier to handle the current problem. In a chat with startup entrepreneurs and venture investors, Rajeev Chandrasekhar urged them to use the Indian banking system. He also promised to take care of the pressing problems. The firm owners said that although the US government had promised to fully reimburse investors, it had not provided a timeline. It’s a good idea to have a plan in place before you start. Telling you that the majority of software service provider companies are based in the US and that those connected to the incubator Y Combinator are among those most negatively impacted by Silicon Valley Bank’s bankruptcy is important. A lawsuit has been launched against Signature Bank and its three former top executives by a shareholder. They assert that up to the bank’s insolvency, the officials maintained that the institution was solvent. On Tuesday, the market also felt the impact of the failure of two American banks. On Tuesday, the Sensex fell by 337.66 points and closed at a five-month low of 57,900.19. On Monday too, a fall of 900 points was recorded in the Sensex. On Tuesday, the Nifty fell by 111 points and closed at 17,043.30. and today on Wednesday, the Sensex fell by 344.29 points and the Nifty fell by 71.15 points. On concerns of a worsening global downturn, the Sensex and Nifty have continued to decline, and the price of crude oil has dropped to USD 4 a barrel in the previous two days. Because it imports 85% of its crude oil needs, India will profit from the decline in the price of crude oil (Brent crude). The worsening global recession, though, might have an even greater impact on India’s exports. In the bullion market of the national capital, gold rose by ₹ 480 to reach ₹ 57380 per 10 grams on Tuesday. In the previous trading session, gold had closed at ₹ 56,900 per 10 grams. Silver prices surged by ₹2150 to ₹6900 per kg.