Domestic banks and fintech are coming to the rescue of start-ups that have been affected by the crisis at Silicon Valley Bank (SVB). They are setting up crack teams to help them move funds from the SVB account to GIFT City, Gujarat, where the lenders have branches.

These reportedly include lenders such as Axis Bank, ICICI Bank, Kotak Mahindra Bank, and HSBC India.

Ganesh Sankaran, group executive and head of wholesale banking coverage group at Axis Bank, said the private sector lender saw an opportunity to help start-ups affected by the collapse of SVB last week.

“We are actively engaging with these start-ups to help them park their funds at the Gift City branch of Axis Bank. It also opens doors for further business engagements with these entities,’’ he said.

Sankaran said Axis Bank is one of the leading banks at GIFT City, with a prominent presence across corporate banking, treasury, trade finance, capital market and retail business segment, even as it also has acceptance among the start-up community.

He disclosed that a few companies in the B2B e-commerce marketplace, large online car marketplace, agri/ food tech space have evinced interest in moving their funds.