Silicon Valley Bank: Within a week, the condition of three big banks in America has deteriorated, including Silicon Valley Bank, Signature Bank and First Republic Bank.
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Silicon Valley Bank (Silicon Valley Bank ) Information Technology Minister Ashwini Vaishnav said amid steps taken by the US administration to protect the funds of customers of Silicon Valley Bank But this step of the Biden government is commendable. Startups will get relief from this initiative of the government.
In fact, the administration of US President Joe Biden has announced that depositors of the failed Silicon Valley Bank will be able to withdraw their funds from Monday. Welcoming this decision of the Biden government, IT Minister Ashwini Vaishnav said that after this decision, investors’ money will be returned and trust in the bank will be restored.
Confidence in the banking system will increase
With the aim of strengthening public confidence in the country’s banking system and protecting the US economy amid the bankruptcy of America’s big bank SVB, the Biden administration has announced that depositors of this bank will be able to access their money from Monday. .
Finance Minister Janet Yellen gave assurance
The US government said in an official statement that after receiving the recommendation of the Federal Deposit Insurance Corporation (FDIC) and the central bank Federal Reserve and discussions with President Joe Biden, Treasury Secretary Janet Yellen agreed to complete the resolution of the bank, as well as The FDIC has been authorized to take steps to fully protect the interests of depositors.
bank failed like this
California-based Silicon Valley Bank, America’s 16th largest bank, was shut down by the California Department of Financial Security on Friday. It has appointed the FDIC as the bank’s conciliator, which ran into trouble when its customers, including venture capital firms and their backed companies, began withdrawing their deposits. Within a week, the condition of three big banks in America has deteriorated, including Silicon Valley Bank, Signature Bank and First Republic Bank. Due to the deteriorating condition of the banks in America, there is uproar in the markets around the world, its effect has also been seen on the Indian market. In the last four trading sessions, the investors of the Indian stock market have lost more than 9 lakh crores.
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