USA’s 40-year-old financial institute, Silicon Valley Bank collapsed. US regulators shut down the bank and its assets were seized on March 10. California regulators put the tech lender under the control of the US FDIC. The FDIC will liquidate the bank's assets to pay back its customers. SVB collapsed after a large number of customers flock to bank for their deposits on March 09. The Silicon Valley Bank is one of the most prominent lenders, specialised in financing startups. The bank had become the 16th largest US bank by assets at the end of 2022. Collapse of SVB is the largest after the failure of Washington Mutual in 2008. Tensions have been raised in the tech industries as most of the startups were SVB’s funded. MoS Rajeev Chandrasekhar will meet Indian startups after SVB’s collapse. Amid the fallout of SVB, Elon Musk showed his interest in buying Silicon Valley Bank. Meanwhile, Israeli PM Netanyahu warned that the implosion of SVB created a deep crisis in tech-industry. Netanyahu said that he’s been in touch with senior Israeli tech figures following the collapse. However, US Treasury Secretary Janet Yellen has ruled out a bailout from the Govt for SVB. The bank’s failure has also raised concerns about a repeat of 2008 financial crisis. Yellen sought to reassure Americans that the collapse is an isolated incident, reported CBS News. The US Treasury, FDIC announced that depositors of SVB will have access to all of their money. The announcement came as a big ‘sigh of relief’ for the bank depositors.
#SiliconValleyBank #America #WorldNews
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