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Those with accounts at Silicon Valley Bank are in for a treat. They are afraid of not getting their money.
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IANS file photo
Appeals to the US government to end the Silicon Valley Bank crisis have been futile. The US government has refused to give a relief package to Silicon Valley Bank. If the package is not found, this big bank’s chances of survival are slim.
Let us tell you that Silicon Valley Bank of America was closed on Friday. The bank was the 16th largest bank in the United States. There are accounts of citizens from several countries, including Indians, who are believed to have lost investors’ money when the system was not working. The money of thousands of account holders is also deposited in the bank. Many new businesses were also involved, so their money also sunk in. News of Silicon Valley Bank closing on March 10 spread like wildfire. The latest news is that the Federal Deposit Insurance Corporation can now handle it.
According to the Reuters news agency, the reason for the closure of Silicon Valley Bank was its continuous losses and lack of funding. Due to the failure in both cases, the shares of SVB Financial Group, the parent company of Silicon Valley Bank, fell by 60% on March 9. On March 10, the bank’s shares (Silicon Valley Bankshares) fell by almost 70%, and it was suspended from trading. Due to this crisis, the stock market of not only America but also other countries including India has fallen.
The regulators ordered Silicon Valley Bank to close on March 10. It is described as the biggest failure in the history of the United States since the financial crisis of 2008. At the same time, this is another major case of bank failure.
On the other hand, the Federal Deposit Insurance Corporation is now responsible for protecting customer money deposited in the bank. Even now those who have accounts with SVB are in fear. They are afraid of not getting their money.
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