SVB’s solution is reassuring, startups will get relief: Vaishnav
[ad_1]
copy photo
google creative common
US President Joe Biden’s administration has announced that depositors of the failed Silicon Valley Bank will be able to withdraw their funds from Monday. In this background, Vaishnav told ‘PTI-Bhasha’, “SVB’s solution is reassuring.” Startups will get relief from this.
New Delhi. Amid steps taken by the US administration to protect the depositors’ money of Silicon Valley Bank (SVB), Information Technology Minister Ashwini Vaishnav said the SVB’s resolution is “reassuring” and will provide relief to startups. US President Joe Biden’s administration has announced that depositors of the failed Silicon Valley Bank will be able to withdraw their funds from Monday. In this background, Vaishnav told ‘PTI-Bhasha’, “SVB’s solution is reassuring.” Startups will get relief from this.
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. . An official statement said 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 on Sunday decided to complete the resolution of the bank, as well as depositors. has authorized the FDIC to take steps to fully protect the interests of
California-based Silicon Valley Bank, the 16th largest US bank, was shut down by the California Department of Financial Security and Innovation on Friday. It has appointed the FDIC as the bank’s resolver. The bank ran into trouble when its customers, including venture capital firms and those backed by them, started withdrawing their deposits.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
other news
[ad_2]
Source link
