Silicon Valley Bank Closure Marks Largest Bank Failure Since 2008 Financial Crisis, with Associated Collapse: UPSC
Recently, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation. The Silicon Valley Bank has hence become the largest bank to fail since the 2008 financial crisis and the second largest in the history of the U.S.A. The Silicon Valley Bank failure has put nearly $175 billion in customer deposits under the control of the Federal Deposit Insurance Corp. The collapse of SVB has had a significant impact on startups, with many unable to withdraw money from the bank. Why did the Silicon Valley Bank Fail? What happened to the Silicon Valley Bank? How will US authorities rescue depositors' money from Silicon Valley Bank? How will Silicon Valley Bank's resolution affect depositors? Who is Greg Becker, the head of the failed bank? What can Indian Start-ups learn from Silicon Valley Bank Failure? for answers to all these questions and much more, watch this video. Don't forget to like, share and subscribe to our YouTube c