SVB resolution reassuring, will bring relief to startups, says IT Minister Ashwini Vaishnaw
The Hindu
Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from March 13, 2023.
Amid US administration's move to protect depositors of Silicon Valley Bank, IT Minister Ashwini Vaishnaw on March 13, 2023 said that the SVB resolution is "reassuring" and will bring relief to startups.
The Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from March 13, 2023.
"SVB resolution is reassuring. (It) will bring relief to startups," Mr. Vaishnaw told PTI.
U.S. President Joe Biden on March 13, 2023 sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.
Federal regulators have stepped to back all Silicon Valley Bank deposits.
The failure of Silicon Valley Bank, last week, left many startups, tech companies, entrepreneurs and VC funds nervous and jittery.
California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver.
Gade Srinivasulu Naidu wins North Coastal Andhra Pradesh Teachers' Constituency election with overwhelming support from teachers.
Congress alleges BJP government in Madhya Pradesh plans to privatise 40% of forests, displacing tribals from their habitat.
Tamil Nadu Governor R.N. Ravi advocates renaming Indus Valley Civilization to Saraswathi Civilization, challenging historical narratives.
A study by researchers from NIMHANS, in collaboration with doctors from Australia, United Kingdom and some states in India, has found suicidal ideation and suicide attempts alarmingly high among college students across the country.
First trial run of disposing 10-tonne Union Carbide toxic waste in Pithampur begins after Supreme Court's decision.
Telangana tunnel collapse rescue updates: Follow the Hindu’s updates as Srisailam Left Bank Canal tunnel rescue operations enter the 11th day
First trial run of disposing 10-tonne Union Carbide toxic waste in Pithampur begins after Supreme Court's decision.
Rwanda-backed M23 rebels abduct 130 patients from hospitals in eastern Congo, escalating conflict and sparking international concern.
Tamil Nadu Governor R.N. Ravi advocates renaming Indus Valley Civilization to Saraswathi Civilization, challenging historical narratives.
Tamil Nadu CM M.K. Stalin increases financial aid for fishermen affected by Sri Lankan Navy, urges lasting solution.
Smooth SSLC exam day in Ernakulam with easy Malayalam paper, proper revision sessions, and over 32,900 students across 325 centers.
Ash Monday dissent by Catholic Nazrani Sangham against Syro-Malabar Church circular on Mass celebrations.
Gade Srinivasulu Naidu wins North Coastal Andhra Pradesh Teachers' Constituency election with overwhelming support from teachers.