The regulators in the US have taken control of Silicon Valley Bank and its deposits, marking the largest failure of a US bank since 2008. The failure of Silicon Valley Bank (SVB) was the second-largest in US banking history. The implosion of SVB has sparked fears of a spillover into the broader banking sector.
In India also, recently banks like Yes Bank and DHFL collapsed, despite taking massive steps and developing various policies and schemes. These banks were unable to repay their depositors, posing a huge risk to our country’s economy.
The Federal Deposit Insurance Corporation has taken charge of the roughly $175 billion in deposits at the SVB bank, which is the 16th largest in the US. Money raised from selling the bank’s assets will go to uninsured depositors.
Elon Musk has expressed his interest in buying the collapsed Silicon Valley Bank. He wants to turn it into a digital bank.
The collapse of SVB is a sign of what’s in store in the future if those in power keep putting far-left pandering over financial responsibility.