Silicon Valley Bank Crisis: The American Silicon Valley Bank, which provides funding to startups around the world, is going to close. This bank is facing huge financial crisis. In view of the poor financial condition of Silicon Valley Bank, the American regulator has ordered to lock it. The effect of the news of the closure of this bank (Silicon Valley Bank Shut Down) has been seen on the markets around the world. The bankruptcy of Silicon Valley Bank has increased the concern of Indian startups including investors investing in the bank’s shares.
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In view of the financial condition of Silicon Valley Bank, the California Department of Financial Protection and Innovation ordered its closure. The responsibility for the financial security of the bank’s customers has been entrusted to the Federal Deposit Insurance Corporation (FDIC) by the California Banking Regulator.
Let us tell you that it is the 16th largest bank in America. Silicon Valley Bank has emerged as the biggest banking sector crisis after the 2008 financial crisis. Earlier this week, the bank had said that it had suffered a loss of around $2 billion. Shares of SVB Financial Group fell 70 percent on Friday after the US regulator ordered the closure of the Silicon Valley bank. Along with this, other markets including India were also affected by this.
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