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American Budhhas who wanted to restore democracy in India are observing pin drop silence of SVB Bank Collapse.
Silicon Valley Bank (SVB) was shut down by US regulators yesterday & this is biggest retail bank failure since 2008 global crash. It was 16th largest bank in USA.
Almost $175 billion of customer deposits are now held by Federal Deposit Insurance Corporation (FDIC). $2,50,000 is insured per depositor so people with above this limit will suffer most which will mainly include companies or startups bosses.
VC who have funded startups in India are backed by SVB, their most of money was parked here. This money is from big investors. This will lead to Domino effect.
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Entrepreneurs of startups who had their money with the bank will now scramble for loans.
Its CEO Greg Becker sold shares worth $3.6 million just 2 weeks before the bank disclosing the losses incurred which lead to its failure.
Jokers who were advising India on financial matters last month were caught unaware.
