Silicon Valley Bank’s (SVB) failure leads to a shutdown by US regulators in what is deemed the largest banking failure since 2008.  The move came as the SVB, the 16th largest in the US, was reportedly ‘scrambling’ to raise funds to overcome a loss from the sale of assets, in turn, affected by higher interest rates in the country. After this, a rush of customer withdrawals was recorded, speaking fears about the condition of the US banking sector. Officials said that they have acted in the best of interests, to “protect insured depositors”. California Financial Regulator which took over the bank last night said that the SVB was facing “inadequate liquidity and insolvency”. Meanwhile, the FDIC (Federal Deposit Insurance Corporation) which usually protects deposits of nearly $250,000, said it took charge of up to $175bn (£145bn) in deposits held at the bank.  Japanese PM To Visit India On March 20 India Blocks Six YouTube Channels According to the FDIC, SVB offices will reopen their services for clients with insured deposits “no later than Monday” adding that the money which they raise from selling the bank’s assets would “go to uninsured depositors”. The situation has left many companies and start-ups worried … Continue reading Silicon Valley Bank crash, FDIC to regulate