On March 10, banking regulators in the U.S. took control of the Silicon Valley Bank (SVB), which typically catered to start-ups, venture capitalists, and tech firms, after it suffered a sudden collapse. The Joe Biden administration moved in quickly with the Federal Reserve, the U.S. Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) deciding to guarantee all deposits at SVB.
Peter Bendor-Samuel, CEO, of Everest Group, told The Hindu that given that the U.S. was guaranteeing all deposits, the direct impact on the industry and Indian firms, “is likely to be modest.”
