However, the US administration's stance did bring much-needed hope to startups which have been grappling with ways to retrieve deposits locked with the California lender. Shock waves from the fall of Silicon Valley Bank, however, continued to roil global bank stocks as assertions from President Biden and regulators did little to soothe broader market worries. US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.Īfter receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Santa Clara, California-based Silicon Valley Bank in a manner that fully protects all depositors. (It) will bring relief to startups," Vaishnaw told PTI. Federal regulators have stepped to back all SVB deposits. The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Amid US administration's move to backstop collapsed Silicon Valley Bank's (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups.
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