Silicon Valley Bank collapse: Joe Biden has also spoken of taking action against those responsible for the banking crisis in the country.

New Delhi:

Silicon Valley Bank Crisis: Amidst the bankruptcy of America's big bank Silicon Valley Bank (SVB), the US Administration (US Government) has made a big announcement.

With the aim of strengthening public trust in the country's banking system and protecting America's economy, the Biden administration has announced that depositors of this bank will be able to access their deposits from Monday.

Along with this, Joe Biden has also talked about taking action against those responsible for the banking crisis in the country.

An official statement said that this decision has been taken after receiving the recommendation of the Federal Deposit Insurance Corporation (FDIC) and the Central Bank Federal Reserve and discussions with President Joe Biden.

US Treasury Secretary Janet Yellen on Sunday approved the FDIC to take steps to complete the resolution of the bank, as well as to fully protect the interests of depositors. The bank got into trouble when Venture Capital Its customers, including companies and those backed by them, started withdrawing their deposits.

In view of the financial condition of Silicon Valley Bank, California's Department of Financial Protection and Innovation ordered its closure on Friday.

Along with this, the responsibility of the financial security of the customers has been handed over to the Federal Deposit Insurance Corporation (FDIC).

A joint statement issued by the US Ministry of Finance, the Federal Reserve and the FDIC said, "Bank depositors will be able to access their full funds from Monday, March 13."

Taxpayers will not bear the burden of losses associated with the resolution of the Silicon Valley Bank collapse.” In this statement, a similar announcement has been made for Signature Bank of New York.

This bank was closed on Monday.

Welcoming the steps taken by Silicon Valley Bank (SVB) to protect the interest of depositors, the US India Strategic and Partnership Forum (USISPF) has said that quick and effective steps are needed to maintain America's leadership in the global startup and innovation ecosystem. Systematic solution is required.

USISPF chief Mukesh Aghi said, "The authorities have taken steps.

They know that failing to protect their bank deposits will put many startup companies in jeopardy, resulting in the loss of thousands of jobs and affecting millions of people around the world.