Those customers who remained at SVB have now followed a familiar path in the wake of a meltdown, by simply being shuttled into a new lender courtesy of regulators.
India has done great in regulation because it took time to think things through. The US banking crisis should encourage Modi govt to avoid rush jobs like demonetisation.
The shock of a bank failure is both immediate and long lasting. This kind of situation led to radical solutions in 1826 – essentially a restructuring of UK banking services.
Though RBI has been conservative, such banking crises pose risks to broader Indian economy — potential flight of foreign portfolio capital, pressure on rupee, bad news for stock market.
India can raise the SVB issue with G20 finance ministers and evolve a banking framework to insulate emerging economies of the South from frauds committed by the developed North.
California banking regulators shut down Silicon Valley Bank (SVB) on March 10 after a run on the lender, which had $209 billion in assets at the end of 2022.
As Park Street now anticipates the Christmas lights, Bangla cinema eyes a harmony. Colliding heritage, devotion and some detective grit, the year-ender comes with a rediscovery.
Clean energy is “no longer the sideshow, it is the show”, BVR Subrahmanyam told the Odisha summit, warning India to lead the global shift or risk others’ tech dominance.
Dubai airshow crash & pilot death have rekindled concerns over pilot safety, and need for smarter automated systems that can step in when G-forces, temporary loss of consciousness hit the pilot.
None of Pakistan’s PMs has lasted 5 years. That the current PM has given Asim Munir 5 years shows that of all military dictatorships history has seen, Pakistan’s is most creative.
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