Interest rate hikes by the US Fed were also at the root of Silicon Valley Bank collapse in March. RBI Governor had last week said the Indian banking sector is resilient & healthy.
It would have been hard for many to miss the words “deposit insurance” on the newsfeed last month. The US-based Silicon Valley Bank had caused it to shut down. The Federal...
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.
Minister interacts with more than 450 SVB-crisis hit startups, promises to share suggestions with finance minister. Attendees raise concerns about their US dollar deposits.
SVB collapse was a circle of deposit withdrawals leading to fears of a bank run, which then resulted in a bank run. The US regulators have, however, stepped in quickly.
SVC Co-operative Bank issued a statement Sunday asking customers to not heed to 'baseless rumours', adding it reserves right to take legal action against those tarnishing its brand image.
China flaunted military might & modernisation as it displayed stealth drones, anti-satellite system & cyber warfare contingent during parade to mark victory over Japan in WWII.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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