Fall of US based 16th largest Silicon Valley Bank

US -based Silicon Valley Bank collapsed .This news created stir in US's Economy. Though the Regulatory Authorities of USA took control over SVB. The authorities assured customers by saying their hard earned money is safe now. World's prominent Economists are considering this incident a big crisis for US's Economy The failed bank SVB stated that they had to pay loss of two crore dollars as central bank of US increased the interest rate. The Investors withdraw their money from Valley bank to get good profit and bank failed to pay its obligations ,therefore Silicon Valley Bank collapsed. US President Joe Biden vowed to ensure the safety of U.S. banking system, after Silicon Valley Bank and Signature Bank bankrupted.

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SVB Established in 1983. It provided banking services to US venture-backed technology and life science companies. Before collapsing, Silicon Valley Bank became America's 16th largest commercial bank. It is considering as largest bank failures after the 2008 financial crisis. on last Friday SVB was shut down by US regulators on the basis that the bank was incapable of paying its obligations due to cash crunch. The collapse was triggered after the lender took a hit of $1.8 .The Major organisation like IMF and World Bank already warned world about recession in 2023.

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