San Francisco: US regulators have shut down Silicon Valley Bank (SVB) after it failed to raise funds and have taken over the deposits of its customers after the sinking of an American bank since 2008. This information has been given by the Federal Deposit Insurance Corporation.
After the closure of the bank, US is once again on the verge of banking crisis. The US bank is once again in a serious financial crisis.
Silicon Valley is the 16th largest bank in the United States. This has shocked the tech industry. The bank had assets of $ 209 billion and deposits of $ 175.4 billion. The bank used to provide financial assistance to new tech companies.