Silicon Valley Bank Crisis: FDIC sets up Deposit Insurance National Bank to protect account holders

The US banking sector looks like a house on fire, as First Republic Bank's stocks have also plunged by 60 per cent after Silicon Valley Bank and Signature Bank collapsed within days.
With chaos spreading in the US market and pushing down global stocks, the Indian minister of state for IT will also meet startup founders. Amidst concerns, the Federal Deposit Insurance Corporation, which insures up to $250,000 for account holders, has set up a Deposit Insurance National Bank of Santa Clara.

HSBC acquires Silicon Valley Bank in UK for 1 pound

Supporting insured and uninsured clients alike

All insured deposits from the Silicon Valley Bank have been transferred to the DINB, as soon as the lender was shut down by regulators. Apart from insured depositors, uninsured customers will also get their advance dividend in a week. Further payments for uninsured account holders will also be released as Silicon Valley Bank's assets are sold off by the FDIC.