On Sunday, US authorities announced a plan to rescue depositors' money in Silicon Valley Bank (SVB), which had failed, as well as to help other institutions meet their customers' needs. The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and Treasury assured depositors that they would have access to all their money starting Monday, March 13, and taxpayers would not have to pay.
Additionally, Signature Bank, a New York-based regional lender with significant crypto currency exposure, was closed by regulators, and the agencies said its depositors would also be "made whole." The Fed further stated that it would provide extra funding to banks to help them meet depositors' needs.
The joint statement from the agencies emphasized that they were taking decisive actions to strengthen public confidence in the US banking system, which remains resilient due to reforms introduced after the 2008 financial crisis. The agencies pledged to take necessary steps to ensure the safety of depositors' savings. The collapse of banks is causing a lot of worry among NRIs in America.
The NRIs are now in tensions for this unwanted developments which may effect the economy of the USA in a detrimental way.
