Will save American banks: Joe Biden said amid Silicon Valley bank crisis

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Will save American banks: Joe Biden said amid Silicon Valley bank crisis
Will save American banks: Joe Biden said amid Silicon Valley bank crisis
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Will save American banks: Joe Biden said amid Silicon Valley bank crisis
Will save American banks: Joe Biden said amid Silicon Valley bank crisis

US President Joe Biden has said that America will do “whatever is necessary” to save banks from sinking.

Biden’s statement came at a time when the US guaranteed the necessary deposits to save Silicon Valley Bank and Signature Bank.

America wants to prevent those people from withdrawing money from banks, after the news of the sinking of Silicon Valley Bank, people want to withdraw their money.

Biden said, “Be rest assured that our banking system is safe.”

He said that those people and companies whose money was deposited in Silicon Valley Bank can use them from Monday.

Announcing the help, Biden said, “I want to assure you that we will not stop here. We will do whatever is necessary.”

The Silicon Valley bank, which is famous for lending to technology companies, was shut down by regulators on Friday and its assets were frozen. After the financial crisis of 2008, it is the largest bank to fail in America.

The effect of the failure of two American banks within three days was seen in the Indian stock markets on Monday. The 30-share BSE Sensex registered a decline of 900 points. The Sensex closed at 58,237.85 and domestic investors lost Rs 4.4 lakh crore.

The stock market had also recorded a decline in the previous two trading sessions. The NSE also registered a decline of 256.60 points and closed at 17,154.30. Out of 3757 stocks available for trading in BSE, the shares of 2915 companies fell while the shares of 695 companies rose.