SVB resolution reassuring, will bring relief to startups: Ashwini Vaishnaw

Amid US administration's move to protect depositors of Silicon Valley Bank, IT Minister Ashwini Vaishnaw on Monday said that the SVB resolution is "reassuring" and will bring relief to startups.

The Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday.

"SVB resolution is reassuring. (It) will bring relief to startups," Vaishnaw told PTI.

US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.

Federal regulators have stepped to back all Silicon Valley Bank deposits.

The failure of Silicon Valley Bank, last week, left many startups, tech companies, entrepreneurs and VC funds nervous and jittery.

California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the Calif