The Silicon Valley Bank, a key lender to US startups since the 1980s, which collapsed on Friday last, will re-open "no later than Monday morning" New York Time, which could be any time between 9 pm and 10 pm in India. "All insured depositors will have full access to their insured deposits...The FDIC will pay uninsured depositors an advance dividend within the next week," the Federal Deposit Insurance Corporation (FDIC) said in a statement. Indian startups whose money is stuck in SVB are likely to withdraw their funds if they can.
Here are the live updates on Silicon Valley Bank (SVB):
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