4 years ago
New Delhi:
The Silicon Valley Bank, a key lender to US startups since the 1980s, which collapsed on Friday last, allowed its customers to access their deposits from today. Some startup CEOs said the bank's website was slow to respond, perhaps due to huge traffic around the time it gave customers access to deposits. "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.
