SAN FRANCISCO (Diya TV) – The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced they will make additional funding available to ensure all Silicon Valley Bank deposits, both insured and uninsured, will be paid in full. That means individuals and businesses with money in the bank will be made whole, but no guarantees for investors. Silicon Valley Bank is the 16th largest bank in the country and failed after a run on the bank after customers withdrew $42 billion of deposits.
The recent wave of tech layoffs in America are hitting the Indian community hard, especially those tech workers here on H-1B visas who now have 60 days to either find a new job or leave the country. An H-1B visa is a nonimmigrant classification for people who wish to work in the country on a temporary basis.
India has made movie history by scooping its first Oscar for the best original song, Naatu Naatu. Praised for its buoyant choreography and catchy tune, the song, which has already won a Golden Globe, is from the movie “RRR,” a Telugu-language drama set during India’s struggle for independence from Britain.
Ravi Kapur contributed to this report.
