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<ul><li>The Reserve Bank of India put withdrawal restrictions on customers of Punjab &amp; Maharashtra Cooperative (PMC) Bank.</li><li>Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts.</li><li>The sanctions from the central bank ahead of the festive season has led to panic and protests in many parts of the country.</li><li>The business as usual has been restricted due to under-reporting of bad loans, according to reports.</li></ul>Thousands of customers of Punjab &amp; Maharashtra Cooperative Bank (PMC) woke up to a terse notification from the Reserve Bank of India. Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts. The bolt from the blue, ahead of the festive season, led to panic protests in many parts of the country. <div type="image" title="Thane: Customers gather inside the Punjab and Maharashtra Cooperative Bank, at K..." msid="71279706" hostid="261" caption="&amp;lt;p&amp;gt;Customers gather inside the Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 As per the RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI. Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2). <div type="image" title="Mumbai: Bank employees paste a copy of closure notice issued by the RBI on a wal..." msid="71279713" hostid="261" caption="&amp;lt;p&amp;gt;Bank employees paste a copy of closure notice issued by the RBI on a wall of Punjab and Maharashtra Cooperative Bank building, at Fort in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Mitesh Bhuvad)(&amp;lt;/p&amp;gt;"></div>

 The RBI has also restricted PMC, which ranks among the top 10 cooperative banks in the country, from disbursing, agreeing to disburse any payment-- even if it is to discharge its liabilities. Neither can the bank enter into any compromise or arrangements and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI notification of Monday. The decision by the banking regulator was triggered by the under-reporting of loans by PMC, according to sources cited by the LiveMint. <div type="image" title="Thane: Customers show a message received on their phones about the closure of Pu..." msid="71279724" hostid="261" caption="&amp;lt;p&amp;gt;Customers show a message received on their phones about the closure of Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 "This Rs 1,000 limit is ridiculous. We have to make purchases for Navratri, Diwali, pay our children's educational fees and other household expenses. How can we manage ?" the fuming man asked. <div type="image" title="Mumbai: A man talks on his phone outside outside the Punjab and Maharashtra Coop..." msid="71279739" hostid="261" caption="&amp;lt;p&amp;gt;A man talks on his phone outside outside the Punjab and Maharashtra Cooperative Bank at GTB Nagar in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Shashank Parade) (&amp;lt;/p&amp;gt;"></div>

 "As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Joy Thomas , Managing Director, PMC said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank. As per the PMC Bank's latest Annual Report, it has deposits of over ₹11,617 crore and loans/outstandings of ₹8,383 crore. With inputs from IANS SEE ALSO: RBI offers Narendra Modi government money to boost growth-- share markets cheer India will soon have an online fraud registry with real-time data

In pics: Thousands of customers of a small bank in India panic after the regulator cracks the whip

<ul><li>The Central government on Tuesday brought <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> under <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> for 30 days, restricting deposit/withdrawal not exceeding ₹25,000.</li><li>The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. </li></ul>Following an application submitted by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), the Central government on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, restricting deposit/withdrawal not exceeding Rs 25,000. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020. The notification also stays the commencement or continuance of all actions and proceedings against Lakshmi Vilas Bank. During the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central government of its powers under Clause (b) of Sub-section (4) of Section 35 of the said Act or the exercise by the Reserve Bank of India of its powers under Section 38 of the said Act. As per the notification, Lakshmi Vilas shall not without the permission in writing of RBI: * Make payment to a depositor an aggregate sum exceeding Rs 25,000 lying to his credit in any kind of deposit including multiple deposit. * Wherever such depositor is having dues payable to the bank in any manner, either as a borrower or surety, the amount payable to such depositor shall be made after adjusting the relevant borrowal accounts. * Payment to bank creditor cannot exceed Rs 25,000, subject to following exceptions: (i) making of payment of amounts towards any drafts or pay orders issued by the Lakshmi Vilas Bank and remaining unpaid on the date on which the order of moratorium comes into force; (ii) paying the proceeds of the bills received for collection on or before the 17th day of November, 2020; (iii) making payment towards existing liabilities for call money or inter-bank borrowing (iv) trades effected prior to the date of moratorium for which settlement is yet to take place. * Grant any loans or advances or make investments in any credit instruments. According to the notification, the RBI may by a general or special order permit Lakshmi Vilas Bank to allow pay to its depositors an amount in excess of Rs 25,000 to meet unforeseen expenses towards (a) medical treatment of the depositor or any person actually dependent on him (b) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India; (c) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him (d) in connection with any other unavoidable emergency if there is sufficient credit in his account. However, the sum such paid shall not exceed Rs 5 lakh or the actual balance lying to the credit of the account of such depositor, whichever is less. The Central government also directed Lakshmi Vilas Bank to pay for repaying loans or advances granted against government securities or other securities to it by the RBI or the State Bank of India or by any other bank and remaining unpaid on the date on which this order comes into force. Lakshmi Vilas Bank is permitted to operate its accounts with the RBI or with any other bank for the purpose of making the payments aforesaid. The bank may release or deliver goods or securities which have been pledged, hypothecated or mortgaged or otherwise charged to it against any loan, cash credit or overdraft: (i) In any case in which full payment towards all the amounts due from the borrower or borrowers, as the case may be, has been received by it, unconditionally. (ii) In any other case, to such an extent as may be necessary or possible, without reducing the proportions of the margins on the said goods or securities below the stipulated proportions or the proportions which were maintained before this Order came into force, whichever may be higher. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms">The race for COVID-19 vaccine: Here’s how Moderna, Pfizer and Sputnik V vaccines stack up against each other</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-race-for-covid-19-vaccine-heres-how-moderna-pfizer-and-sputnik-v-vaccines-stack-up-against-each-other/articleshow/79263801.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/billionaire-tesla-ceo-elon-musk-set-to-become-the-worlds-third-richest-person/articleshow/79261388.cms">Elon Musk gets richer by $15 billion on Tesla’s S&amp;P inclusion — set to become the world’s third-richest person, leapfrogging Mark Zuckerberg</a>

Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000

<ul class="summary-list"><li>US authorities could help ease bank concerns by protecting all depositors at mid-tier banks, Mohamed El-Erian said. </li><li>Widespread consolidation in mid-tier banks would not be good as smaller lenders serve local needs. </li></ul>Anxiety about the US banking system following the implosion of Silicon Valley Bank could be lessened if regulators extended the protection given to SVB depositors to those at regional banks nationwide, according to economist Mohamed El-Erian. "I got lots of phone calls over the weekend from people with deposits in these banks. And I kept on telling them, 'Your deposits are safe,' and then they said, 'Well, what do I lose if I just move them to a bigger bank that's too large to fail?' And it's very difficult to counter that argument," <a href="https://news.sky.com/video/people-are-recalibrating-what-they-thought-the-risk-was-12838738" target="_blank" rel="noopener">El-Erian said in a Sky News interview on Monday</a>. Shares of <a href="https://markets.businessinsider.com/stocks/frc-stock?utm_medium=ingest&amp;utm_source=markets">First Republic Bank</a> and other mid-tier lenders were slammed lower over the past week on worries the companies could experience bank runs like the one that <a href="https://www.businessinsider.com/svb-silicon-valley-bank-startups-worry-run-pull-accounts-2023-3">crippled SVB</a> after depositors were spooked by its $1.8 billion loss on a massive bond sale.Regional bank stocks continued to be hit even after the Financial Deposit Insurance Corporation and others authorities said they would "fully protect" all depositors who had funds in Silicon Valley Bank <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">beyond the FDIC's $250,000 limit</a> per account. Should deposits stream out of mid-tier banks, that will lead to damaging consolidation in the US banking sector, said El-Erian. "The US banking system relies on these regional banks and the smaller banks to serve local and regional needs. So it's not a good thing. I think you can stop this process from destabilizing by simply saying that the deposit insurance that was given to the depositors at Silicon Valley Bank is now available to all banks."The collapse of SVB and Signature Bank left <a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3">more than </a><a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3">$200 billion in cash deposits</a> looking for a new home, and big banks seen as "too big to fail" such as Bank of America and JPMorgan were expected to be among the top beneficiaries of inflows. Mid-tier banks will likely suffer deposit outflows, "but not for any reason to do with them," Allianz's chief economic advisor said. "They just happen to be in the wrong neighborhood. And I think the authorities need to move really quickly. And it's very easy to do - you formalize what you did for Silicon Valley Bank for these other banks." <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4387676" target="_blank" rel="noopener">There are 186 US banks that face risk</a> of collapse like SVB should their depositors rush for withdrawals, according to findings by economists in a paper posted on the Social Science Research Network.First Republic last week landed a <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3?_gl=1*s03799*_ga*MTgwMDE1NjcyOC4xNjU1MjA3MDIz*_ga_E21CV80ZCZ*MTY3OTMxMjMzNS4xMDE0LjEuMTY3OTMyMDE1Ni41NC4wLjA.">$30 billion rescue package</a> from a group of 11 banks led by JPMorgan and Bank of America. Its shares dropped Monday after S&amp;P Global Ratings downgraded the San Francisco lender's credit rating further in so-called junk territory, saying the package may not be enough to resolve its liquidity and other challenges. But <a href="https://markets.businessinsider.com/stocks/pacw-stock">PacWest</a> and <a href="https://markets.businessinsider.com/stocks/wal-stock?miRedirects=1">Western Alliance Bancorp</a> shares were moving higher early Monday.

The US could ease stress on the banking system by fully insuring deposits of regional banks like those at failed SVB, Mohamed El-Erian says

Mumbai, Jun 19 () In a relief to the depositors of scam-hit PMC Bank, the Reserve Bank on Friday enhanced the withdrawal limit to Rs 1 lakh while extending the regulatory restriction on the cooperative bank by another six months till December 22. The earlier withdrawal limit was Rs 50,000 per depositor. The RBI had placed regulatory curbs on the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, on September 23, 2019, after finding out certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said. The withdrawal limit was last enhanced to Rs 50,000 per depositor on November 5, 2019, and the restrictions extended up to June 22, 2020. "Further, on a review of the bank's liquidity position, its ability to pay the depositors and with a view to mitigating the difficulties of the depositors during the prevailing COVID-19 situation, it has also been decided to further enhance the limit for withdrawal to Rs 1,00,000 per depositor, inclusive of Rs 50,000 allowed earlier," the RBI said in a statement. The RBI said it has been engaging with the stakeholders to explore the possibility of a resolution of the bank. However, the process has been affected due to the lockdown on account of COVID 19 and the continuing uncertainty around the pandemic. Further, the extent of the negative net worth of the bank, and the legal processes involved in recovery of bad debts also pose challenges/limitations in resolution of the bank, it said. Earlier, the central bank had superseded the board of PMC Bank and had appointed J B Bhoria, an ex-RBI official, as its administrator. The RBI had placed restrictions on the bank that included barring the bank from giving fresh loans and acceptance of fresh deposits. Depositors were also not allowed to withdraw more than Rs 1,000 initially from their accounts but the limit was increased gradually later. NKD MR MR

RBI doubles withdrawal limit to Rs 1 lakh for PMC Bank depositors

<ul><li>Some relief for panic-stricken customers of Mumbai-based Punjab and Maharashtra Co-operative Bank. </li><li>The Reserve Bank of India has allowed the customers to withdraw upto ₹10,000 over a period of six months. </li><li>Earlier this week, the regulator had barred account holders from withdrawing over ₹1,000 in six months. </li></ul>Panic-stricken customers of Mumbai-based Punjab and Maharashtra Co-operative Bank get some relief from the regulator. The Reserve Bank of India (RBI) today allowed the customers to withdraw upto ₹10,000 over a period of six months. Earlier this week, the regulator barred account holders from withdrawing over ₹1,000 a day. However, a statement today said, “The Reserve Bank of India reviewed the financial position of the said bank and considers it necessary in the public interest to modify the aforesaid directions.” The regulator said that the decision was “in the interest of the depositors”. As per the earlier RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI. Today’s directive was silent about this ban on making loans imposed on the bank. Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2). The decision by the banking regulator was triggered by the under-reporting of loans by PMC, according to sources cited by the LiveMint As per the PMC Bank's latest Annual Report, it has deposits of over ₹11,617 crore and loans/outstandings of ₹8,383 crore.

RBI allows PMC Bank customers to withdraw ₹10,000 over a period of six months from ₹1,000 earlier

<ul class="summary-list"><li>First Republic Bank's credit ratings were cut to junk status at S&amp;P Global and Fitch on Wednesday. </li><li>Each agency sees risks in depositors pulling their funds after Silicon Valley Bank's failure. </li></ul>First Republic Bank's credit rating was cut to so-called junk status at S&amp;P Global Ratings and Fitch Ratings on Wednesday, with the agencies citing risks that customers will withdraw funds from the San Francisco-based lender. The downgrades arrived during a frenzied time of trading in shares of First Republic Bank and other regional banks after last week's seizure of Silicon Valley Bank by regulators.That lender's clients rushed to pull their deposits after learning a jump in interest rates <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-svb-stock-price-bond-portfolio-firesale-treasury-2023-3">spurred billions in losses</a> in SVB's bond holdings. Since then, the federal government has rolled out a new liquidity mechanism to help prevent a run on other US banks."We believe the risk of deposit outflows is elevated at First Republic Bank despite the actions of federal banking regulators and the bank actively increasing its borrowing availability to mitigate risk associated with the bank failures over the last week," <a href="https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2960193" target="_blank" rel="noopener">wrote S&amp;P Global Ratings analysts Nicholas Wetzel and Rian Pressman</a>. S&amp;P cut First Republic's long-term issuer credit rating to BB+ from A-. The BB+ rating is considered a "junk" classification of debt, meaning it's not investment grade. S&amp;P said all of its ratings on First Republic are on "negative" credit watch, signaling further downgrades are possible. Meanwhile, <a href="https://www.fitchratings.com/research/banks/fitch-downgrades-first-republic-to-bb-places-ratings-on-negative-watch-15-03-2023" target="_blank" rel="noopener">Fitch Ratings downgraded</a> its long-term issuer default rating on First Republic to BB from A- and placed it and other ratings on negative watch. It described First Republic's deposit base as "concentrated" with a strategic focus on wealthy and financially sophisticated customers in some urban coastal markets. "This not only drives a high proportion of uninsured deposits as a percentage of total deposits but also results in deposits that can be less sticky in times of crisis or severe stress," said Fitch. First Republic's <a href="https://ir.firstrepublic.com/static-files/89a1df66-7e28-4491-86aa-a331900db222" target="_blank" rel="noopener">latest 10-K filing</a> indicated 68% of its roughly $176 billion in deposits at the end of 2022 was uninsurable by the FDIC. The FDIC historically has insured deposits up to $250,000, but it guaranteed SVB's beyond that limit. Fitch added that First Republic's investment portfolio is relatively concentrated in long-dated municipal securities, affording it less flexibility. Overall, about 61% of the book value of the portfolio is comprised municipal securities, which is high compared with industry standards.First Republic<a href="https://www.businessinsider.com/first-republic-liquidity-jpmorgan-fed-bank-run-svb-svfg-2023-3"> on Sunday said</a> its liquidity position "remains very strong," and disclosed in a previous regulatory filing it had received $70 billion of liquidity from the Federal Reserve and JPMorgan Chase. Shares of First Republic fell 17% after coming off a trading halt earlier Wednesday. The shares began plunging last Thursday amid SVB's bank run, leaving them down by 59% through Tuesday's session. Investors have also set their sights on other regional banks, including <a href="https://markets.businessinsider.com/stocks/pacw-stock">PacWest,</a> on concerns their balance sheets pointed to similar risks of deposit runs. Fitch on Wednesday <a href="https://www.fitchratings.com/research/banks/fitch-places-pacwest-bancorp-on-rating-watch-negative-15-03-2023" target="_blank" rel="noopener">placed PacWest on a negative rating watch</a>.

First Republic Bank downgraded to junk by S&P and Fitch on risk of clients pulling deposits in the wake of SVB failure

The decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 denomination banknotes from circulation will not have any major impact on <keyword id="47316" type="General" weightage="20" keywordseo="gold-demand" source="Orion">gold demand</keyword> and also on the <keyword id="109488" type="General" weightage="20" keywordseo="rupee-value" source="Orion">rupee value</keyword>, an expert said on Saturday. According to the expert, the number of Rs 2,000 denomination notes in circulation (or stocked in lockers) is not huge. "The number of Rs 2,000 currency notes in circulation is not large. This is not like <keyword id="3315394" type="General" weightage="20" keywordseo="demonetisation" source="Orion">demonetisation</keyword> of Rs 500 and Rs 1,000 currency notes that happened in 2016," Hareesh V., Head of Commodities Research, Geojit Financial Services told IANS. According to Hareesh, there are other investment avenues and further, there is a limit for using hard cash to purchase gold. "The RBI decision will also not have any bearing on the gold/silver futures," he said. The RBI on Friday said Rs 2,000 denomination notes to the value of Rs 3.62 lakh crore were in circulation on March 31, 2023. Hareesh said even if people decide to convert their Rs 2,000 into US dollars, there will not be any major impact on the value of the Indian rupee. "As witnessed during demonetisation, we expect the deposit accretion of banks could improve marginally in the near term. This will ease the pressure on deposit rate hikes and could also result in moderation in short-term interest rates," Karthik Srinivasan, Senior Vice President Financial Sector Ratings, ICRA said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/check-out-worlds-most-expensive-ice-cream-costs-and-why/slidelist/100375438.cms">Price of ice: World’s most expensive ice cream created by Japanese brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a>

Rs 2,000 note withdrawal may not impact gold demand, rupee value: Expert

<ul class="summary-list"><li>The federal rescue of SVB depositors means all bank deposits are guaranteed, Roger Altman said.</li><li>If that's the case, "should the taxpayer allow the shareholders to realize the benefit of that?"</li></ul>The federal government's decision to guarantee all Silicon Valley Bank deposits indicates such backing will extend to the rest of the industry, Evercore founder Roger Altman said.The bank's collapse demonstrated the "fragility" of finance in an era when people can move millions of dollars with their smartphones as well as the obsolescence of bank regulations and deposit insurance, Altman told <a href="https://www.youtube.com/watch?v=8oDcVRRehx8" target="_blank" rel="noopener">CNBC</a> on Monday. And when the Federal Reserve, FDIC and Treasury Department announced Sunday a mechanism to back all SVB's deposits, even beyond the typical $250,000 limit, it set a precedent, he added. "The banking regulators decide to guarantee the deposit base of the entire US financial system, which is certainly what they just did," he said.The rescue has other long-term implications, including whether guaranteeing all deposits will eventually lead to less disciplined behavior by bank managers, he said.It also raises the question on whether federal backing for deposits will limit shareholder returns. "If the taxpayer is guaranteeing the key liability, should the taxpayer allow the shareholders to realize the benefit of that? I hope so," Altman said.The crisis was suddenly sparked last week when SVB — a regional bank with close ties to venture capital firms and startups — abruptly sold a bond portfolio at a <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">$1.8 billion loss</a> to cover rising withdrawals. That set off a bank run and stock crash, sinking an attempt to raise more capital and leading regulators to shut the bank down."It would have been preferable if [SVB] could have been sold, because it would have been effectively a private market solution," Altman said.His remarks follow dire warnings from others in the financial world about what the SVB rescue means.On Monday, "Shark Tank" star Kevin O'Leary said he would never buy a bank stock again and characterized the SVB regulatory action as <a href="https://markets.businessinsider.com/news/stocks/shark-tank-kevin-oleary-bank-stock-regulated-svb-collapse-biden-2023-3?_gl=1*a18wip*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY3ODgxNDg2My43OC4xLjE2Nzg4MTQ5ODguMC4wLjA.">effectively nationalizing</a> the banking industry.And Citadel's Ken Griffin told the Financial Times that the government's <a href="https://markets.businessinsider.com/news/stocks/citadel-ken-griffin-svb-rescue-capitalism-breaking-down-moral-hazard-2023-3">aid to depositors was a danger to the nation's economic identity</a>."The US is supposed to be a capitalist economy, and that's breaking down before our eyes," he said.

The Silicon Valley Bank rescue means regulators have guaranteed deposits for the entire US financial system, Evercore founder Roger Altman says

<ul class="summary-list"><li>Two people in Lebanon staged bank holdups Wednesday, demanding money from their own bank accounts.</li><li>One of them said she needed to withdraw money for her sister's cancer treatment.</li></ul>Two people in Lebanon held up two different banks on Wednesday as they demanded withdrawals of their own money.In the first incident, a woman armed with a gun held up a branch of the BLOM Bank in the capital of Beirut, according to various media reports. She was accompanied by activists and said her gun was a toy, according to the <a href="https://apnews.com/0eef8f1fbe90ea77ce4284b410dd0e83">Associated Press,</a> citing the local <a href="https://apnews.com/0eef8f1fbe90ea77ce4284b410dd0e83">Al-Jadeed TV.</a>The woman managed to get $13,000 from her deposits, which she said totaled $20,000, per the AP. She said she needed the funds for her sister's cancer treatment and had gone to the bank repeatedly to withdraw her own money, only to be told she could only get $200 a month."I had begged the branch manager before for my money, and I told him my sister was dying, didn't have much time left," she said in the interview, per the AP. "I reached a point where I had nothing else to lose."She said she had even considered selling her kidney so her sister could get treated.Shortly after the first incident, an armed man held up a Bankmed branch in Aley, a mountain city in southeast Lebanon, <a href="https://txtify.it//https://www.reuters.com/world/middle-east/woman-holds-up-lebanese-bank-13000-her-own-money-advocacy-group-says-2022-09-14/">Reuters</a> reported, citing a depositors' advocacy group and a security source. The man got some of his savings out of his account.Lebanon has been in an <a href="https://www.reuters.com/markets/rates-bonds/lebanons-financial-crisis-how-it-happened-2022-01-23/">economic crisis since 2019</a> as result of government mismanagement. To prevent capital flight, the country's banks have been <a href="https://apnews.com/article/middle-east-lebanon-business-9d5ab75172b40ff0eaae223f3b6aefa4">limiting the amount</a> of money people can withdraw from their bank accounts, severely impacting the everyday lives of ordinary citizens.<a href="https://www.businessinsider.com/lebanon-bank-standoff-armed-man-takes-hostages-crowd-cheers-2022-8">In August,</a> an armed man held employees and customers at a Lebanese bank hostage after he was told he couldn't withdraw $200,000 from his bank account for his sick father's treatment. The man was cheered on by a crowd outside the bank.A senior Lebanese banker told Reuters the incidents may prompt copycat actions."I think this is an invitation for other people to do the same. As long as people get away with it, they will continue," the banker told the news agency on condition of anonymity.

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