Impact of Silicon Valley Bank Collapse & Signature Bank Collapse on Bank Branch Audits | Bank Audit

Impact of Silicon Valley Bank and Signature Bank Collapse on Bank Branch Audits.
Silicon Valley Bank, Signature Bank Collapse, Hindenburg Research Report and AUDITORS | Bank Audits discussed by CA. (IP) Vivek Khurana.
Don't you think, Every Branch of Public Sector Banks as well as Private Sector Banks should be Audited by the Auditor's from the RBI Panel.
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Silicon Valley Bank was founded by former Bank of America managers Bill Biggerstaff, Robert Medearis, and Roger Smith, who came up with the idea over a game of poker.
It launched on October 17, 1983, as a wholly-owned subsidiary of Silicon Valley Bancshares (now SVB Financial Group) with 100 initial investors.
In 2015, the bank stated that it served 65% of all U.S. startups.
Its new offerings at the time included syndicated loans and foreign currency management, and it stood out as the only U.S. financial institution then working with virtual currency startups.
Signature Bank was founded on May 1, 2001 by Joseph J. DePaolo,
Beginning in 2018, cryptocurrencies became a major focus for the bank as it began to accept customers from the industry that year;
Signature Bank would quickly become one of the most widely used banks by cryptocurrency firms.
The proportion of deposits at Signature Bank from companies in the sector rose to 16 percent by April 2021 and 30 percent by February 2023.
The core of its cryptocurrency business was Signet, a payment network opened in 2019 for approved clients that allowed the real-time gross settlement of fund transfers through the blockchain without third parties or transaction fees, similar to Ripple; by the conclusion of 2020, Signature Bank had 740 clients using Signet.
Banks in India.
Public Sector Banks - RBI Send List to Banks and Bank Appoint Auditors. Regular Audit (Statutory and Concurrent Audit) of Maximum Branch by Independent Auditors.
Private Sector Banks - Bank Appoints Auditors and Joint (2-4) Auditors Audit the complete Bank and Branches.
Every Branch of Public Sector Bank and Private Sector Bank must be Audited by the RBI Empaneled Auditors
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[@vivekkhurana4774]

Every Branch of Public Sector Banks as well as Private Sector Banks should be Audited by the Auditor's from the RBI Panel.

[@anirudhmaheshwari7788]

Thank you so much

[@rupaligupta770]

Yes it should be

[@casansaarca]

Please don't forget to Like, Share and Subscribe, That's the minimum you can do to appreciate our efforts and boost our morale. Thanks in advance.

[@vsrjob]

very good point you raised about svb bank❤

[@casansaarca]

Thanks Sir

[@casansaarca]

🎉🎉🎉

[@debashissen3415]

Thank u so much sir for ur valuable speech shared with us.

[@cajaswindersingh8182]

In my views, each and every branch of a Bank must be audited.....

[@anirudhmaheshwari7788]

Correct

[@vivekkhurana4774]

Yes