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In prepared testimony, Fed Vice Chair for Supervision Michael Barr added that the banking system is "strong and resilient," but that the Fed is reviewing its actions leading up to the collapse of Silicon Valley Bank and how to tighten rules on banks going forward.

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The company will buyback about 10,00,000 equity shares through the tender offer route at Rs 2,000 per share from all the eligible shareholders as on record date. The buyback amount excludes expenses to be incurred for various charges, costs and taxes.

Market worries eased on Monday as First Citizens BancShares agreed to buy failed SVB in a deal in which unit First-Citizens Bank & Trust Company will assume SVB assets of $110 billion, deposits of $56 billion and loans of $72 billion.

First Citizens BancShares Inc acquired parts of Silicon Valley Bank, which collapsed earlier this month in the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector.

Stocks are increasing as bank stocks show some strength following the takeover of failed Silicon Valley Bank by First-Citizens Bank & Trust, which could help ease market concerns over troubled banks. Stocks in the Dow Jones Industrial Average and S&P 500 each climbed 0.8% in early Monday trading, whilst Nasdaq-traded First Citizens BancShares rose 40% in premarket trading. However, the risks of a recession persist due to the high interest rates squeezing lenders. The managing director of the International Monetary Fund, Kristalina Georgieva, said that financial stability risks are rising as interest rates increase to combat inflation.

The existing Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) will reopen from March 29 onwards. However, fresh SIP and STP will not be allowed.

Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh, North Carolina. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said.

Sebi has imposed a penalty of INR 1 crore on Mysore Amalgamated Coffee Estates for aiding and abetting Coffee Day Enterprises in the diversion of funds worth INR 3,535 crore. The company had to pay the fine within 45 days of the order passed by Sebi. According to the regulator, Mysore Amalgamated Coffee Estates was a pass-through entity that violated SEBI Act and Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. Such diversions of funds were not disclosed to investors until the death of VG Siddhartha, the chairman of the Coffee Day Group in July 2019.

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