Large reliance of Indian banks on local deposits cushions them as global peers are facing potential contagion from the woes emanating from Silicon Valley Bank fallout, Macquarie Group told Bloomberg. Friday's dramatic failure of the SVB, which focuses on tech startups, was the biggest since the 2008 financial crisis. Moreover, state regulators closed New York-based Signature Bank on Sunday, making it the third largest failure in U.S. banking history.
