SVC Bank of India clarifies SVB mixup

Several companies were affected by the bankruptcy of Silicon Valley Bank (SVB), including an Indian bank with no ties to the failed California financial organization.

As soon as word of SVB’s impending closure appeared on March 10, concern swept around the world as one of the largest banks in the United States was linked to assets with an unclear future.

But the 116-year-old Shamrao Vithal Co-operative Bank (SVC Bank), situated in Bombay, was caught in the crossfire.

The similarity in the abbreviations of the two banks, SVB and SVC Bank, created confusion among a few Indians who contacted the Indian bank.

SVC Bank published a statement distancing itself from the bankrupt US bank currently supervised by the Federal Deposit Insurance Corporation (FDIC) to dispel any misunderstandings.

The assertion read:

“SVC Bank is completely unrelated to Silicon Valley Bank (SVB) that was based in California. SVC Bank reserves the right to take due legal action on rumor mongers for tarnishing its brand image.”

In addition, the Indian financial institution demanded that its customers, members, and other stakeholders desist from spreading rumors about the likely termination of the institution’s operations.

In addition to this, the statement included an accounting of the profits that had been produced by the financial institution during the course of the preceding calendar year.

The intention to support SVB and Signature Bank “at no expense to the public” was announced on March 13 by the President of the United States, Joe Biden.

On the other side, a significant number of people who follow Joe Biden on Twitter have brought up the point that “everything you do or touch costs the taxpayer!”