The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution.\u00a0<\/p>\n
Soon after reports of SVB\u2019s imminent shutdown surfaced on March 10, panic spread across the globe as investments tied to one the biggest banks in the US depicted an uncertain future. However, a Mumbai-based 116-year-old cooperative bank \u2014 Shamrao Vithal Co-operative Bank (SVC Bank) \u2014 got caught in the line of fire. <\/p>\n
The similarity in the short forms of the two banks \u2014 SVB and SVC Bank \u2014 caused a mixup among a few Indian citizens as they took up the concern with the Indian bank. <\/p>\n
Clarifying all doubts, SVC Bank issued an announcement distancing itself from the American bank that is now managed by the Federal Deposit Insurance Corporation (FDIC). The statement read:<\/p>\n
\u201cSVC Bank is completely unrelated to Silicon Valley Bank (SVB) that was based on California. SVC Bank reserves the right to take due legal action on rumor mongers for tarnishing its brand image.\u201d<\/p><\/blockquote>\n
Furthermore, the Indian bank advised its members, customers and stakeholders to avoid the ongoing rumors of its shutdown. The announcement also disclosed the bank\u2019s profitability in the last year.<\/p>\n