A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank caused confusion and concern due to a similarity in names.
collapse of Silicon Valley Bank Over the weekend, India’s SVC Co-operative Bank , issued a statement and sent text messages in English and local Marathi language to its customers in Mumbai saying it has no relation to the US lender.
“We request our members, customers, and other stakeholders not to pay attention to baseless rumors and mischief-mongering…insinuating similarities in brand names,” SVC said in the statement. SVC, which has 198 branches across India, held total deposits of $2.23 billion in 2021-2022. The statement said SVC has “robust and strong fundamentals.”
Sachin Mane, branch manager at one of SVC’s branches near India’s financial capital Mumbai, told Reuters on Monday, March 13, the lender acted as there were rumors circulating on social media about the bank’s financial health. “There were a few queries from customers but it mostly came from social media rumors…. We wanted to communicate before a lot of people started asking or before it became a big issue,” said Mane.
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