The bankruptcy of Silicon Valley Bank (SVB Bank) has caused a mixup among a few Indian citizens due to the similarity in the short form of Mumbai-based bank SVC Bank.
As soon as word of SVB’s impending closure surfaced on March 10, concern swept across the globe as one of the largest banks in the United States was linked to assets with an uncertain future. But, the 116-year-old Shamrao Vithal Co-operative Bank (SVC Bank), situated in Bombay, was caught in the crossfire.
The closeness in the abbreviations of the two banks, SVB and SVC Bank, caused confusion among a few Indian citizens who contacted the Indian bank.
SVC Bank published a statement distancing itself from the bankrupt US bank now supervised by the Federal Deposit Insurance Corporation to dispel all doubts (FDIC). 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 bank asked its members, customers, and other stakeholders to avoid spreading rumors of its impending closure. Also, the announcement revealed the bank’s earnings during the past year.
On March 13, U.S. President Joseph Biden revealed his plan to aid SVB and Signature Bank “at no expense to the taxpayer.”
In contrast, Biden’s Twitter followers emphasized that “everything you do or touch costs the taxpayer!”
