Vehicles are parked exterior a Silicon Valley Bank department in Wellesley.
| Photo Credit: AP
The collapse of Silicon Valley Bank (SVB) of the U.S. on Friday, the greatest bank failure since 2008, has led to alleged hearsay mongering in India regarding a 116 yr outdated Mumbai based cooperative bank that has issued a public assertion on Twitter distancing itself from the troubled industrial lender.
“SVC Bank is completely unrelated to Silicon Valley Bank (SVB) which was based on California. We request our members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering by unscrupulous elements insinuating similarities in brand names,” SVC Bank mentioned in a press release.
“SVC Bank reserves the right to take due legal action on rumour mongers for tarnishing it’s brand image,” the assertion added.
SVC Bank (SVC Co-operative Bank Ltd), previously generally known as Shamrao Vithal Co-operative Bank Ltd mentioned it’s multi state scheduled city co-operative bank with operations solely in India.
It mentioned it has “proven, robust and strong fundamentals” with a complete enterprise of over ₹31,500 crore and internet revenue of over ₹146 crore (2021-22).
