Categories: Trending now

India’s SVC Bank Clarifies Its Business is Safe as Some Confuse it With Collapsed SVB

India’s 116-year-old SVC bank was compelled to issue an official clarification regarding the status of its business after confused customers mistook it for US’ recently shuttered SVB — Silicon Valley Bank. The similarity in the acronyms of their names may have led to the confusion. Putting the minds of its users at ease, the SVC bank said it is ‘totally unrelated’ to the now defunct SVB. The California-based SVB catered largely to the IT companies located in the Silicon Valley tech hub, including crypto companies.

Established in 1906, the SVC Co-operative Bank was formerly known as the Shamrao Vithal Co-operative Bank. In the fiscal year 2021-2022, the Mumbai-headquartered bank said its total business stood at a net worth of Rs. 31,500 crore, having churned over Rs. 146 crore in profits.

The bank has warned people against spreading rumours suggesting its business is, in any way, linked to the collapsed Silicon Valley Bank.

“SVC Bank is completely unrelated to Silicon Valley Bank (SVB) that was based in 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 reserves the right to take due legal action on rumour mongers for tarnishing its brand image,” the bank said in a prepared statement.

https://twitter.com/TamalBandyo/status/1634750117940203520?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Within one week, the US witnessed three large crypto banks crumble under market pressure. Regulators who approved the closure of these banks said their unstable business status could have posed severe threat to the US economy.

The back-to-back downfalls of these crypto-friendly banks in the US, however, did manage to grasp the attention of the world, sounding a loud alert around the risks of crypto’s volatile nature.

On March 14, India’s state minister for technology — Rajeev Chandrasekhar— interacted with a group of start-ups to assess the impact of Silicon Valley Bank’s collapse on them.

To mitigate the financially damaging after-effect on the market, US authorities were quick to announce that all custodians linked to the collapsed banks will have access to their funds.


Affiliate links may be automatically generated – see our ethics statement for details.
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

17 hours ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

17 hours ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

18 hours ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

18 hours ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

18 hours ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

18 hours ago