'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
In the midst of chaos and confusion caused by the collapse of California's Silicon Valley Bank (SVB), SVC Co-operative Bank (SVC Bank), a little-known Indian bank, has moved to assure its customers that their money is safe.
SVC 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, and therefore there is no need for depositors to worry.
The statement said SVC has robust and strong fundamentals and asked customers not to pay attention to baseless rumors and mischief-mongering.
SVC Bank has 198 branches across India and held total deposits of 2.2 billion dollar in 2021-22, and is in very good shape and healthy financial status.
In the wake of the collapse of Californian SVB, there have been rumors circulating on social media about the Indian SVC's financial health, but the bank has clarified the confusion.