Mar 16, 2023
Indian Bank Distances Self From SVB Collapse
The news of the collapse of the Silicon Valley Bank (SVB) sent shockwaves around the world, causing anxiety and fear amongst investors and businesses alike. Amongst those affected was Shamrao Vithal Co-operative Bank (SVC Bank), a 116-year-old cooperative bank based in Mumbai, India.
The confusion arose due to the similarity in the short forms of the two banks — SVB and SVC Bank — causing some Indian citizens to take up the concern with the Indian bank.
In response, SVC Bank issued an announcement clarifying that it was in no way connected to the failed American bank now managed by the Federal Deposit Insurance Corporation (FDIC). The statement read, “SVC Bank reserves the right to take due legal action on rumor mongers for tarnishing its brand image.”
The announcement also highlighted the bank’s profitability in the last year and advised its members, customers, and stakeholders to avoid the ongoing rumors of its shutdown.
On March 13, U.S. President Joe Biden announced his plan to help the fallen traditional banks, SVB and Signature Bank, “at no cost to the taxpayer.”
However, this statement was met with skepticism from Biden’s followers on Twitter who highlighted that “everything you do or touch costs the taxpayer!”
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