The effects of the downfall of Silicon Valley Bank (SVB) have set off a chain reaction of consequences that are still being fully comprehended. Surprisingly, a 116-year-old cooperative bank located in Mumbai has also been affected by the sudden demise of SVO.
The reason is its name–Shamrao Vithal Co-operative Bank (SVC Bank), Mumbai.
Following the American bank collapse, the 116-year-old bank in India issued a statement in this regard.
“SVC Bank (SVC Co-operative Bank Ltd., formerly known as the Shamrao Vithal Co-operative Bank Ltd.) is a 116-year-old Indian multi-state scheduled urban co-operative bank with operations only in India. It has proven, robust and strong fundamentals with a total business of over Rs 31,500 Crores and a Net Profit of over Rs. 146 Crores (FY 21-22),” the bank said in the statement.
“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 statement read.