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BREAKING
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children
The Ministry of Health in Gaza: Gaza's hospitals recorded six deaths due to starvation and malnutrition in the past 24 hours, all of them adults
Informed sources to Al Mayadeen: A new chapter in relations between Iran and the International Atomic Energy Agency will begin within the framework of the new law passed by Parliament
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Palestinian media: Herds of Israeli settlers storm the al-Aqsa Mosque and perform Talmudic rituals in it
Al Mayadeen's correspondent in Gaza: 15 martyrs were transferred to hospitals in the Gaza Strip in the past few hours as the Israeli occupation continues its aggression on the camps of the displaced
Al Mayadeen's correspondent in Gaza: 38 were killed since dawn on Saturday, as the Israeli occupation army targeted aid seekers at distribution sites
Palestinian Red Crescent: One martyr, several injuries among our teams after the occupation bombed the association's headquarters in al-Amal neighborhood, west of Khan Younis.

India's SVC not US' SVB: Name confusion creates chaos, instigates fear

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Mar 2023 23:26
2 Min Read

India's SVC Bank had to clarify that the bank has no relation to the US' Silicon Valley Bank. 

  • x
  • A woman walks past the bank The Shamrao Vithal Co-op. Bank Ltd. (SVC) at a market in New Delhi, India, March 13, 2023. (Reuters)
    A woman walks past the bank The Shamrao Vithal Co-op. Bank Ltd. (SVC) at a market in New Delhi, India, March 13, 2023. (Reuters)

An Indian bank found itself compelled to assure depositors that their money is safe following the collapse of Silicon Valley Bank (SVB) in California, which has gone bankrupt, as they were confused over the similarity between the brand names.

Over the weekend, India's SVC Bank issued a statement and sent messages in English and local Marathi language to its customers in Mumbai ensuring them that their money is safe and the bank has no relation to the US' Silicon Valley Bank. 

Read more: SVB crashes, assets seizure sends chaos across the tech startup sector

"We request our members, customers, and other stakeholders not to pay attention to baseless rumors and mischief-mongering ... insinuating similarities in brand names," SVC said in the statement.

Related News

Americans withdraw nearly $100bn due to fear after SVB crash

SVC held a total of $2.23 billion in 2021-2022.

The branch manager at one of SVC's branches, Sachin Mane, in Mumbai told Reuters on Monday that the lender acted as soon as the rumors began to circulate on social media about the bank's financial health.

"There were a few queries from customers but they mostly came from social media rumors... We wanted to communicate before a lot of people started asking or before it became a big issue," said Mane, referring to the incident as just a confusion. 

Even when questions arose on Twitter over "rumours about bank default," SVC replied by saying, "You have got the Twitter to handle wrong. We are SVC Bank ... one of the leading & strongest cooperative banks in India with a legacy of 116 years."

Moreover, the text message the bank sent to their customers stated, "SVC Co-operative Bank Ltd. has no relation with Silicon Valley Bank in California," in an attempt to clear up the confusion.

Read next: SVB bankruptcy cause of 'deep crisis' in tech industry: Netanyahu

  • SVB
  • India
  • United States
  • depositors

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