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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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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