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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

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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