Silicon Valley Bank crisis: America's Silicon Valley Bank has sunk. Confused by the Silicon Valley Bank (SVB) crisis in America, the customers of Mumbai-based 116-year-old SVC Bank got upset. SVC Bank, formerly known as Shamrao Vithal Sahakari Bank saw a large number of customers visiting to know about the status and safety of their deposits.
In the hope of allaying the apprehensions of its customers, SVC Bank issued a statement late on Saturday clarifying that it has no relation with SVC, USA. The bank also threatened legal action against the mischief makers. One of them, a worried person tweeted and asked, heard rumors about bank default, please clarify.
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Bank clarified
SVC Bank replied, Your Twitter handle is incorrect. We are SVC Bank, erstwhile Shamrao Vithal Sahakari Bank, one of India's leading and strongest co-operative banks with a legacy of 116 years. We have no affiliation with Silicon Valley.
SVC Bank
SVC Bank said that it is an Indian multi-state scheduled urban co-operative bank, which operates only in India. With a business of over Rs 31,500 crore and a net profit of over Rs 146 crore (FY 21-22), the bank has proved its mettle, the bank said. It urged its members, customers and other stakeholders not to pay heed to baseless rumors and mischief.
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