Cars are parked outside a Silicon Valley Bank branch in Wellesley. , Photo Credit: AP
As America’s Silicon Valley Bank (SVB) collapsed on Friday, the biggest bank failure since 2008, an alleged hoax about a 116-year-old Mumbai-based co-operative bank in India issued a public statement on Twitter. Have distanced myself from it. Troubled Commercial Lender.
“SVC Bank is completely unrelated to Silicon Valley Bank (SVB) which was based in California. We request our members, customers and other stakeholders not to pay attention to baseless rumors and Allegations of similarity of brand names by unscrupulous elements.
“SVC Bank reserves the right to take appropriate legal action against those spreading rumors to malign its brand image,” the statement said.
SVC Bank (SVC Co-operative Bank Limited), formerly known as Shamrao Vithal Co-operative Bank Limited, stated that it is a multi-state scheduled urban co-operative bank with operations only in India.
It said it has “proven, sound and strong fundamentals” with a total turnover of over ₹31,500 crore and a net profit of over ₹146 crore (2021-22).