Shamrao Vithal Co-operative Bank (SVC Bank), a 116-year-old cooperative bank headquartered in Mumbai, has clarified that it is not affiliated with Silicon Valley Bank (SVB). The announcement came after a client on Twitter inquired about "rumours regarding default" and requested an explanation from SVC Bank. Despite the bank's clarification, there were still concerns and speculations.
SVC Bank has a long and distinguished history dating back to 1906, during which time it has played a significant role in the development of India's cooperative banking industry. The bank has a sizable network of 198 branches and 214 ATMs spread across 11 states in India and employs more than 2300 people.
The collapse of Silicon Valley Bank (SVB) has had a ripple effect that is still being fully understood, and SVC Bank has found itself caught up in the aftermath. Despite being unaffiliated with SVB, the rumours of default circulating on social media have caused concerns amongst SVC Bank's clients and stakeholders.
The bank has issued a formal statement to address these concerns and clarify that it has no connection to SVB. SVC Bank is one of the oldest and best-known institutions in India's cooperative banking industry, and it pleaded with its members, clients, and stakeholders to disregard any "baseless rumours and mischief-making" implying a connection between the two institutions.
In a show of strength, the bank also reserved the right to pursue the required legal remedies against rumour mongers who damage its reputation.
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