2 years ago
The similarity successful the abbreviated forms of the 2 banks — SVB and SVC Bank — caused a mixup among a fewer Indian citizens arsenic they took up the interest with the Mumbai-based bank.
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The shockwaves caused by the illness of Silicon Valley Bank (SVB) were felt by countless businesses, including a slope from India that had nary narration with the California-based banking institution.
Soon aft reports of SVB’s imminent shutdown surfaced connected March 10, panic dispersed crossed the globe arsenic investments tied to 1 the biggest banks successful the US depicted an uncertain future. However, a Mumbai-based 116-year-old cooperative slope — Shamrao Vithal Co-operative Bank (SVC Bank) — got caught successful the enactment of fire.
The similarity successful the abbreviated forms of the 2 banks — SVB and SVC Bank — caused a mixup among a fewer Indian citizens arsenic they took up the interest with the Indian bank.
Important announcement#HumSeHaiPossible #SVCBank #Banking #SVC #Importantannouncement pic.twitter.com/p05lHBJm9w
— SVC Bank (@SVC_Bank) March 11, 2023Clarifying each doubts, SVC Bank issued an announcement distancing itself from the American slope that is present managed by the Federal Deposit Insurance Corporation (FDIC). The connection read:
“SVC Bank is wholly unrelated to Silicon Valley Bank (SVB) that was based connected California. SVC Bank reserves the close to instrumentality owed ineligible enactment connected rumor mongers for tarnishing its marque image.”Furthermore, the Indian slope advised its members, customers and stakeholders to debar the ongoing rumors of its shutdown. The announcement besides disclosed the bank’s profitability successful the past year.
Related: Silicon Valley Bank collapse: Everything that’s happened until now
On March 13, US President Joe Biden announced his program to assistance retired the fallen accepted banks, SVB and Signature Bank, “at nary outgo to the taxpayer.”
Thanks to actions we've taken implicit the past fewer days to support depositors from Silicon Valley and Signature Banks, Americans tin person assurance that our strategy is safe.
People’s deposits volition beryllium determination erstwhile they request them – astatine nary outgo to the taxpayer.
On the different hand, Biden’s followers connected Twitter highlighted that “everything you bash oregon interaction costs the taxpayer!”
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