In a tweet, a 116-year-old Mumbai bank called SVC Bank, which was in trouble after SVB’s collapse clarified that it had no relation to SVB.
The repercussions of the downfall of Silicon Valley Bank (SVB), the largest retail banking collapse since the global financial crisis, have set off a chain reaction of consequences that are still being fully comprehended. Surprisingly, a 116-year-old cooperative bank located in Mumbai has also been affected by the sudden demise of this American bank. The reason is its name: Shamrao Vithal Co-operative Bank (SVC Bank).
One of the customers asked for a justification on Twitter on the “rumours about default”. “You have got the twitter handle wrong. We are SVC Bank, erstwhile Shamrao Vithal Cooperative Bank, one of the leading & strongest cooperative banks in India with a legacy of 116 years. We have no relation to Silicon Valley Bank,” the bank replied.
After reading the tweet, ZyppElectric CEO Akash Gupta commented that filmmaker Sanjay Leela Bhansali – also known by SLB – might issue a statement on the issue in the future. “To all the trolls and arm chair commentators, atleast his bank still runs on its founder’s vision and fundamentals, unlike others who’ve gone under. It’s great to see them clarifying, in its best intrest (sic),” wrote another user.
According to a copy of the indictment that was provided to the Financial Times, Swiss bankers were charged with hiding Putin’s millions without questioning the origin of the funds.
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