A 116-year-old co-operative bank in Bombay, located more than 13,000 kilometres distant, is an unanticipated victim of the American bank's sudden death.
The collapse of Silicon Valley Bank, the worst failure in retail banking since the global financial crisis, has had far-reaching effects that are still being determined. Almost 13,000 kilometres away in Bombay, a 116-year-old cooperative bank is an unanticipated casualty of the sudden demise of the US bank.
Mumbai's SVC Co-operative Bank clarified on Twitter that it was not the main financier of US businesses. The bank reportedly received numerous inquiries on social media asking about its financial situation.
It got necessary for SVC Co-operative Bank (SVC Bank) to clarify that it is "completely unrelated to Silicon Valley Bank" in the statement.
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"SVC bank is completely unrelated to Silicon Valley Bank (SVB) that was based in California. We request our members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering by unscrupulous elements insinuating similarities in brand names."
One of the clients who tweeted to SVC Bank requesting confirmation of the bank default rumours received a response from the bank that states, "You have got the Twitter handle wrong. We are SVC Bank, erstwhile Shamrao Vithal Cooperative Bank, one of the leading and strongest cooperative banks in India with a legacy of 116 years. We have no relation to Silicon Valley Bank."
Global markets have been rocked by the SVB's collapse, which specialised in venture capital financing. The Federal Deposit Insurance Corporation, or FDIC, is now in charge of over $175 billion of the bank's customer accounts. The FDIC has guaranteed the depositors complete access to their insured deposits after all of the bank's branches open on Monday morning.
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