SVC Bank debunks social media rumours about merger with PMC Bank

The Shamravo Vitthal Co-operative (SVC) Bank clarified on Sunday that there is no plan of a merger with the Punjab and Maharashtra Co-operative (PMC) Bank, thereby debunking all the rumours suggesting such.

A notice by the SVC Bank Ltd stated, "We have come across a rumour on Social Media Platforms about a merger between us and PMC Bank. We request everyone not to pay heed to such false and baseless statements," adding, "We are committed to protect [sic] the interests of our depositors, shareholders, and stakeholders..."

SVC Bank also warned that they might even resort to taking strong action against the rumour-mongers.

Earlier, there have been several rumours that the bank will be merged with the fraud-hit PMC Bank, whose current and former officials are being investigated in connection with a 4500 crore financial scandal.

The PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

Earlier yesterday, Maharashtra Chief Minister Devendra Fadnavis had divulged to news agency PTI that the Maharashtra government was willing to explore the possibility of a PMC Bank merger, adding that he will pursue the matter with the Centre to see to it that the depositors' money is returned to them.