Shamrao Vithal Co-operative Bank Name mix-up: Fall of Silicon Valley Bank leaves customers of Mumbai-based bank in panic mode
Mumbai: The collapse of Silicon Valley Bank (SVB), considered one of the biggest seen in the US since 2008, has impacted a Mumbai-based cooperative bank.
The reason behind the impact is interestingly the name of the 116-year-old bank- Shamrao Vithal Co-operative Bank (SVC Bank).
The bank faced continuous inquiries from customers.
Like one Twitter user asked the bank on Twitter: "Heard rumours about bank default, please confirm."
The bank was quick in responding, "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. To know more, visit http://svcbank.com."
Facing similar inquiries, the bank issued a statement which read: " We request our members, customers and other stakeholders not to pay attention to baseless rumors and mischief-mongering by unscrupulous elements insinuating similarities in brand names.”
Important announcement#HumSeHaiPossible #SVCBank #Banking #SVC #Importantannouncement pic.twitter.com/p05lHBJm9w
— SVC Bank (@SVC_Bank) March 11, 2023
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. To know more, visit https://t.co/NtHBRPdSCG
— SVC Bank (@SVC_Bank) March 11, 2023
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