Confused with US’s SV Bank crisis, besieged SVC Bank threatens legal action [details]

Hours after the disaster affecting the Silicon Valley Bank (SVB), the US, hit the headlines, panic gripped prospects of a 116-year-old Mumbai-based entity, the SVC Bank.

Scores of consumers flooded the SVC Bank — earlier often known as ‘Shamrao Vithal Cooperative Bank’ — eager to know the standing and security of their deposits.

Hoping to allay their purchasers’ apprehensions, the SVC Bank issued an announcement late on Saturday pointing to the case of a ‘mistaken’ id and clarifying that it had no hyperlinks with the SVB, USA, and even threatened legal action towards mischief mongers.

Among them had been an anxious Twitteratti who requested: “@SVC_Bank: Heard rumours about financial institution default, please verify”.

The SVC Bank reply was: “You have gotten the Twitter deal with flawed. We are SVC Bank, erstwhile Shamrao Vithal Cooperative Bank, one of many main & strongest cooperative banks in India with a legacy of 116 years. We don’t have any relation to Silicon Valley Bank”.

The SVC Bank added that it’s an Indian multi-state scheduled city cooperative financial institution which operates solely in India.

“It has confirmed, sturdy and powerful fundamentals with a complete enterprise of over Rs 31,500 crore and a Net Profit of over Rs 146 crore (FY21-22),” the financial institution mentioned.

It urged its members, prospects and different stakeholders not to concentrate to baseless rumours and mischief-mongering by unscrupulous components insinuating similarities in model names.

“SVC Bank reserves the best to take due legal action on hearsay mongers for tarnishing its model picture,” the financial institution threatened.

(With inputs from IANS)