: Confused with USs SV Bank crisis, besieged SVC Bank threatens legal action #IndiaNEWS #Business Mumbai, March 12 (IANS) Hours after the crisis affecting the Silicon Valley Bank (SVB), the US, hit

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Confused with USs SV Bank crisis, besieged SVC Bank threatens legal action #IndiaNEWS #Business
Mumbai, March 12 (IANS) Hours after the crisis affecting the Silicon Valley Bank (SVB), the US, hit the headlines, panic gripped customers of a 116-year-old Mumbai-based entity, the SVC Bank.
Scores of customers flooded the SVC Bank earlier known as Shamrao Vithal Cooperative Bank wanting to know the status and safety of their deposits.
Hoping to allay their clients apprehensions, the SVC Bank issued a statement late on Saturday pointing to the case of a mistaken identity and clarifying that it had no links with the SVB, USA, and even threatened legal action against mischief mongers.
Among them were an anxious Twitteratti who asked: @SVC_Bank : Heard rumours about bank default, please confirm.
The SVC Bank reply was: 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 SVC Bank added that it is an Indian multi-state scheduled urban cooperative bank which operates only in India.
It has proven, robust and strong fundamentals with a total business of over Rs 31,500 crore and a Net Profit of over Rs 146 crore (FY21-22), the bank said.
It urged its members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering by unscrupulous elements insinuating similarities in brand names.
SVC Bank reserves the right to take due legal action on rumour mongers for tarnishing its brand image, the bank threatened.
IANS
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