{"id":1875367,"date":"2023-03-13T07:11:38","date_gmt":"2023-03-13T11:11:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-relation-to-svb-indias-svc-bank-acts-to-calm-depositors-amid-brand-name-confusion\/"},"modified":"2023-03-13T07:13:17","modified_gmt":"2023-03-13T11:13:17","slug":"no-relation-to-svb-indias-svc-bank-acts-to-calm-depositors-amid-brand-name-confusion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-relation-to-svb-indias-svc-bank-acts-to-calm-depositors-amid-brand-name-confusion\/","title":{"rendered":"\u2018No relation to SVB\u2019: India\u2019s SVC Bank acts to calm depositors amid brand name confusion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fno-relation-to-svb-indias-svc-bank-acts-to-calm-depositors-amid-brand-name-confusion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1875367&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <br \/>\n<?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"entry-content\">\n<p>By M. Sriram<\/p>\n<p>MUMBAI (Reuters) \u2013     A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank (SVB) in California caused confusion and concern due to a similarity in names.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<\/p>\n<p>Over the weekend, India\u2019s SVC Co-operative Bank (SVC Bank), issued a statement and sent text messages in English and local Marathi language to its customers in Mumbai saying it has no relation to the U.S. lender.<\/p>\n<p>\u201cWe request our members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering \u2026 insinuating similarities in brand names,\u201d SVC said in the statement.<\/p>\n<p>SVC, which has 198 branches across India, held total deposits of $2.23 billion in 2021-22. The statement said SVC has \u201crobust and strong fundamentals\u201d. <\/p>\n<p>Sachin Mane, branch manager at one of SVC\u2019s branches near India\u2019s financial capital Mumbai told Reuters on Monday the lender acted as there were rumours circulating on social media about the bank\u2019s financial health.<\/p>\n<p>\u201cThere were a few queries from customers but it mostly came from social media rumours \u2026 We wanted to communicate before lot of people started asking or before it became a big issue,\u201d said Mane.<\/p>\n<p>\u201cIt\u2019s just\u00a0confusion.\u201d<\/p>\n<p>California banking regulators shut down SVB on Friday after a run on the lender, which had $209 billion in assets at the end of 2022, with depositors pulling out as much as $42 billion on a single day, rendering it insolvent.<\/p>\n<p>When one Twitter user asked SVC about \u201crumours about bank default\u201d, the Indian lender said \u201cYou have got the Twitter handle wrong. We are SVC Bank \u2026 one of the leading &#038; strongest cooperative banks in India with a legacy of 116 years.\u201d<\/p>\n<p>There were no scenes of panic at two SVC branches in Mumbai suburbs that Reuters visited on Monday, with account holders carrying on usual banking activities. <\/p>\n<p>One account holder showed Reuters a text message he received from SVC which asked them to not believe any rumours. <\/p>\n<p>\u201cSVC Co-operative Bank Ltd. has no relation with Silicon Valley Bank in California,\u201d it stated.<\/p>\n<\/p>\n<p> (Reporting by M. Sriram in Mumbai; Additional reporting by Swati Bhat; Writing by Aditya Kalra; Editing by Simon Cameron-Moore)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/no-relation-to-svb\/attachment\/a-woman-walks-past-the-bank-the-shamrao-vithal-co-op\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/no-relation-to-svb\/attachment\/a-man-holds-the-door-of-the-bank-the-shamrao\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/no-relation-to-svb\/attachment\/a-branch-of-the-shamrao-vithal-co-op-bank-ltd-svc\/\"><\/a><\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.oann.com\/business\/no-relation-to-svb\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=no-relation-to-svb\">\u2018No relation to SVB\u2019: India\u2019s SVC Bank acts to calm depositors amid brand name confusion<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By M. Sriram MUMBAI (Reuters) \u2013 A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank (SVB) in California caused confusion and concern due to a similarity in names. Over the weekend, India\u2019s SVC Co-operative Bank (SVC Bank), issued a statement and sent text messages in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1889966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[8303,18822,5373,7710,7103,17803,21390,18503,21447,21356,21446],"class_list":["post-1875367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-no","tag-acts","tag-bank","tag-brand","tag-calm","tag-confusion","tag-depositors","tag-indias","tag-relation","tag-svb","tag-svc"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1875367"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889966"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1875367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1875367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1875367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}