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SVB mixup forces India's SVC Bank to issue a notice of clarification
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The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution.
Soon after reports of SVB’s imminent shutdown surfaced on March 10, panic spread across the globe as investments tied to one the biggest banks in the US depicted an uncertain future.
However, a Mumbai-based 116-year-old cooperative bank — Shamrao Vithal Co-operative Bank (SVC Bank) — got caught in the line of fire.
The similarity in the short forms of the two banks — SVB and SVC Bank — caused a mixup among a few Indian citizens as they took up the concern with the Indian bank.
Read more on cointelegraph.comAbout this in other media
Central Banks Should Press Ahead With Rate Rises Despite Bank Pains, Says OECD wsj.com /3 days ago
‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse theguardian.com /4 days ago
Are Taxpayers on the Hook for SVB and Signature Bank Deposits? wsj.com /5 days ago
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