India’s small SVC Co-Operative Bank spent the weekend scrambling to reassure depositors it has no connections whatsoever to the imploding Silicon Valley Bank (SVB) of California.
In addition to some confusion over their similar names, SVC executives said “social media rumors” have been spreading that linked the two banks together and claimed SVC is also trembling on the verge of collapse.
A little-known Indian bank moved to assure depositors their money is safe after the collapse of SVB in California caused confusion and concern due to a similarity in names https://t.co/IonuE3U2iN
— Reuters (@Reuters) March 13, 2023
“There were a few queries from customers but it mostly came from social media rumors,” an SVC branch manager in Mumbai told Reuters on Monday. “We wanted to communicate before a lot of people started asking or before it became a big issue. It’s…