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 Mumbai-based bank.
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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
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