Indian bank with a similar-sounding name distances itself from the SVBCollapse.
the Federal Deposit Insurance Corporation . The statement read:
“SVC Bank is completely unrelated to Silicon Valley Bank that was based on California. SVC Bank reserves the right to take due legal action on rumor mongers for tarnishing its brand image.” Furthermore, the Indian bank advised its members, customers and stakeholders to avoid the ongoing rumors of its shutdown. The announcement also disclosed the bank’s profitability in the last year.On March 13, US President Joe Biden announced his plan to help out the fallen traditional banks, SVB and Signature Bank, “at no cost to the taxpayer.”
Thanks to actions we've taken over the past few days to protect depositors from Silicon Valley and Signature Banks, Americans can have confidence that our system is safe.— President Biden
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