Mumbai headquartered Shamrao Vithal Cooperative Bank is in trouble for no fault of its own. The collapse of Silicon Valley Bank (SVB) in California has somehow got mixed up with the name of this UCB.
Many customers have written to Shamrao Vithal Cooperative Bank asking the safety of their deposits. A bank with proven credentials has hard time answering avoidable queries.
“We are SVC Bank, the erstwhile Shamrao Vithal Cooperative Bank, one of the leading & strongest cooperative banks in India with a legacy of 116 years. We have no relation to Silicon Valley Bank,” the bank said.
According to media reports, SVC Co-operative Bank reported a 6.65 per cent year-on-year growth in net profit at ?160.20 crore in FY22 as against ?150.21 crore in FY21. It’s a robust bank, says its officials.