The closure of America’s Silicon Valley Bank (SVB) has created confusion in the minds of some customers of a Mumbai-based bank. There is SVC Co-operative Bank in Mumbai, in such a situation, due to the similarity of the name of both the banks, the customers of the bank have got a misconception that SVC Bank of Mumbai has some connection with SVB. Due to this misunderstanding, a crowd of customers have started coming to the bank to get information.

SVC Co-operative Bank issued clarification
Following this the SVC Co-operative Bank had to issue a clarification saying. The bank said in this that they have no relation with ‘Silicon Valley Bank’. We request our members, customers and others not to pay heed to baseless rumours. The bank further informed that the total business of the bank is Rs 31,500 crore. And in the last financial year (2021-22), the bank made a profit of Rs 146 crore. SVC Bank is 116 years old.

Emergency meeting called for SVB crisis
America’s 16th largest bank – Silicon Valley Bank has been ordered to be closed by the regulators. California’s Department of Financial Protection and Innovation has issued this order. The Federal Deposit Insurance Corporation and the Federal Reserve are planning to create a fund so that other banks are not affected by this crisis. The US Federal Reserve has also called an emergency meeting on Monday i.e. March 13. In this, the US Federal Reserve Board of Governors will discuss measures to deal with this crisis.

Losses to many Indian startups
More than 60 Indian startups are facing financial crisis due to Silicon Valley Bank (SVB) crisis. Out of this, there are 40 startups whose deposits of Rs 2 crore to Rs 8 crore are in SVB Bank. And 20 startups have more than Rs 8 crore deposited in their accounts. In this way, about 400 crore rupees are deposited in the bank of these startups.

Due to the US government’s ban on bank transactions till March 13, these startups have got their money stuck and many operations have stopped. In such a situation, to deal with this crisis, the Government of India is going to hold a meeting with the startup founders next week. Union Minister of State for Electronics and IT Rajeev Chandrasekhar said, in the meeting it will be seen how the government can help them in times of crisis.