• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less

1

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
FinanceSilicon Valley Bank

Silicon Valley Bank fallout drags in Indian bank with a similar name after ‘baseless rumors and mischief-mongering’

By
Chloe Taylor
Chloe Taylor
Down Arrow Button Icon
By
Chloe Taylor
Chloe Taylor
Down Arrow Button Icon
March 13, 2023, 12:16 PM ET
Police officers leave Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023.
India’s SVC Bank has issued a statement to clear up confusion owing to name similarities with collapsed Silicon Valley Bank. Noah Berger—AFP/Getty Images
Add Fortune on Google for similar content.

The collapse of Silicon Valley Bank caused panic across the U.S. and Britain last week—but as regulators in both countries scrambled to salvage depositors’ funds, a much smaller bank on another continent found itself inadvertently entangled in the crisis.

Little-known Indian lender SVC, which has 198 branches across India, put out a statement on Saturday to clear up the confusion between itself and Silicon Valley Bank, which is often abbreviated to SVB.

“SVC Bank is completely unrelated to Silicon Valley Bank (SVB),” SVC said. “We request our members, customers, and other stakeholders not to pay attention to baseless rumors and mischief-mongering by unscrupulous elements insinuating similarities in brand names.”

The bank went on to threaten legal action against any “rumor mongers” who set out to “tarnish its brand image.”

SVC also sent clarifications to its customers in Mumbai over the weekend via text messages written in English and the locally spoken Marathi language, news agency Reuters reported.

California-based Silicon Valley Bank—a key lender in the VC-backed startup space—imploded last week after failing to raise funds to plug a near $2 billion hole in its finances, marking the biggest collapse of a U.S. bank since the 2008 financial crisis.

On Monday morning, it emerged that banking giant HSBC had bought SVB’s U.K. arm for just £1 ($1.21), rescuing many British tech companies that had feared collapse if a rescue deal had not been made.

However, its U.S. parent company failed to find a buyer. 

On Sunday, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Treasury Department announced that all SVB depositors—as well as depositors at Signature Bank, which also collapsed over the weekend—would be protected without any losses to taxpayers, thanks to the invoking of a “systemic risk exception.”

The 116-year-old SVC Bank, meanwhile, reassured investors and customers on Saturday that—unlike SVB—it had “proven, robust, and strong fundamentals.”

The Mumbai-headquartered lender was founded in 1906, and was formerly known as the Shamrao Vithal Co-op Bank.

One SVC branch manager told Reuters the company’s corporate heads had decided to take action as rumors about the bank’s financial health took off on social media.

Fortune's CFO Daily newsletter is the must-read analysis every finance professional needs to get ahead. Sign up today.

About the Author
By Chloe Taylor
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

A pedestrian walks past a Gucci luxury fashion store at a shopping district on June 24, 2026, in Shenzhen, Guangdong Province, China.
RetailLuxury
Rich consumers taking GLP-1s are rebuying their wardrobes and eating smaller, fancier dishes—it’s a factor saving the luxury sector right now
By Eleanor PringleJune 25, 2026
2 hours ago
Top CD rates today, June 25, 2026: Lock in up to up to 4.40%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, June 25, 2026: Lock in up to up to 4.40%
By Glen Luke FlanaganJune 25, 2026
3 hours ago
Today’s top high-yield savings rates: Up to 5.00% on June 25, 2026
Personal FinanceSavings accounts
Today’s top high-yield savings rates: Up to 5.00% on June 25, 2026
By Glen Luke FlanaganJune 25, 2026
3 hours ago
Micron drives global rally tech stock rally as traders abandon their fear of an AI bubble
InvestingMarkets
Micron drives global rally tech stock rally as traders abandon their fear of an AI bubble
By Jim EdwardsJune 25, 2026
3 hours ago
What bubble? JPMorgan says the $5.5 trillion AI capex explosion is profitable–for now
AIFinance
What bubble? JPMorgan says the $5.5 trillion AI capex explosion is profitable–for now
By Sheryl EstradaJune 25, 2026
3 hours ago
Man in a suit and tie
InvestingAmazon
Bill Ackman, David Tepper, and other billionaire fund managers are quietly piling into Amazon
By Amanda GerutJune 25, 2026
6 hours ago

Most Popular

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
1 day ago
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
Economy
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
By Jacqueline MunisJune 24, 2026
1 day ago
Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
Retail
Amazon's record Prime Day masks a darker truth: Americans are spending more and getting less
By Nick LichtenbergJune 24, 2026
22 hours ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
23 hours ago
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
2 days ago
Trump’s international student crackdown kicked off a domino effect that could shave nearly $500 billion off the economy
Economy
Trump’s international student crackdown kicked off a domino effect that could shave nearly $500 billion off the economy
By Tristan BoveJune 24, 2026
18 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.