SVC Bank shuts down rumours of merger with PMC Bank!

Rumour had it that SVC Bank was to merge with PMC Bank, but it is not true as SVC squashed the merger rumours and also claimed that they would resort to taking strong action against the rumour-mongers

The Shamravo Vitthal Co-operative (SVC) Bank on Sunday issued a statement wherein they denied any merger with the Punjab and Maharashtra Co-operative (PMC) Bank thus putting an end to all rumours suggesting the same. Not only that but also claimed that they would take strong action against the rumor-mongers.

In a statement by the bank reads, “We have come across a rumour on Social Media Platforms about a merger between us and PMC Bank. We request everyone not to pay heed to such false and baseless statements,” adding, “We are committed to protect [sic] the interests of our depositors, shareholders, and stakeholders and will take strong action against people spreading such rumours.”

Earlier several rumours claimed that the bank was looking to merge with the fraud-hit PMC Bank, whose current and former officials are currently being investigated for the 4500 crore financial scandal. PMC Bank is a multi-state scheduled urban cooperative bank which has it’s operation branches in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With an overall network of 137 branches, the bank ranks in the top 10 of cooperative banks in the country.

Even Maharashtra Chief Minister Devendra Fadnavis spoke about how the Maharashtra government is willing to explore the possibility of a PMC Bank merger and also stated that she will pursue the matter with the Centre and will see to it that the depositors’ money will be returned back to them.