RBI cancels the licence of Sarvodaya Co-operative Bank Ltd., Mumbai
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Summary
The Reserve Bank of India (RBI), vide order dated May 12, 2026, has cancelled the licence of “Sarvodaya Co-operative Bank Ltd., Mumbai”, under Section 22 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 12, 2026. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank