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The Economic Times

Personal Finance / The Economic Times

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RBI cancels licence of Mumbai-based Sarvodaya Co-operative Bank

The Reserve Bank of India has made the tough call to withdraw the license of Sarvodaya Co-operative Bank, a decision rooted in the bank's failing capital and declining revenue capabilities. As of May 12, 2026, all banking activities will halt. In a bid to protect depositors, the bank's clients will be eligible for insurance claims capped at Rs 5 lakh.

12 May 2026 8:53 pm