India, May 12 -- The Reserve Bank of India (RBI) has cancelled the licence of Sarvodaya Co-operative Bank Ltd. with effect from the close of business on May 12, 2026, citing inadequate capital, poor earning prospects and non-compliance with banking regulations.
Following the cancellation, the bank has been barred from carrying out banking activities, including acceptance and repayment of deposits, with immediate effect.
The RBI said the Maharashtra Commissioner for Cooperation and Registrar of Cooperative Societies has been requested to initiate the winding-up process and appoint a liquidator for the bank.
According to the central bank, Sarvodaya Co-operative Bank failed to maintain adequate capital and did not comply with multiple provi...