New Delhi, May 13 -- The Reserve Bank of India (RBI) on Tuesday revoked the permit of Mumbai-based Sarvodaya Co-operative Bank, citing insufficient capital and poor future earnings potential.

The RBI announced in an official statement that the institution must stop all banking operations effective from the close of business on 12 May 2026. Following this decision, the central bank requested that the Commissioner for Cooperation and Registrar of Cooperative Societies in Maharashtra initiate winding-up proceedings and designate a liquidator to oversee the process.

"As per the data submitted by the bank, about 98.36% of the depositors were entitled to receive the full amount of their deposits from DICGC as on the date of imposition of All ...