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RBI cancels licence of Mumbai’s Sarvodaya Co-operative Bank, depositors to get up to Rs 5 lakh insurance

Posted on May 12, 2026
By Financial Express
1 Views
1 min read

RBI cancels licence of Mumbai’s Sarvodaya Co-operative Bank, depositors to get up to Rs 5 lakh insurance

The Reserve Bank of India has cancelled the licence of Mumbai-based Sarvodaya Co-operative Bank due to weak finances and inadequate capital, with most depositors eligible to receive up to Rs 5 lakh under DICGC insurance coverage.