Reserve Bank of India (RBI) cancels licence of Sarvodaya Co-operative Bank

Exam-focused facts from the 15 May 2026 current affairs briefing.

Key facts

The Reserve Bank of India (RBI) has cancelled the licence of the Mumbai-based Sarvodaya Co-operative Bank due to inadequate capital and earning prospects.
The bank will cease banking business with effect from the close of business on May 12, 2026.
The RBI has directed the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, to order the winding up of the bank and appoint a liquidator.
Depositors are entitled to receive insurance claims up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
As of March 31, 2026, the DICGC has already paid ₹26.72 crore of the total insured deposits.