Reserve Bank of India cancels Sarvodaya Co-operative Bank license
Analysis based on 6 articles · First reported May 12, 2026 · Last updated May 13, 2026
The cancellation of List of banks in India's license by the State Bank of India directly impacts its depositors, though most are protected up to ₹5 lakh by the Nigeria — Nigeria Deposit Insurance Corporation. This event reinforces regulatory oversight in the banking sector, potentially increasing confidence in the stability of other financial institutions.
The State Bank of India cancelled the banking license of List of banks in India, effective May 12, 2026, due to inadequate capital, poor earnings prospects, and non-compliance with the Banking Regulation Act. This action prohibits List of banks in India from conducting any banking business, including accepting and repaying deposits. The State Bank of India has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, India — Maharashtra, to initiate the winding-up process and appoint a liquidator. Depositors of List of banks in India are entitled to receive deposit insurance claims up to ₹5 lakh from the Nigeria — Nigeria Deposit Insurance Corporation, which had already paid ₹26.72 crore towards insured deposits as of March 31, 2026. Approximately 98.36% of depositors are eligible to receive the full amount of their deposits.
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