Sarvodaya Co-operative Bank Ltd., Mumbai

RBI has cancelled the licence of Sarvodaya Co-operative Bank Ltd., Mumbai. The bank must cease banking business immediately and liquidation proceedings are to follow.

The bank must stop all banking operations immediately, including accepting deposits and making repayments. Depositors will move into liquidation and may claim DICGC insurance up to ₹5 lakh per depositor, subject to applicable law and claim processing.

• Section 22 read with Section 56 of the Banking Regulation Act, 1949
• Section 11(1) of the Banking Regulation Act, 1949
• Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949

+2 more in the case brief

RBI has extended the existing Directions on Sarvodaya Co-operative Bank Ltd., Mumbai until July 15, 2026. The original terms remain unchanged.

Sarvodaya Co-operative Bank Ltd., Mumbai must continue operating under the existing RBI-imposed Directions through July 15, 2026, subject to any further review or modification. Customers and other stakeholders remain subject to the same restrictions already in force; no new relief is granted in this release.

• Section 35 A
• Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing Section 35A directions on Sarvodaya Co-operative Bank Ltd., Mumbai. The directions will now continue until close of business on April 15, 2026.

The bank remains under RBI Directions and must continue complying with the existing operational restrictions until close of business on April 15, 2026, unless further modified or withdrawn. The extension continues to affect the bank's operations and its customers, including depositors and counterparties, under the same conditions as before.

• Section 35 A
• Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing Directions on Sarvodaya Co-operative Bank Ltd., Mumbai until January 15, 2026. The earlier terms of the restrictions remain unchanged.

Sarvodaya Co-operative Bank Ltd., Mumbai must continue to operate subject to the RBI’s existing Directions until January 15, 2026, unless revised earlier. Depositors and other stakeholders remain subject to the same restrictions and conditions already imposed under the ongoing order.

• Section 35A
• Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing Section 35A directions on Sarvodaya Co-operative Bank Ltd., Mumbai until October 15, 2025. The earlier terms and conditions remain unchanged.

Sarvodaya Co-operative Bank Ltd., Mumbai remains under the same RBI operating restrictions for the extension period through October 15, 2025. The bank must continue complying with the existing conditions imposed under the directions; depositors and other customers remain affected by whatever operational limitations the original directions impose.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Section 35A directions on Sarvodaya Co-operative Bank Ltd., Mumbai until July 15, 2025. The earlier terms remain unchanged.

Sarvodaya Co-operative Bank Ltd., Mumbai remains subject to the existing RBI directions through July 15, 2025, so its operations continue under the same restrictions previously imposed. Depositors and other stakeholders remain affected by the ongoing regulatory constraints, and the bank must comply with the unchanged terms until the stated end date or further review.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the existing directions on Sarvodaya Co-operative Bank Ltd., Mumbai for another three months. The restrictions continue unchanged through April 15, 2025.

Sarvodaya Co-operative Bank Ltd., Mumbai must continue to operate under the RBI-imposed restrictions until April 15, 2025, unless revised earlier by the regulator. The extension affects the bank's operations and any counterparties or customers subject to the directions, while also signaling that RBI has not deemed the bank's financial position satisfactory.

• Section 35A
• Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI extended its existing Section 35A directions on Sarvodaya Co-operative Bank Ltd., Mumbai. The order continues unchanged from October 15, 2024 until January 15, 2025.

The bank remains under RBI-imposed operating restrictions for the extended period, subject to the same conditions as before. Depositors, customers, and counterparties continue to face the constraints that were already in place under the original directions until close of business on January 15, 2025, unless RBI revises them earlier.

• Section 35A
• Section 56
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI placed Sarvodaya Co-operative Bank Ltd., Mumbai under restrictions under Section 35A read with Section 56 of the Banking Regulation Act. The bank faces limits on lending, deposits, liabilities, payments, and asset disposal, along with a withdrawal cap for depositors.

The bank must operate under RBI-imposed restrictions until the directions are modified or expire, with no fresh lending, investment, liability creation, or unrestricted deposit acceptance. Depositors face a withdrawal cap of ₹15,000 per account relationship across covered accounts, while eligible depositors may claim insurance up to ₹5,00,000 under DICGC. The restrictions took effect at close of business on April 15, 2024 and were stated to remain in force for six months subject to review.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 18A of the DICGC Act (amendment) 2021

RBI imposed a ₹1 lakh monetary penalty on Sarvodaya Co-operative Bank Limited, Mumbai. The penalty was for violating specific SAF directions by sanctioning fresh loans.

The bank must bear the monetary penalty; the release does not describe any additional restriction on operations, but it serves as a regulatory finding of non-compliance with SAF directions. The immediate affected party is the bank, while the underlying issue concerns its lending conduct.

• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949