The Reserve Bank of India has cancelled the licence of Mumbai-based Sarvodaya Co-operative Bank after finding weak capital and deteriorating revenue ability. All banking operations will stop from May 12, 2026. To protect depositors, clients can claim deposit insurance coverage up to Rs 5 lakh, helping limit the fallout for customers.
The RBI has formally cancelled Paytm Payments Bank’s license, ending a process that started in 2022. The bank is now moving into winding-down, with repayments for depositors and wallet users. Key relief: your Paytm app and its payment services operate under a different license, so they are expected to continue functioning.
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