RBI cancels the Licence of Sarvodaya Co-operative Bank Ltd, Mumbai

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NOTICE

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This is with reference to the press release issued by the Reserve Bank of India (RBI) dated May 12, 2026, regarding the cancellation of the licence of Sarvodaya Co-operative Bank Ltd., and the communication received from NPCI confirming that the said bank has been disabled in NACH for any further transactions.

In view of the above, Members are hereby advised to note the following:

• Bank account(s) pertaining to Sarvodaya Co-operative Bank Ltd., registered by Members for their clients under the Unique Client Code (UCC), shall stand invalidated.

• Mandates registered with bank account details of Sarvodaya Co-operative Bank Ltd. shall be rejected on the BSE StAR MF platform with the following remark:

  "RBI cancels the licence of Sarvodaya Co-operative Bank Ltd."

• In respect of all existing systematic registrations (including XSIPs) where mandates linked to Sarvodaya Co-operative Bank Ltd, Mumbai are mapped, Members are advised to replace such mandates immediately with mandates associated with bank accounts of other valid banks.

• Sarvodaya Co-operative Bank Ltd., Mumbai shall no longer be available in the list of valid banks for:

  • New UCC creation, and/or
  • Fresh Mandate registrations

Members are requested to ensure that necessary changes are implemented at the earliest.

The corresponding RBI press release is enclosed herewith as Annexure for reference.

Arunkumar Ganesan

VP - Mutual Fund

Mahesh Tare

AVP - Mutual Fund