In a significant development for the urban cooperative banking sector, the Reserve Bank of India (RBI) has included Mumbai based Model Co-operative Bank in the Second Schedule to the Reserve Bank of India Act, 1934, thereby granting it the prestigious “Scheduled Bank” status.

The RBI notification, dated 20th October 2025, states, “In pursuance of clause (a) of sub-section (6) of Section 42 of the Reserve Bank of India Act, 1934, the Reserve Bank of India hereby directs the inclusion of ‘Model Co-op. Bank Ltd.’ in the Second Schedule to the said Act.”

With this inclusion, Model Co-operative Bank becomes the fourth urban cooperative bank (UCB) to be accorded scheduled status in the current financial year.

Earlier, the RBI had granted similar recognition to Vishweshwara Sahakari Bank (Pune

See Full Page