Court Issues Notice To RBI On Plea Seeking Probe Against IMC Bank

The Allahabad High Court has issued a notice to the Reserve Bank on a plea seeking a CBI probe against Indian Mercantile Cooperative Bank.

The Lucknow bench of the high court fixed hearing on the matter in the third week of November.

A division bench of Justices A R Masoodi and O P Shukla issued the notice to the Reserve Bank of India (RBI) on Tuesday on a PIL.

The petitioner's counsel, Ashok Pandey, submitted that Indian Mercantile Cooperative (IMC) Bank had granted a loan of Rs 10 crore despite a ban.

It was also alleged that the bank was involved in cheating and money laundering.

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