This Article is From Oct 12, 2022

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

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

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

Lucknow:

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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(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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