India News | HC Notice to RBI on Plea Seeking CBI Probe Against IMC Bank

Lucknow, Oct 11 (PTI) 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.

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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.

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

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)