In response to a request for a CBI investigation into Indian Mercantile Cooperative Bank, the Allahabad High Court has sent a notice to the Reserve Bank. The high court’s Lucknow division set a hearing date for the third week of November.
The notice was sent to the Reserve Bank of India (RBI) on Tuesday in response to a PIL by a division bench of Justices A R Masoodi and O P Shukla. Ashok Pandey, the petitioner’s lawyer, said that despite a ban, the Indian Mercantile Cooperative (IMC) Bank had approved a loan for 10 crore.
Additionally, it was claimed that the bank engaged in cheating and money laundering.
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