(1) In a place where there is a Government treasury or sub-treasury or a nationalised bank or a co-operative bank, a scheduled bank as defined in section 2 of the Reserve Bank of India Act, 1934 or a bank to which the Government treasury business has been made over, or a post office, the municipal fund shall be kept in any such treasury, sub-treasury, nationalised bank, co-operative bank, scheduled bank or bank or post office.
(2) In places where there is no such treasury or sub-treasury or nationalised bank or co-operative bank or scheduled bank or bank or a post office, the municipal fund, may, with the previous sanction of the Deputy Commissioner, be deposited with any banker, or persons acting as a banker, and who has given such security for the safe custody and repayment on demand of the fund so deposited as the Deputy Commissioner may in each case think sufficient.
Explanation:–– In this section the expression “co-operative bank” shall mean a co-operative bank which holds a licence for carrying on banking business issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949.
(2) In places where there is no such treasury or sub-treasury or nationalised bank or co-operative bank or scheduled bank or bank or a post office, the municipal fund, may, with the previous sanction of the Deputy Commissioner, be deposited with any banker, or persons acting as a banker, and who has given such security for the safe custody and repayment on demand of the fund so deposited as the Deputy Commissioner may in each case think sufficient.
Explanation:–– In this section the expression “co-operative bank” shall mean a co-operative bank which holds a licence for carrying on banking business issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 2A · Substitution of expression.Section 3 · Classification of municipalities.Section 4 · Procedure for declaring muni-cipal area.Section 5 · Notification of intention to include a local area in a municipal area.Section 6 · Notification of intention to exclude local area from a municipal area.Section 7 · Exclusion of local area from a municipal area.India Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.