Commissioner to receive payments on account of Municipal Funds and to lodge them in a bank.

All moneys payable to the credit of the Municipal Fund shall be received by the Commissioner and shall be forthwith paid into the Imperial Bank of India 1[or any other scheduled bank] 2[or an approved co-operative bank] to the credit of an account which shall be styled “the account of the Municipal Fund of ..............”: Provided that the Commissioner may, subject to any general or special directions issued by the Standing Committee, retain such balances in cash as may be necessary for current payments: 3[Provided further that the amount of money to be paid into an approved co-operative bank shall not exceed such amount as may be specified by the State Government gererally or specially in respect of any approved co-operative bank.]