Investment of public trust money

All monies belonging to a public trust other than monies required for the day-to-day expenditure of the trust shall be kept in a scheduled bank or a Post Office Savings Bank or in any bank registerd under the Co-operative Societies Act, 1912 (II of 1912), 2 or with the approval of the Registrar with any banker or person acting as a banker who has given such security for the safe custody and repayment on demand of the monies so deposited as the Registrar may in each case think sufficient: