Custody of municipal fund

(1) All moneys payable to the credit of the municipal fund shall be received by a municipal employee authorised by the committee in this behalf and shall be forthwith paid into the State Bank of India, in a Treasury of the Government, in a Nationalised Bank or in any other Bank approved by the Government in this behalf. Explanation. - For the purposes of this section Nationalised Bank means a Bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.