Section 60(4) in The M.P. Griha Nirman Mandal Adhiniyam, 1972
(4)Except as otherwise directed by the State Government all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in-(a)the Reserve Bank of India; or(b)any Scheduled Bank; or(c)any subsidiary Bank of the State Bank of India; or(d)the Madhya Pradesh State Co-operative Bank Limited;or invested in such securities as may be approved by the State Government.
