Section 40(1)(b) in The Indira Gandhi Agriculture University, Raipur Statutes, 1987
(b)All money belonging to the Fund shall be deposited with the Reserve Bank of India, State Bank of India or in such scheduled banks as may be decided in this behalf by the Committee or invested in the securities of State or Central Governments, in the name of the "Indira Gandhi Krishi Vishwavidyalaya Contributory Provident Fund" to be operated by one or more persons singly or jointly as may be nominated by the Committee. The Committee, at its discretion, may also open Saving Bank Account and/or Cumulative Time Deposit Account in the individual name of the subscriber in the Post Office or Banks and arrange for its operation in the above manner.