(1)No branch of a banking company or co-operative bank and no other company or co-operative society and no firm or other person shall repay—(a)any loan or deposit made with it; or(b)any specified advance received by it,except through––(i)an account payee cheque;(ii)account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance; or(iii)by use of electronic clearing system through a bank account, or any other prescribed electronic mode,if,––(A)the loan or the deposit or specified advance, together with the interest, if any, payable thereon; or(B)the aggregate amount of the loans or deposits held by such person with the branch of the banking company or co-operative bank or, as the case may be, the other company or co-operative society or the firm or other person (either individually or jointly) on the date of such repayment together with interest, if any, payable thereon; or(C)the aggregate amount of the specified advances received by such person (either individually or jointly) on the date of such repayment together with the interest, if any, payable thereon, is ₹ 20000 or more.
