Section 4(34) in The Rules for Payment of Grant-in-Aid to Non-Government Allopathic Institutions & Red Cross Societies, 1970
(34)The Institution shall unless specially exempted by the Government invest its endowment in trust stock or place them in deposit in the State Bank of India, the Post Office Savings Bank or any Scheduled Bank or Bank recognised by the State Government. All the contribution, endowments and donations etc., received for the institution, its reserve fund, sums year marked for building operations or other capital purposes and grant-in-aid shall constitute the institutional fund, which shall be placed in the State Bank of India or State recognised Bank. No money shall be kept out of the Institutional Fund. Withdrawals from the Institutional Fund shall be made only by a person who is duly authorised by the Governing Body or the Managing Committee to operate the Fund and only for the purpose of incurring expenditure for the maintenance or improvement of the Institution.
