Section 94(2) in The Orissa Grama Panchayats Act, 1964
(2)The Grama Fund shall be deposited in the name of the Grama Panchayat in the Savings Bank of the nearest Post Office and if there is a treasury or sub-treasury nearer than a Post Office, the Grama Panchayat shall open a personal ledger account with the treasury and the Grama Fund shall be deposited in it ; and at no time the cash balance in the custody of the Sarpanch shall exceed the sum fixed by the Collector :Provided that the Grama Panchayat may deposit any part of the Grama Fund as it may decide in such Central Co-operative Bank as may be approved by the Registrar of Co-operative Societies :[Provided further that the Grama Panchayat may deposit the funds received under the Jawahar Rozgar Yojana being part of the Grama Fund, in a separate Savings Bank Account in the nearest Post Office, Co-operative Bank, Nationalised Bank or Scheduled Bank.Explanation - The expressions "Co-operative Bank" and "Scheduled Bank" shall have the same meaning as respectively assigned to them in the Deposit Insurance Corporation Act, 47 of 1961 and the Reserve Bank of India Act, 2 of 1934 and the expression "Nationalised Bank" shall mean a corresponding new Bank constituted under Sub-section (1) of Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act 40 of 1980.] [Inserted vide O.A.9 of 1991.]
