Section 18(2) in The Mumbai Metropolitan Region Development Authority Act, 1974
(2)The Metropolitan Authority may keep in current or deposit account, with the State Bank of India or with any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949, or with any other bank approved by the State Government in this behalf, such sum of money out of its Fund as may be prescribed, and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.
