Section 32 in Oil Industry (Development) Rules, 1975
32. Deposits of funds in Banks and investment of such funds.
(1)The Board may decide about the manner and place of deposit of funds, provided that the deposit shall be made in any of the following banks* or their wholly owned subsidiaries as may be decided by the Board, namely.(a)The State Bank of India,(b)The Nationalised Banks.(2)The Board may decide about matters connected with the manner of expenditure and about the operations of its bank accounts, deposits, including investments.* Amended vide G.S.R. 762(E) dated 7th September, 1990.
