(1)The Gram Nidhi shall be deposited in the Postal Savings Bank, Central Co-Operative Bank or any Scheduled Bank, of the area, withdrawals from which can be made on the joint, signature of the President of the Gram Sabha and one of the members of the Executive Committee, duly empowered for the purpose by a resolution of the said Committee.(2)The Gram Nidhi may be applicable to the following objects namely,-(a)to granting loans to a Gramdan Kisan or any other member of the Gram Sabha;(b)to effecting improvements to the area, like construction of bunds, dykes, etc., cost of which to be realised ultimately from the beneficiaries;(c)to arranging for the maintenance of destitute children and old and infirm persons in the village;(d)to taking up schemes for providing employment to the unemployed members of the Gram Sabha;(e)to any other purpose which the Gram Sabha considers necessary, if it has been approved by the Chairman.(3)Subject to such directions as the State Government or the Chairman, may give from time to time, the Gram Sabha shall decide the terms and conditions of application and investment of the Gram Nidhi.(4)The account of receipt and expenditure will be maintained in Form No. XX.
