Section 15(4) in First Statutes of the Rai University
(4)To open /close account or accounts in the name of the University or institution run / conducted by the university with anyone or more scheduled unscheduled banks, post office or in any other financially sound - institutions and to operate such accounts and to give instructions to the bank/institution for opening and operation of such accounts by one or more of members of board of management or by authorized persons by the board of management.
