Section 37(2) in The Maharashtra State Board of Technical Education Act, 1997
(2)The Board may keep in current or deposit account with the State Bank of India or with any Scheduled Bank as defined in the Reserve 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 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 Government.
