Section 27(2) in The Maharashtra State Council of Examinations Act, 1998
(2)The State Council may keep in current or saving deposit account with the State Bank of India or with any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, Banking Regulations Act, 1949, or with any other bank approved by the Government in this behalf, such sum of money out of its Funds 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 Council.
