Mode of repayment of certain loans or deposits or specified advances.

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....y- (a) any loan or deposit made with it; or (b) any specified advance received by it, except through-- (i) an account payee cheque; (ii) account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance; or (iii) by use of electronic clearing system through a bank account, or any other prescribed ....

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.... or co-operative bank, may also make the repayment by crediting such loan or deposit to the savings bank account or current account, if any, with such branch of the person to whom such loan or deposit has to be repaid. (3) Sub-section (1) shall not apply to repayment of any loan, deposit, or specified advance taken or accepted from- (a) Government; (b) any banking company, pos....