Section 269T :Mode of repayment of certain loans or deposits

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Mode of repayment of certain loans or deposits.

269T. No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person shall repay any loan or deposit made with it  or any specified advance received by it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit  or paid the specified advance, or by use of electronic clearing system through a bank account if—

(a)  the amount of the loan or deposit  or specified advance together with the interest, if any, payable thereon, or

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