Dear Jayashankar Prasad, you have paid the security deposit into the wrong account, and therefore your application is rejected. You need to rectify your mistake. Until the Labour Department receives the required payment(s) from you in the respective account, no license will be issued to you, and you will be treated as a defaulter.
Steps to Rectify the Payment Issue
You have to apply to the respective officer DDO, i.e., Drawing and Disbursing Officer, to rectify your mistake and request him to transfer the amount to the correct account.
Refund Process for Incorrect Payment
If you have paid later on in the correct account to have your license approved and now want to collect the amount paid earlier incorrectly, then also you have to approach the DDO. To get a refund from the DDO, you have to contact the respective DDO.
Given the unique issue with the DDO under Telangana rules/regulations, I feel there is no guarantee that you will receive a better response here than this.