The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has written to the state level bankers committee (SLBC) to ensure that the management of bank accounts of real estate projects are maintained as per the directions of the Reserve Bank of India (RBI) and RERA Act.
The SLBC comprises all
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has requested the State Level Bank Committee (SLBC) to prevent banks from providing debit card, cheque book, and net banking facilities to the promoters of real estate projects in order to prevent fund diversion. UP RERA has mandated that the bank account should only be in the name of the main promoter, and banks should ensure that funds are used exclusively for the construction and development of the specific project.