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UP RERA directs commercial banks to strictly comply with escrow account provisions

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has directed zonal/state heads of all 42 scheduled public and private sector banks to strictly comply with escrow account provisions. The regulator has observed diversion of funds by unscrupulous builders from ongoing realty projects without submission of certificates, thereby violating RERA norms. The Supreme Court last year had noted that if builders were diverting money to complete other projects, it amounted to misappropriation and criminal breach of trust. 

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