Annexure V

Steps involved in RERA Account Opening & Backend process - Process Summary

Steps involved Backend process

Customer opens RERA • Branch/sales will collect the documents

accounts with LVB
Customer deposits funds
in Project Receivable
RERA account
At BOD, funds from
Project Receivable RERA
A/c will be transferred to
Project Designated RERA
A/c and Promoter’s
current account
Withdrawal from Project
designated RERA A/c
for account opening
• Documents Verified by BM/BOH
• Submission of documents to Branch
• Creation of request in Lotus net for
account opening
• After validation, CPC opens the
following accounts as requested by the
customer
™ Project Receivable RERA account
™ Project Designated RERA account
™ Promoter’s Current account
• Customer deposits funds in the Project
Receivable RERA account
• At BOD, following entries will be
processed through standing instruction
™ 70% of the funds will be transferred
to Project Designated RERA A/c
™ 30% will be transferred to the
Promoter’s account
• Basis the availability of funds in Project
Receivable RERA A/c transfer will be
happen every day through standing
instruction.

• Promoter will provide the request for

withdrawal from Designated account.
• Branch will process the request basis
the following approvals and debit
authorization from the promoter
™ Chartered accountant
™ Projected Engineer
™ Architect
• Basis the above request CPC/Ops to
approve the transaction and remove
the debit freeze in CBS
• Upon removal of debit freeze,
transaction will be done by the base
branch.