NPCI unveils real-time PAN-bank account validation on income tax e-filing site
NPCI's new API to simplify PAN and bank account validation on income tax portal
In a significant move, a new real-time facility has been introduced by National Payments Corporation of India (NPCI) to facilitate and ease the Permanent Account Number (PAN) and bank account validation on the income tax e-filing website.
This has been unveiled to enhance and simplify the process for taxpayers and government departments. A new Application Programming Interface (API) has been introduced by NPCI in a circular which is designed to enable real-time verification of PAN details, bank account status, and account holder identity.
The Bank’s Core Banking Systems (CBS) will directly verify the data. Government authorizations and departments can use this facility to verify the customer account details
like PAN validation, account status validation, and account holder name validation from their bank CBS, according to circular issued. As a software bridge, API allows two systems to communicate along with sharing of data. The API in this case will allow government platforms like income tax portal to obtain validation details securely and
instantly from a bank’s internal systems.
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Meanwhile, the National Payments Corporation of India has requested all member banks to implement the facility as this service is being provided to the Government of India. This new validation facility will ramp-up the PAN-bank account linking process along with reducing manual errors during verification and ensuring faster refunds with other tax-related payments. Further, it will improve the security and reliability of taxpayer data validation.
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