NPCI Launches Real-Time PAN and Bank Account Validation API for Taxpayers
| Key Aspect | Details |
|---|---|
| Event | NPCI introduces real-time PAN and bank account validation API |
| Organization | National Payments Corporation of India (NPCI) |
| Purpose | Improve efficiency and accuracy of tax-related processes |
| Target Beneficiaries | Taxpayers and Government departments |
| Key Features | Real-time validation of PAN, bank account status, and account holder's identity |
| Technology Used | Application Programming Interface (API) integrated with Core Banking Systems (CBS) |
| Process | API sends real-time requests to banks for verification of PAN, account holder's name, and status |
| Benefits to Taxpayers | Faster PAN-bank account linking, reduced manual errors, quicker tax refunds, improved data security |
| Implementation | NPCI urges member banks to integrate API with their CBS infrastructure |
| Scope | Primarily for Government of India initiatives |