Current Affairs - Finance - Discussion

The National Payments Corporation of India (NPCI) has launched a new API-based system to enable real-time validation of PAN and bank account details specifically for the Income Tax e-filing portal. This integration allows instant verification of account holder names, active/inactive status, and PAN linkage directly with banks' Core Banking Systems (CBS). The initiative aims to expedite tax refunds, reduce manual errors, and streamline processes for taxpayers during ITR filing. Automating validations, eliminates delays caused by mismatched details, benefiting both individuals and government departments in financial reconciliation.