Revolutionizing India: Union Cabinet Greenlights PAN 2.0 Project

The Union Cabinet's approval of the PAN 2.0 Project marks a transformative step towards a unified data infrastructure in India. The initiative will modernize and streamline the management of PAN and TAN, providing a single interface for identification and verification, with added features like QR codes.

In a groundbreaking move, the Union Cabinet has approved the PAN 2.0 Project, a significant leap towards a more streamlined and efficient data infrastructure in India. Leading industry figures have lauded this initiative as a landmark decision, projected to modernize the issuance and management processes of Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN), making them more user-friendly.

The project is set to consolidate multiple databases into a single system, enhancing the existing PAN functionality and addressing calls for a unified identification and verification interface. Sanjeev Mehta, former Managing Director of Standard Chartered Bank, emphasized the critical nature of this initiative, noting how a single integration would provide a 'single source of truth' for consumers, replacing the two distinct authorities currently issuing PAN.

Key features of the PAN 2.0 project include the use of QR codes and enhanced design elements, allowing users to update to the new system while retaining their existing PAN numbers, as explained by Mehta. The streamlined system is also predicted to bring cost and risk reductions for fintech companies and banks due to uniform integration. NABARD Chairman Shaji K V encouraged these entities to leverage the consolidated PAN system to address issues faced by marginalized communities, underscoring potential opportunities in rural areas. Corporate Lawyer Dr. Vimal Joshi hailed PAN 2.0 as a pivotal step in advancing digital infrastructure and fraud prevention in the banking sector.

(With inputs from agencies.)