logo
City Union Bank Independent Director ceases

City Union Bank Independent Director ceases

W.e.f. 19 June 2025City Union Bank announced that Shri. Narayanan Subramaniam Independent Director of the Bank vacated his office as an Independent Director from the close of business hours on June L9, 2025 on account of completion of his 8 years tenure in terms of Section 10(2AXi) of the Banking Regulation Act, 1949.Powered by Capital Market - Live News

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds
NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds

Time of India

time5 hours ago

  • Time of India

NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds

NPCI has launched a new PAN and Bank Account Validation API for government departments, enabling real-time verification of taxpayer details directly from banks' Core Banking Systems. This initiative aims to streamline income tax refunds and direct benefit transfers by ensuring faster, error-free processing and reducing fraud risks. Banks are advised to prioritize implementation for the Government of India. Tired of too many ads? Remove Ads What NPCI circular said on PAN-Bank Account linking? Tired of too many ads? Remove Ads How will the new facility help in faster income tax refunds? The National Payments Corporation of India (NPCI) has launched a new facility regarding PAN and Bank Account validation on the income tax e-filing website. The new facility will help taxpayers in quick validation on their PAN-Bank account linking on the income tax e-filing website. 'The main goal of this is simplifying real-time verification of PAN details, bank account status, and account holder identities straight from banks' Core Banking Systems (CBS),' the NPCI circular stated. The new facility was announced in a circular dated June 17, a continuation of that initiative, NPCI has now introduced a new PAN and Bank Account Validation API designed specifically for Government departments. This API will facilitate real-time verification of PAN details, Bank account status and accountholder name directly from the bank's Core Banking System (CBS).Utkarsh Bhatnagar, Partner, Cyril Amarchand Mangaldas, says, 'This will enable quicker and real time validation of PAN and bank account details of taxpayers accessing the Income Tax website.'According to the NPCI circular on June 17, 2025, "This API will be used by Government departments to verify the customer account details like PAN validation/Account Status Validation/Account holder name validation from their bank CBS. As this is a service provided to the Government of India all the Member Banks are advised to take necessary steps for implementation on priority."Bhatnagar says, 'The new facility will enable faster and error-free processing of income tax refunds and direct benefit transfers by instantly verifying details, slashing delays and reducing fraud risks.'Banks will have to upgrade their systems to comply with NPCI's secure API standards, which could involve significant operational changes. While taxpayers will benefit from faster, error-free refund processing, the transition may pose challenges like system upgrades and potential cybersecurity initiative aligns with NPCI's broader mission to strengthen India's digital payment ecosystem , promising greater efficiency but requiring robust collaboration among stakeholders.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store