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J&K Bank PAN-Linking Issue

An Income Tax probe found that 1.54 lakh J&K Bank accounts (2021–2024) were opened without PAN linkage.

These accounts recorded transactions worth ₹4.88 lakh crore (accounts with annual transactions of ₹15 lakh or more).

The Income Tax Department termed it a "systemic failure" and a significant red flag, citing the risk of tax evasion and money laundering.

Most accounts were opened using Form 60, which allows individuals without a PAN to open bank accounts under specified conditions.

J&K Bank stated that it has submitted a compliance report to the RBI.