‘Multiple PANs still a menace’

All the attention over the privacy aspects of Aadhaar has diverted the conversation from the legitimate uses of a biometric ID, such as weeding out multiple PAN cards linked to the same person, according to a number of lenders. The issue, they said, is that many unscrupulous people run up huge loans associated with one PAN, and then do the same with a second PAN that was created using different details. A PAN-Aadhaar linkage would fix this problem easily, and could potentially save lenders a lot of money. “The issue is that as per compliance rules and RBI, any individual who is salaried and pays tax in India should have only one PAN,” Anubhav Jain, Head of Risk, Co-Founder of Qbera told The Hindu . “A lot of customers that come to us and apply for a loan, what we figure out using multiple data sources, is that they have two different PANs allotted to them.”

Source : https://www.thehindu.com/todays-paper/tp-national/multiple-pans-still-a-menace/article24728630.ece

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