Archive · 31 Jul 2026
J&K Bank Linked 154,000 Accounts to PAN, Tax Probe
The Income Tax Department looked at J&K Bank accounts that were opened without a PAN card, which is a tax ID.
They found 154,000 such accounts with a huge amount of money in them.
Some of these accounts had more than ₹50 lakh in a year.
The bank said it now requires a PAN for most accounts and has told the RBI about the problem.
The tax department wants the bank to report big transactions from these unlinked accounts so the government can keep track of money and stop tax evasion.
Income Tax probe found 154,000 J&K Bank accounts opened without PAN between 2021‑2024.
These accounts held deposits totaling ₹4.88 lakh crore, with 10,464 accounts exceeding ₹50 lakh in a year.
The probe flagged systemic failure and potential tax evasion, recommending Suspicious Transaction Reports for high‑value unlinked accounts.
J&K Bank said it has now made PAN linking mandatory for most account types and submitted a compliance report to RBI.
The investigation also uncovered unlinked accounts used for government schemes and large transactions not reported to tax authorities.
- Who
- Income Tax Department and J&K Bank
- What
- Probe into J&K Bank accounts opened without PAN
- When
- Accounts opened 2021‑2024; probe report submitted late last year
- Where
- Jammu & Kashmir Bank, India
- Why
- To uncover potential tax evasion and systemic failure
- Number of unlinked accounts
- 154,000
- Total deposits in unlinked accounts
- ₹4.88 lakh crore
- High‑value accounts (>₹50 lakh)
- 10,464
- Government‑linked accounts
- 32,498
- Recommendation
- File Suspicious Transaction Reports for high‑value unlinked accounts