Banking · Know Your Customer (KYC)
Why is it important for banks to verify Permanent Account Number (PAN) details during the customer due diligence process?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To assess the applicant's repayment capacity
- 2To confirm the applicant's identity and prevent fraud✓
- 3To verify the applicant's credit score
- 4To ensure that the applicant is eligible for a loan
Correct answer
To confirm the applicant's identity and prevent fraud
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