🏦 While completing KYC on an investment platform, I was prompted to provide my bank account details. I utilised the Reverse Bank Account verification process by scanning a QR code and paying 1 Rupee.
Upon payment, the verifier received details such as the account holder's name, bank name, account number, and IFSC code. However, when the verifier compared the name received from the bank account with that on my PAN Card, my verification failed.
Puzzled by this outcome, I delved into the issue further by checking the Browser's Network Tab and discovered that my bank account details fetched by the verifier were inaccurate. The bank had appended my father's name to mine in the format (A S/O B), which did not match the solitary name on my PAN Card (A).
This discrepancy significantly slowed down the verification process, necessitating manual uploads of bank account statements or cheques as an alternative.
The bank where I have my account stores my name as (A S/O B), with "S/O" meaning "Son Of", in their records. I've encountered this problem multiple times across different platforms when my name is compared with my PAN Card, and it always results in a failure.
The main point of this incident is to highlight the significance of accurately managing and storing data at scale, especially when it's utilised for critical financial tasks such as KYC and investment platforms.