Finance Account Number - Individuals, Society, Organization, Company, Government

The introduction of Finance Account Number for Individuals, Society, Organization, Company and Government Shall allow consolidation of the following aspects of our life.  As individuals the most important financial transactions that we perform are Savings, Investments, Insurance and  Pension Contributions.

Now this Finance Account Number would be a Single Account Number that shall consolidate the following accounts numbers and shall provide, a portal, dashboard for monitoring all your Finances in one Single Application (WEB or Mobile App).

SISPAN - Savings and Investment Schemes and Portability Account Number.

ISPAN - Insurance Schemes and Portability Account Number.

PSPAN - Pension Schemes or Benefits and Portability Account Number.

This not only helps the individuals this also helps the Government and Law agencies to track the finance data of any individuals to find out any Tax Evasion and Financial misdeeds to bring them to justice or recover the concerned amount.  

Similarly, this FAN can be used to track all such accounts and other account that shall be opened or maintained by a Society, NGOs, Organization, Company and Government.

Hope the Government of India, considers this and brings in necessary Law and amendments to enable Financial Transparency.