In case of bank account you're allowed to use the Aadhar card and other identity information as a provisional option for the opening of account. However eventually you have to use the PAN card if you wish to do any future transaction above 50,000 Rs from the bank or offline.
Under pradhan mantri jan dhan yojna you can open the bank account without any PAN card. But you need to have PAN card due to restrictions as explained earlier.
However if genuinely a person is not having PAN card and is having very low income and bank is convinced that his transactions will be of a very low value, then there is a declaration form to be obtained from the account holder. That affirms that the account opener has not obtained PAN card and will inform when he gets one. The accounts which are opened for only routing the direct subsidy like PMJY etc. can be opened without insisting on PAN card.
However in such accounts there will be a system precaution of a limit to transactions.
PAN card need not be possessed only by the businessmen as was the case a few years ago. You will need to have the PAN card for most of the financial transactions. Especially if your transaction value exceeds Rs. 50000, you will not be able to complete them without PAN card.
In view of the problems and issues that you may run into in the later stages as far as your financial transactions are concerned, it would be advisable to get yourself a PAN card even if your bank does not ask for it compulsorily.
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