It will take 4 to 5 days. You can see your bank A/c will be limited but after couple of days, It will be verified. Make sure you have entered the correct details.
As suggest by members here PP would verify your PAN. From your end you have to enter correct PAN which matches your name (especially last name and DOB should match exactly mentioned in the PAN application and PAN card). My observations based on recent experience with my friend's account. He entered his PAN with some typo error in it. one of the alphabet misspelled. PAN was accepted and went in verification and account got limited. After 3 days limitation was removed. PAN status was verified. Again after around 10 days later his account got limited and asked for valid PAN. So, make sure you provide correct PAN number and corresponding name/DOB to avoid PAN limitations. Anyways, I believe PAN limitations are not so hard to get removed as long as we have valid PAN card. Thanks to Indian IT Dept. Now paypal has to listen to IT dept instead of applying its stupid sensitive logics to identify a real human at least in India from now onward.