Finance
EnglishBanks hit rewind: In-person KYC returns amid fraud fears
Big banks in India, like ICICI, HDFC, and SBI, are hitting the brakes on online account openings and bringing back in-person KYC checks. This change comes after a surge in fraud and penalties from the RBI. ICICI has ditched its instant account service, while HDFC is sticking with digital onboarding but adding extra security measures. Interestingly, fraud cases dropped, but the money lost skyrocketed!
few days ago | Rimjhim Singh
Quick rundown
1.Banks are reverting to physical checks to combat identity theft.
2.Digital onboarding is paused by major Indian banks due to fraud concerns.
3.RBI reports fewer fraud cases but a significant increase in fraud value.
4.ICICI Bank halts instant online account services except for salary accounts.
5.Digital payments lead in fraud cases, but loans account for the largest losses.
