Finance
DeluluBanks flip the script: In-person checks are back, y'all!
So, like, banks are backtracking on their digital dreams, right? ICICI, HDFC, SBI, and the gang are making you schlep to branches for checks because identity theft is out here thriving like it’s a TikTok trend. They got slapped with RBI fines for weak KYC, and now fraud amounts are tripling to ₹36,014 crore. Digital payments? Yeah, they’re the fraud MVPs with the most cases. What a plot twist!
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.
