Banks 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!