Banks are pushing video KYC adoption as financial frauds tick up

At a time when fraud attacks on the Indian financial services ecosystem is going up, banks are pushing the adoption of video KYC instead of electronic KYC as a way to open digital accounts, according to people in the know.

The central bank allows lenders to open digital savings accounts with just a basic Aadhaar and PAN card check. However, rules mandate a deposit limit of Rs 1 lakh in such accounts, and their conversion into full-KYC accounts within one year.

ET reported on December 12 that HDFC Bank, State Bank of India, ICICI Bank, etc., are asking…