Does reciting only al-Fatiha in prayer fulfill the obligatory recitation?

It is obligatory to recite a portion of the Qur’an during prayer. According to the preferred opinion in the Hanafi school, this portion should be at least three short verses or a single verse of equivalent length. Reciting Surah al-Fatiha specifically is considered wajib. Therefore, by reciting Surah al-Fatiha in prayer, both the obligatory recitation (fard) and the wajib are fulfilled. However, it is also wajib to recite three short verses or a surah of similar length after al-Fatiha. For this reason, in the first two units (rak‘ahs) of obligatory prayers and in all units of sunnah prayers, a person who does not recite a surah or several verses after al-Fatiha has neglected a wajib act. If this is forgotten, the prostration of forgetfulness (sujood as-sahw) is required. If omitted deliberately, it is wajib to repeat the prayer. (Ibn Abidin, Radd al-Muhtar, 1/458)

According to the Shafi‘i school, the minimum requirement to fulfill the obligation of recitation is to recite al-Fatiha. In addition, reciting a surah or several more verses is considered sunnah. (Shirbini, Mughni al-Muhtaj, 1/353, 361)

Source: T.C. Diyanet İşleri Başkanlığı, Din İşleri Yüksek Kurulu