Analyze the validity of the statements below and select the correct conclusion: Statement 1: Fiduciary duty is the obligation of a bank to act in the best interests of its depositors and clients, representing the highest level of trust. Statement 2: The principle of individual responsibility implies an employee remains personally and morally responsible even if ordered by a supervisor to perform an unethical act. Statement 3: Conflicts of interest are unavoidable, so they do not need to be disclosed to clients if they are common practice. Statement 4: A bank adhering only to legal minimums while exploiting loopholes fails higher ethical standards. Statement 5: Transparency implies a bank should provide clear information about its health, products, and fees. Statement 6: Ethical relativism is desirable as it allows lowering standards in highly corrupt countries for competitive advantage. Statement 7: 'Tone at the top' describes the leadership atmosphere that influences employee ethical behavior.

Analyze the validity of the statements below and select the correct conclusion: Statement 1: Ethics provides a moral compass that guides bank employees toward long-term financial system stability. Statement 2: Business ethics is solely concerned with legality, making aggressive tax avoidance ethical by definition if not illegal. Statement 3: The 'social license to operate' implies banks must earn ongoing community approval through ethical behavior. Statement 4: Big data use must balance against the ethical duty to protect customer privacy and prevent algorithm discrimination. Statement 5: Ethical training is a waste of time as moral character is completely fixed before adulthood. Statement 6: The principle of confidentiality restricts customer data disclosure except as required by law or explicit consent. Statement 7: Sustainable banking integrates ESG factors into core lending and investment decisions.

Consider the following statements regarding banking ethics: Statement 1: Virtue ethics focuses on the character of the individual banker, suggesting a person with prudence, courage, and temperance will naturally make ethical decisions. Statement 2: The concept of Corporate Social Responsibility has no genuine ethical basis or mandatory legal requirement in the Indian context and is purely a marketing tool. Statement 3: Ethical dilemmas often arise from the tension between a bank's role as a profit-seeking commercial entity and its role as a provider of a public good. Which of these statements represents the most accurate understanding?