Consider the following statements regarding ethics in banking: Statement 1: Ethical dynamics in banking have shifted towards 'Value-Based Banking,' where the long-term sustainability of the bank is tied to the ethical health of its clients. Statement 2: The use of AI in credit scoring must be audited to prevent 'Digital Redlining' against marginalized communities. Statement 3: Conflicts of interest are managed by the 'Disclosure and Abstinence' principle. Statement 4: Corporate Governance in banks focuses on creating a culture where 'Doing the Right Thing' is rewarded. Statement 5: The 'Duty of Confidentiality' is absolute and carries no exceptions under any circumstances. Statement 6: Ethical leadership requires a 'Multi-stakeholder Approach' involving shareholders, depositors, and the community. Statement 7: The 'Code of Ethics' should evolve to guide technologies like Blockchain and Cryptocurrency. Which of the following interpretations is incorrect regarding the statements above?

Question

Accepted Answer

Statement 5 is correct because the bank's duty of confidentiality is absolute under all legal conditions.

Answer

Statement 7 correctly identifies that ethics must keep pace with technological evolution.

Answer

Statements 3 and 6 highlight procedural and strategic aspects of ethical management.

Answer

Statements 1, 2, and 4 emphasize the shift towards social and long-term ethical goals.

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