Current Affairs · Banking and Finance Regulations

Evaluate the following statements regarding the Indian financial and banking ecosystem: Statement 1: Under the UPI framework managed by NPCI, a user can link multiple bank accounts to a single mobile application and perform P2P or P2M transactions using a Virtual Payment Address (VPA) without sharing sensitive details. Statement 2: The RBI has introduced the Internal Ombudsman scheme for large NBFCs to ensure customer grievances are addressed internally by an independent authority before escalation. Statement 3: In a Zero-Interest EMI scheme, the interest component is usually hidden as a processing fee or withheld discount, making the effective APR higher than zero. Statement 4: Tax harvesting in equity mutual funds allows an investor to realize long-term capital gains up to the current exemption limit, and then reinvest to reset the purchase cost. Statement 5: A 'Willful Defaulter' as defined by the RBI refers to a borrower who has the capacity to honor obligations but chooses not to pay, or has diverted funds. Statement 6: A nominee in a life insurance policy acts as an absolute owner of the proceeds upon the death of the policyholder, completely superseding any claims of all legal heirs under all conditions. Statement 7: The Liberalized Remittance Scheme (LRS) allows resident individuals to freely remit up to USD 250,000 per financial year for permitted current or capital account transactions, subject to TCS regulations. Select the correct summary from the given options.