Statement 1: Mobile Banking has become a primary channel for retail product delivery, with banks shifting from 'Mobile-first' to 'Mobile-only' strategies for certain demographics to reduce overhead costs and improve operational efficiency. Statement 2: Modern mobile banking applications utilize 'Biometric Authentication' such as fingerprint and facial recognition to enhance security while providing a friction-less login experience compared to traditional passwords and PINs. Statement 3: To increase engagement, banks are integrating 'Non-financial Services' into their apps, such as utility bill payments, travel bookings, and e-commerce marketplaces, transforming the banking app into a 'Super App' ecosystem. Identify the correct option regarding the evolution of mobile banking channels.

Which of the following descriptions best represents a highly advanced implementation of Artificial Intelligence in modern retail banking underwriting workflows?

Consider the following statements regarding the regulatory framework for digital retail banking in India: Statement 1: The Reserve Bank of India framework mandates that the Video-based Customer Identification Process (V-CIP) must be conducted by an authorized official in a live environment. Statement 2: This live interaction captures the live photograph of the customer along with a clear image of their PAN card while verifying geographical location through geo-tagging. Statement 3: The digitalized process incorporates the Account Aggregator ecosystem, allowing banks to act as a Financial Information User (FIU) to fetch data from a Financial Information Provider (FIP) with customer consent. Statement 4: Data shared through the Account Aggregator is stored permanently within the systems of the aggregator itself to ensure a backup ledger. Statement 5: UPI LITE is an on-device wallet allowing low-value transactions up to ₹500 without a UPI PIN, reducing the real-time load on Core Banking Systems. Statement 6: A standardized Key Fact Statement (KFS) detailing the all-inclusive annual percentage rate must be provided to the borrower before loan contract execution. Statement 7: Card Tokenization replaces the 16-digit Primary Account Number with a unique token specific to a merchant and device. Which of the combinations correctly identifies the true statements?