Banking · Customer Protection
Statement 1: Retail banking operations are mandated to follow the 'Customer Rights Policy'. Statement 2: The 'Suitability' principle prevents the mis-selling of complex products to retail customers without matching risk appetites. Statement 3: In the event of cyber fraud, customer liability is limited to zero if reported within three working days of receiving the alert per RBI guidelines. Statement 4: 'Small Accounts' have relaxed KYC but come with deposit and credit caps. Statement 5: The 'Positive Pay System' acts as an operational check for large value clearing instruments. Statement 6: Banks must provide doorstep banking services for eligible senior citizens and differently-abled persons. Statement 7: The 'Credit-to-Deposit Ratio' is monitored to manage leverage parameters. Which statement correctly explains the specific protection provided to retail customers against unauthorized digital transactions?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1, 2, and 5
- 2Statement 3 only✓
- 3Statement 4, 6, and 7
- 4All of the above statements
Correct answer
Statement 3 only
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