Current Affairs · RBI Consumer Protection Guidelines

With reference to the Reserve Bank of India's (RBI) draft guidelines aimed at curbing the mis-selling of financial products, consider the following statements regarding the required components of a bank's board-approved policy: 1. Banks are mandated to formulate a comprehensive board-approved policy that explicitly covers advertising, marketing, customer compensation frameworks, and the sale of both their own and third-party financial products. 2. The policy must include a suitability and appropriateness assessment that evaluates parameters such as the customer's financial literacy and risk tolerance, as well as the product's complexity and investment horizon. 3. Under the customer feedback mechanism component of the policy, banks must receive feedback within 60 days of the product sale to confirm the customer's understanding of its features and risks. Which of the statements given above is/are correct?