In the following sentence, four words or phrases have been printed in bold. One bold part in the sentence is incorrectly spelled. Pick up that part and mark its number. If there are no words in the bold parts, mark (5) i.e. All correct as the answer.

The former RBI Governor, while addressing (1) a conference organized jointly by NABARD and SIDBI, (2) had also stated that loan wavers (3) and subsidies distort the credit discipline (4).