Given below are two statements:

Statement I: Academic Bank of Credit facility is meant for credit verification, accumulation, transfer, redemption, and degree authentication with students as account holders.

Statement II: Academic Bank of Credit will be a degree-awarding organization.

In light of the above statements, choose the correct answer from the options given below:

1
Both Statement I and Statement II are true
2
Both Statement I and Statement II are false
3
Statement I is true but Statement II is false
4
Statement I is false but Statement II is true

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