Given below are two statements:

Statement (I): Modern library has to cater to the societal information needs

Statement (II): The library is a social institution

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

1
Both Statement I and Statement II are correct
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect 
4
Statement I is incorrect but Statement II is correct

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