With reference to the Reserve Bank of India’s regulations for the governance of foreign banks operating as subsidiaries in India, consider the following statements:
1. Foreign bank subsidiaries must comply with the RBI's priority sector lending requirements.
2. The Reserve Bank of India requires foreign bank subsidiaries to maintain capital adequacy in accordance with Basel norms.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2