Choose the "INcorrect" statements regarding the recent India and UAE pact to trade in local currencies.
1. The Reserve Bank of India (RBI) and Central Bank of UAE signed the agreement on 15 July, during President Sheikh Mohamed bin Zayed Al Nahyan of the UAE visit to Delhi.
2. The central banks of both countries have agreed to cooperate on linking India’s Unified Payments Interface (UPI) with the UAE’s Instant Payment Platform (IPP) and RuPay switch and UAESWITCH.
1
Only 1
2
Only 2
3
Both 1 and 2
4
None of the above.