Consider the following statements regarding Green Deposits:
Statement-I: Green deposits are non-interest-bearing deposits where the funds are allocated to green finance projects like renewable energy and sustainable infrastructure.
Statement-II: Green deposits must be denominated only in Indian rupees, as mandated by RBI norms.
Which one of the following is correct in respect of the above statements?
1
Both Statement-I and Statement-II are correct, and Statement II is the correct explanation for Statement I.
2
Both Statement-I and Statement-II are correct, but Statement-II is not the correct explanation for Statement-I.
3
Statement-I is incorrect, but Statement-II is correct.
4
Statement-I is correct, but Statement-II is incorrect.