Consider the following statements regarding institutional arrangements and payment mechanisms for MSMEs:
- Public sector banks are advised to open specialized MSME branches to provide focused banking services.
- The provisions of the Interest on Delayed Payments to MSMEs Act mandate payment to suppliers within 30 days from the date of acceptance.
- The cluster approach ensures credit linkages for MSMEs located within identified clusters.
Which of the above statements is/are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
3 only
5
1, 2, and 3