Which of the following statements regarding the Standing External Advisory Committee (SEAC) announced by the RBI for evaluating bank applications is/are correct?

I. The SEAC will evaluate applications for Universal Banks and Small Finance Banks.
II. Shri M. K. Jain, former Deputy Governor of RBI, is appointed as the Chairperson of SEAC.
III. SEAC will be responsible for conducting the eligibility screening of applications before the RBI's review.