Directions: The critical reasoning question given below consists of a passage, followed by two questions, involving a set of statements. You must read the passage and statements carefully and choose the correct answer from the alternatives given below.
Passage: The Reserve Bank of India (RBI) is India's central bank, responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system. It supervises and administers exchange control and banking regulations, and also administers the government’s monetary policy. It also manages the country's main payment systems and works to promote its economic development. Reserve Bank of India commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. Following India's independence on 15 August 1947, the RBI was nationalized on 1 January 1949.
Which of the conclusions is/are ‘acceptable’ (or can be drawn from the passage) and which is/are ‘unacceptable’?
I. The banking system in India works according to the guidelines issued by the RBI.
II. The banking sector is the lifeline of Indian economy.
III. The commercial banks are one of the oldest in the country.
Only Conclusions I and II are acceptable.
Both II and III are unacceptable, while I is acceptable.
Only Conclusion II is acceptable.
None of them is acceptable.