Consider the following statements regarding the implementation of the Expected Credit Loss (ECL) framework in India:
1. The Reserve Bank of India (RBI) has already mandated the ECL framework for all banks.
2. Successful implementation of the ECL framework depends on the availability of high-quality information.
3. The ECL framework requires banks to assess expected losses over the life of a loan.
Which of the above statements is/are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
All of the above
5
None of the above