Consider the following statements:
1. Primary Agricultural Credit Societies (PACS) are the ground-level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and farming activities.
2. Primary Agricultural Credit Societies (PACS) are multifunctional organizations that provide a variety of services such as banking, on-site supplies, marketing produce, and consumer goods trading.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2