Which of the following statements is/are correct?
1. In March 2024, The Reserve Bank of India (RBI) in the exercise of the powers conferred by Section 35A of the Banking Regulation (BR) Act, 1949 and Chapter IIIB of the RBI Act 1934, amended the 'Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022'.
2. It will come into effect from March 07, 2024.
3. The timeline to follow the new norms by the card issuers is 3 months.
1
Only 1
2
Only 2
3
Both 2 and 3
4
Both 1 and 2
5
All 1, 2 and 3