Economics · Economy

Consider the following statements regarding RBI's Priority Sector Lending guidelines: Statement 1: Loans to individuals for educational purposes, including vocational courses, are eligible for priority sector classification up to a maximum limit of 20 lakh, irrespective of whether the studies are conducted in India or abroad, provided the borrower meets the bank's internal credit criteria. Statement 2: In the MSME sector, the classification of enterprises is based on the composite criteria of investment in plant and machinery or equipment and annual turnover, where a Micro Enterprise is one where investment does not exceed 1 crore and turnover does not exceed 5 crore. Statement 3: For the purpose of achieving the sub-target for Weaker Sections, bank loans to distressed persons (other than farmers) not exceeding 1 lakh per borrower to prepay their debt to non-institutional lenders are considered eligible under the priority sector guidelines. Which of the following describes the validity of these statements?