Economics · Financial Sector

With reference to Non-Banking Financial Companies (NBFCs), Microfinance Institutions (MFIs), and financial inclusion, consider the following statements: I. A sharp drop in MFI disbursements implies systemic insolvency risk across the entire NBFC sector. II. Improved early bucket Portfolio at Risk (PAR 31–60 days) with still-elevated 61–90 day PAR suggests recovery in fresh underwriting but lingering stress in older portfolios. III. PMJDY dormancy (high percentage of accounts inactive) is a concern for financial inclusion but does not directly create immediate liquidity risk for banks because debit operations are blocked until re-KYC. Which of the above statements is/are correct?