As per the Master Circular on "Prudential Norms on Capital Adequacy - Basel I Framework", elements of Tier I capital include:
1. Authorized Capital (Ordinary shares), statutory reserves, all other free reserves (disclosed), if any.
2. Paid-up capital (Preference shares).
3. Perpetual Non-Cumulative Preference Shares (PNCPS).
4. Innovative Perpetual Debt Instruments (IPDI).

A. 1 and 2 only

B. 2 and 3 only

C. 1 and 3 only

D. 3 and 4 only

Answer: Option D