Consider the following statements regarding Basel norms:
1. Basel norms are standards of capital adequacy for banks across the world.
2. At present, banks are adhering to Basel III norms.
3. Basel norms are mandatory for banks in India.
A. 1 only
B. 2 and 3 only
C. 1 and 3 only
D. 1, 2 and 3
Answer: Option C
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