Consider the following statements regarding the Reserve Bank of India's (RBI) function as the 'Lender of Last Resort' (LOLR): 1. As a lender of last resort, the RBI provides liquidity to commercial banks facing temporary liquidity crises when they cannot raise funds from other sources. 2. This function is intended to protect the interests of depositors and prevent systemic collapse of the banking structure. 3. The RBI provides this emergency liquidity assistance completely free of collateral to ensure rapid recovery. Which of the statements given above is/are correct?

Options:

• A: 1 and 3 only
• B: 1 and 2 only
• C: 2 and 3 only
• D: 1, 2 and 3

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