Read the following statements carefully:
1.The RBI made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks.
2.Home, car and personal loans for travel are expected to fall benefiting borrowers.
3.This new norm will be effective December 1 where banks have to migrate from the Marginal Cost of Lending Rate regime to external benchmarking and will have the freedom to choose which one to follow.
Which of the above statements is/are correct?