The establishment of 'Payment Banks' is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context? 1. Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks. 2. Payment Banks can issue both credit cards and debit cards. 3. Payment Banks cannot undertake lending activities. Select the correct answer using the code given below.

Option (b) is correct because Payment Banks are designed as "niche banks" that allow diverse promoters like mobile companies and supermarket chains (Statement 1) but are strictly prohibited from lending to minimize financial risk (Statement 3). Statement 2 is the most common pitfall; while Payment Banks can issue debit cards for ATM withdrawals, they are explicitly barred from issuing credit cards as that would involve extending credit. The core concept tested is the regulatory framework of differentiated banking licenses introduced by the RBI to advance financial inclusion while maintaining a low-risk profile.