Consider the following statements: 1. The Reserve Bank of India manages and services Government of India Securities but not any State Government Securities. 2. Treasury bills are issued by the Government of India and there are no treasury bills issued by the State Governments. 3. Treasury bills are issued at a discount from the par value. Which of the statements given above is/are correct?

Option (c) is correct because Treasury bills are short-term debt instruments issued exclusively by the Central Government at a discount to their face value, whereas State Governments issue State Development Loans (SDLs). Statement 1 is incorrect because the RBI manages the public debt of both the Central and State Governments under the RBI Act, 1934, making option (d) a common mistake for those unaware of the RBI's dual mandate. The core concept tested is the functional distinction between various government securities and the RBI’s role as a debt manager for both tiers of government.