With reference to the Indian economy, consider the following statements: 1. 'Commercial Paper' is a short-term unsecured promissory note. 2. 'Certificate of Deposit' is a long-term instrument issued by the Reserve Bank of India to a corporation. 3. 'Call Money' is a short-term finance used for interbank transactions. 4. 'Zero-Coupon Bonds' are the interest bearing short-term bonds issued by the Scheduled Commercial Banks to corporations. Which of the statements given above is/are correct?

1. Statement 1 is correct. 'Commercial Paper' (CP) is a money market instrument consisting of short-term, unsecured promissory notes issued by large, creditworthy corporations to meet their short-term funding needs. 2. Statement 2 is incorrect. A 'Certificate of Deposit' (CD) is a time deposit, a financial product commonly sold by commercial banks and credit unions. They are typically short to medium-term instruments, not necessarily long-term, and they are issued by banks/FIs to depositors, not by the Reserve Bank of India to a corporation. 3. Statement 3 is correct. 'Call Money' refers to the market for extremely short-term funds, typically overnight to 14 days, primarily used for interbank transactions where banks borrow and lend among themselves to manage liquidity. 4. Statement 4 is incorrect. 'Zero-Coupon Bonds' are bonds that do not pay periodic interest (coupons); instead, they are sold at a discount to their face value and redeemed at par at maturity. They are not necessarily short-term (can be long-term too) and are not exclusively issued by Scheduled Commercial Banks to corporations. Various entities, including governments and corporations, issue them. 5. Therefore, only statements 1 and 3 are correct.