With reference to Urban Cooperative Banks, or UCBs, in India, consider the following statements:
- They function under a dual regulatory framework involving the Reserve Bank of India and the respective State Governments.
- The Banking Regulation (Amendment) Act of 2020 decreased the RBI’s control over UCBs to promote state-level autonomy.
- UCBs are mandated to allocate sixty percent of their lending to the Priority Sector.
Which of the statements given above is or are correct?