With reference to Financial Stability and Development Council', consider the following statements: 1. It is an organ of NITI Aayog. 2. It is headed by the Union Finance Minister. 3. It monitors macroprudential supervision of the economy. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. The Financial Stability and Development Council (FSDC) is an apex-level body constituted by the Government of India. It is not an organ of the NITI Aayog. It functions independently, although it involves coordination among various regulatory bodies and ministries. 2. Statement 2 is correct. The FSDC is chaired (headed) by the Union Finance Minister of India. Its members include heads of financial sector regulators (RBI, SEBI, PFRDA, IRDAI), Finance Secretary, Secretary of Department of Economic Affairs, Secretary of Department of Financial Services, and Chief Economic Adviser. 3. Statement 3 is correct. One of the key mandates of the FSDC is to monitor macroprudential supervision of the economy. This involves overseeing the overall financial system stability, identifying systemic risks, and coordinating regulatory responses to address these risks.