Prompt Corrective Action (PAC)

With reference to the Prompt Corrective Action (PAC), consider the following statements:

1. It was initiated by the RBI in 2002 to discipline banks when they report poor and risky financial performance.
2. The PCA framework deems banks as risky if they slip below certain norms on three parameters — capital ratios, asset quality and profitability.
3. The framework was reviewed in 2017 based on the recommendations of the working group of the Financial Stability and Development Council on Resolution Regimes for Financial Institutions in India and the Financial Sector Legislative Reforms Commission.

Which of the above statement(s) is/are correct?