Consider the following pairings of Non-Performing Assets (NPA) classification in India with their descriptions:
1. Substandard assets : Assets which have remained NPAs for a period less than or equal to 12 months.
2. Doubtful assets : Assets which have remained in the substandard category for a period of 12 months.
3. Loss assets : Assets which are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted, although there may be some salvage or recovery value.
Which out of the above pairings are correct?
1. Only 1 and 2
2. Only 2 and 3
3. Only 1 and 3
4. 1, 2 and 3