Explanation:

Treasury bills or T-bills, which are money market instruments, are short term debt instruments issued by the Government of India and are presently issued in three tenors, namely, 91 day, 182 day and 364 day. Treasury bills are zero coupon securities and pay no interest. They are issued at a discount and redeemed at the face value at maturity.  Statemetn 3 is correct.

The RBI is the debt manager for both the Central Government and the State Governments. RBI may, by agreement with any State Government undertake the management of the public debt of that State. Treasury bills or Govt. securities are issued through auctions conducted by RBI. So, statement 1 and 2 are also correct.