With reference to ‘IFC Masala Bonds,’ sometimes seen in the news, which of the statements given below is/are correct?

1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.

Select the correct answer using the codes given below:

a) 1 only

b) 2 only

c) Both 1 and 2

d) Neither 1 nor 2