Reserve Bank of India raised the repo rate by 40 basis points in May 2022. Now consider the following statements: 1. Repo rates are increased to control inflation. 2. With increase in repo rates, cost of borrowing money increases. 3. With reduction in repo rates, industry gets loans at higher rates from the lender. 4. To decrease money supply in the economy, the RBI hikes up repo rates to encourage banks for borrowing funds. Select the correct statements using the code given below: