With reference to the private sector bank, consider the following statements:
1. The Reserve Bank of India (RBI) recently fixed the tenure of MD, CEO and whole-time director (WTD) in a private sector bank at 15 years and prescribed the maximum age of 70 years for such functionaries.
2. The individual will be eligible for re-appointment as MD & CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years.
Which of the statements given above is/are correct?