Consider the following statements with reference to Repo and Reverse Repo Market:
1. Both Repo and Reverse Repo markets are parts of Money Market.
2. Banks can take loans from RBI under Repo Market by repurchasing the commercial bills at higher price.
3. Banks can earn interest by parking their surplus with RBI under Reverse Repo Market.
4. Repo Rate is higher than Reverse Repo Rate.
Which of the statements given above are correct?