Both the statements are incorrect.

Stagflation is a condition of slow economic growth and relatively high unemployment, or economic stagnation, accompanied by rising prices, or inflation.

Deflation is the general decline in prices for goods and services occurring when the inflation rate falls below 0%.

Both the statements are correct.

Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans.

The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee. The BBB was the part of Indradhanush Plan of government.

Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. For example, if a subsidiary company sells goods to a parent company, the cost of those goods is the transfer price.

The report is released by Women’s World Banking Network. They partner with leading corporations to prove the commercial and social value of women’s financial inclusion.

Statement 1 is correct while statement 2 is incorrect.

The Arctic Council was formally established in 1996 by the Ottawa Declaration. Purpose: It is an intergovernmental forum for promoting cooperation, coordination and interaction among the Arctic States.

Members: The members of the Arctic Council include Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States.

Observer Status: Since 2013, India enjoys ‘Observer’ status in the Arctic Council. Twelve other observer countries are Japan, China, France, Germany, UK, Italy, Switzerland, Poland, Spain, Netherlands, Singapore, and South Korea.