● RBI is public debt manager for both state and union Governments, so #1 is wrong. ● According to Dept of Economic Affairs, Shortterm debt of the Central Government on residual maturity basis includes 14 -day intermediate treasury bills, regular treasury bills, dated securities maturing in the ensuing one year and external debt with remaining maturity of less than one year. ● Short-term debt of State Governments comprises internal debt that includes market loans maturing within next one year, and repayment of loans to Centre. Therefore, #2 is right. ● T-bills are sold at discount and re-purchased at par value (face value). So, #3 is right.