Which among the following is correct about Reverse Repo Rate?

Reverse Repo Rate is a state in which the Value of Money is Falling and the Prices are rising, over a period of time.

When bank deposit it's excess money in RBI then RBI provides some interest to that bank. This interest is known as Reverse Repo Rate.

When RBI provides a loan to the bank for short-term between 1 to 90 days, RBI takes some interest from the bank which is termed as Reverse Repo Rate.

When the money is borrowed or lent for more than a day up to 14 days it is called Reverse Repo Rate.