Statement II is correct because the Business Responsibility and Sustainability Report (BRSR) requires companies to disclose information primarily related to their environmental, social, and governance (ESG) practices, which are largely non-financial in nature. This aligns with global trends towards corporate transparency in sustainability practices. However, Statement I is incorrect as BRSR is not mandated exclusively by the Reserve Bank of India but is a requirement outlined by the Securities and Exchange Board of India (SEBI) for listed entities to enhance accountability in corporate social responsibility and sustainability initiatives. Thus, the correct understanding highlights the regulatory landscape and the focus on non-financial disclosures in corporate governance.