GPS, or Global Positioning System, is a satellite-based navigation system that provides geolocation and time information to a GPS receiver anywhere on or near the Earth. It has a wide range of applications. Statement 1 is correct. GPS is used in mobile phones for various purposes such as location tracking, navigation, and location-based services. Statement 2 is correct. GPS is used in banking operations for ATM location services and for time-stamping transactions, which is crucial for maintaining accurate records. Statement 3 is correct. GPS is used for time-stamping power system measurements, which is vital for grid stability and synchronization. Therefore, GPS technology can be used in all the three areas mentioned.