The Fiscal Responsibility and Budget Management Act (FRBMA) is a law enacted by the government of India for fiscal stability and prudent fiscal management. The Act aims to manage public funds, reduce fiscal deficits, and improve fiscal management practices.

Option 1 states that FRBMA concerns fiscal deficit only, which is incorrect as the Act pertains to more than just fiscal deficits. Similarly, option 2 stating that FRBMA concerns revenue deficit only is also incorrect as it extends beyond just revenue deficits. Option 4 suggests that FRBMA does not concern itself with either fiscal or revenue deficit, which is not accurate as the Act prominently focuses on both.

Hence, option 3 is correct as FRBMA indeed concerns both fiscal deficit and revenue deficit. It governs the responsibility of the government to maintain fiscal discipline, including limits on the Central government`s borrowings, deficits, and liabilities, and stipulates measures for fiscal transparency and for macroeconomic management through the balanced reduction of revenue and fiscal deficits.