Which of the following statements about UCBs undertaking insurance business is/ are correct?

[ A ]    No UCB should undertake insurance agency business without obtaining its prior permission
[ B ]    The Reserve Bank has allowed all primary (Urban) co-operative banks to undertake insurance business on a referral basis, without any risk participation through their network of branches
[ C ]    The banks need not obtain prior approval of the Reserve Bank to undertake referral business
[ D ]    All of the above
[ E ]    None of the above right
Answer : Option E
Explanation :