Which of the following statements is/are correct about Basic Savings Bank Deposit Account? I. It has been introduced by RBI with an aim to promote financial inclusion. II. It allows opening of a bank account with Rs. 500 as minimum balance. III. All the existing 'No-frills' accounts opened by the banks are converted into BSBDA.

• A.  I only                          
• B.  I and III
• C.  II and III          
• D.  I, II and III
• E.  None of these