Assertion (A): Most of the development bank in India have setup private commercial banks after the introduction of capital adequacy norms.
Reason (R): Development banks in India have not adhered to their basic objectives.

A. (A) and (R) both are correct and (R) is correct explanation of (A)

B. (A) and (R) both are correct but (R) is not a correct explanation of (A)

C. (A) is correct, but (R) is incorrect

D. (R) is correct, but (A) is incorrect

Answer: Option C