Read the following statements and choose the correct option:
Statement-I: Small Industry Development Bank of India (SIDBI) was set up as a wholly owned subsidiary of RBI.
Statement-II: SIDBI has taken over the responsibility of administering small industry development fund managed by IDBI.
A. (I) is correct
B. (II) is correct
C. (I) and (II) are correct
D. (I) and (II) are wrong
Answer: Option B
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