The correct answer is: C. Both I and II are correct.
Statement I is correct. SIDBI was set up as a wholly owned subsidiary of the Reserve Bank of India (RBI) in 1989.
Statement II is also correct. SIDBI has taken over the responsibility of administering the Small Industry Development Fund (SIDF), which was previously managed by the Industrial Development Bank of India (IDBI).
The SIDF is a fund that provides financial assistance to small and medium enterprises (SMEs). It was set up in 1971 with the objective of promoting the growth and development of SMEs in India. The SIDF is managed by SIDBI, which is the nodal agency for the development of SMEs in India.
SIDBI provides financial assistance to SMEs in the form of loans, grants, and subsidies. It also provides technical assistance and training to SMEs. The SIDF has been instrumental in the growth and development of SMEs in India. It has helped to create millions of jobs and has contributed to the economic development of the country.