Responsive Web Design vs Separate Mobile Site

More and more people now access a website through a mobile and hence, it is important to enhance the user experience on a mobile devise. It is important to ensure that a visitor gets what he is looking for while browsing the site on a mobile and not just leave the site since the user experience is not good and he needs to zoom in to read the content.
The idea is to make your site mobile optimized.
You have two options - to go for Responsive Web Design or to create a separate mobile site. There is no right or wrong between the two options. It depends on your requirements. At the same time, you need to understand both the options before you can make an informed decision.
In a laymans language, a Responsive Web Design (RWD) ensures that your mobile site is the same as your website with the content re-arranged to fit the mobile screen size. Hence, the URL to access a mobile site is the same as website URL. The code is the same as website and all you need is to maintain one site to ensure data consistency. The disadvantage is that it doesnt give you flexibility to enhance user experience of your site for a mobile user. You might want to cut short the content or remove some features or change the design.
The second option is to go for separate mobile site. It is different from a website but if a user access the website link on a mobile site, he will be redirected to mobile site link. The user experience can be enhanced by keeping only relevant information for the user.

Parameters	Responsive Web Design	Separate Mobile Site
Content	Same content and features as website re-arranged to fit the mobile screen.	Allows different content and features on mobile site and website.
Data consistency	Need to manage only one site - website. Mobile site will be updated on it own.	Need to manage two sites separately.
SEO Campaigns	One site, one SEO campaign. Need to maintain only one SEO campaign.	Two sites, two SEO campaigns. Ability to optimize the mobile site for mobile keywords.
User Experience	Same on Mobile site and Website. No surprises when moving from one to another.	Different experience on mobile site and website. Dedicated and Focussed experience for mobile users.
Code base	Shares the same code base as the desktop site.	The codes are separate for website and mobile site.
URL management	One URL for both website and mobile site.	Different URLs for website and mobile sites. Mobile URL if typed in a browser on a laptop view will open the mobile site display.
Devise Detection	Every link that’s shared is a link to our full site and mobile site. No redirection required.	Devise detection and redirection required to direct a user to mobile site on a mobile devise.
Load Time	Load time reduces as there is no redirection in case of RWD. Load time increases if we put all pages from website to mobile site.	Load time increases when a site is redirected to a mobile site. Load time reduces if the number of pages are less as compared to website.