This question asks us to find the probability of a specific combined event: drawing one red ball from Bag I AND one blue ball from Bag II. The draws from each bag are independent events.
We need to find the probability of the desired outcome for each bag separately.
Since the event of drawing a ball from Bag I is independent of the event of drawing a ball from Bag II, the probability of both events occurring is the product of their individual probabilities.
The probability that one drawn ball is red (from Bag I) and the other is blue (from Bag II) is:
$ P(\text{Red from Bag I} \text{ and } \text{Blue from Bag II}) = P(\text{Red from Bag I}) \times P(\text{Blue from Bag II}) $
Substituting the calculated probabilities:
$ = \frac{4}{7} \times \frac{3}{7} $
$ = \frac{4 \times 3}{7 \times 7} $
$ = \frac{12}{49} $
Therefore, the probability that one of the drawn balls is red and the other is blue is $\frac{12}{49}$.