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    Question

    In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by :

    A Union Ministry of Finance Correct Answer Incorrect Answer
    B Union Finance Commission Correct Answer Incorrect Answer
    C Indian Banks’ Association Correct Answer Incorrect Answer
    D Reserve Bank of India Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    It is fixed by Reserve Bank of India. In 2011, RBI permitted the commercial banks to fix interest rate on saving account independently.

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