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📈 EconomyUPSC 2010Fundamentals of Economy

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

aUnion Ministry of Finance
bUnion Finance Commission
cIndian Banks’ Association
dNone of the above
✓ Correct answer: d) None of the above
ExplanationIn India, the interest rates on savings accounts were de- regulated by the Reserve Bank of India (RBI) in 2011. This dereg- ulation allowed individual banks to set their own interest rates on savings deposits.At the time when question was asked they were fixed by RBI ,which now stands deregulated .373

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