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

1. The question asks who fixed the interest rate on savings accounts in nationalized commercial banks in India around the year 2010. 2. Prior to October 2011, the interest rate payable on savings bank accounts was regulated (i.e., fixed) by the Reserve Bank of India (RBI). 3. The RBI is the central banking institution of India and regulates the monetary policy and banking system. 4. Let's examine the options provided: (A) Union Ministry of Finance deals with fiscal policy, (B) Union Finance Commission deals with center-state financial relations, (C) Indian Banks' Association (IBA) is an industry body, not a regulator with power to fix rates. 5. Since the actual authority responsible for fixing the rate in 2010 (the RBI) is not listed as an option, the correct answer is (D) None of the above. 6. Note: RBI deregulated the savings bank interest rate in October 2011, allowing banks to fix their own rates thereafter.