Economics · Banking System
The base rate system was introduced as a benchmark lending rate below which commercial banks cannot lend. Who had the authority to fix the individual internal 'Base Rate' for a bank under RBI guidelines?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Individual Banks' Board✓
- 2Ministry of Commerce
- 3Ministry of Finance
- 4Reserve Bank of India (RBI) directly for all banks
Correct answer
Individual Banks' Board
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