What does the 'I' in I-CRR mean?
Incremental.
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The Incremental Cash Reserve Ratio (I-CRR), which was introduced on August 10, 2023, will be phased out over the coming years, according to a recent statement from the Reserve Bank of India (RBI). The I-CRR was put into place to handle excess liquidity brought on by a variety of factors, such as the return of Rs 2,000 notes to the banking system. To prevent shocks to system liquidity and ensure orderly money market functioning, the RBI aims to release I-CRR funds gradually.
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