RBI decides to withdraw incremental CRR in phased manner

The Reserve Bank of India (RBI) has decided to phase out the Incremental Cash Reserve Ratio (I-CRR), which was implemented to absorb excess liquidity caused by the withdrawal of Rs 2,000 notes. The I-CRR required banks to maintain a 10% reserve on the increase in their net demand and time liabilities. The RBI will release 25% of the I-CRR on September 11, another 25% on September 23, and the rest on October 7.