Has the cash reserve ratio outlived its utility, and could it be dispensed with over time?

India's cash reserve ratio (CRR) stands at 4.5%, with banks setting aside around ₹10 lakh crore in cash. While some argue CRR is outdated, it remains a crucial monetary policy tool for the RBI. Alternatives like increasing the statutory liquidity ratio (SLR) are suggested to make idle funds revenue-accruing.