Consider the following statements regarding the Cash Reserve Ratio (CRR) in India: 1. CRR is the share of Net Demand and Time Liabilities (NDTL) that banks must maintain with the RBI in the form of liquid cash. 2. Banks earn interest income from the RBI on the balances maintained under CRR at the Repo Rate. 3. Non-Scheduled Commercial Banks are also required to maintain cash reserves under the Banking Regulation Act, 1949. Which of the statements given above is/are correct?

Options:

• A: 1 and 2 only
• B: 2 and 3 only
• C: 1 and 3 only
• D: 1, 2 and 3

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