With reference to ?Cash Reserve Ratio?, which of the following statements is/are correct? 1. The RBI varies Cash Reserve Ratio to change the liquidity of market 2. CRR is subject to frequent changes as RBI intervenes from time to time to correct monetary or exchange rate imbalances 3. CRR currently is 4% 4. RBI is empowered to fix the CRR at a rate ranging between three per cent and 15 per cent

• A. 1 only              
• B.        1 and 2
• C. 3 only              
• D.        1, 2, 3 and 4