What is the function of this resistor and is it okay with this value ?
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It's a pulldown resistor: it's purpose is to keep the signal down unless is properly driven to an high value: during startup or with the driver in 3-state, for example.
The actual value is not critical unless you have low drive strength signals or micropower constraint. Usually from 4.7k to 100k is typical (but in some case you can go down to about 2.2k and up to 4.7megs)