The video above shows a nice little cricket catching drill that can be used to improve hand-eye co-ordination and reaction time. Reaction time itself is an inherent ability, but overall response time can be improved by repetition.
In this drill I use a ping pong ball and place three cricket bats against the wall. It is important to stay low with your legs not too far apart or too close together. A little wider than shoulder width is probably best so you can stay low, be well balanced and ready to move when required. When the ball hits the edge of the bat in the middle it deflects either left or right.