The comments come amid rising market expectations for a rate cut at the RBI 's next policy review on September 29 after consumer inflation eased to a record low in July.
Rajan, at an event organised by State Bank of India, added markets were reflecting the 75 basis points in rate cuts so far this year better than banks.
He also said access by companies to corporate debt was thus providing a misleading picture of overall credit growth in the country.
The RBI held rates at its last policy review on August 4, arguing in part that it wanted better signs that banks were passing on rate cuts.
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