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RBI continues to watch monsoon, global factors - Rajan

Reuters
Vehicles move along a flooded road after a heavy rain downpour in Chandigarh, August 10, 2015. REUTERS/Ajay Verma (Reuters)

MUMBAI (Reuters) - The Reserve Bank of India continues to watch the progress of monsoon to assess the overall impact on inflation as well as global developments, governor Raghuram Rajan said on Thursday. The comments come amid rising market expectations for a rate cut at the RBI's next policy review on Sept. 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 Aug. 4, arguing in part that it wanted better signs that banks were passing on rate cuts. (Reporting by Suvashree Dey Choudhury and Devidutta Tripathy; Writing by Himank Sharma; Editing by Anand Basu)