The RBI chief was speaking to researchers at an analyst call.
Rajan was speaking at a news conference.
'Both IIP and CPI inflation numbers are showing a huge disconnect from the leading indicators.'
S&P warned about spending on subsidies and heavy government debt.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
State-owned banks have amassed bad loans faster than private sector lenders.
India allows foreign investors to buy upto $81 bn
Earlier, India said the headline annual consumer price inflation accelerated to 5 per cent, compared with a 4.4 per cent print in November.
The central bank also said accepting money under such structures was a cognizable offence
Trouble at a single bank among the top five most connected lenders could wipe out nearly 50% of Tier I capital
Rajan said an interest rate cut won't by itself lead to higher economic growth
The Reserve Bank of India kept interest rates unchanged at 8.0 percent on Tuesday as widely expected, staying focused on containing inflation while adopting a more dovish tone in response to the government's call for help to revive economic growth.
Analysts expect modest recovery in Indian economy.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
Rajan added "many" market participants were convinced that India could hit the RBI's target of bringing down consumer inflation to 6 percent by January 2016.
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
He said the total capital requirement for state-run banks is Rs 455 billion ($7.6 billion) in 2014/15 fiscal year, much lower than the Rs 113 billion provided for recapitalisation in the interim budget in February.
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
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