Rajan added the central bank would take all data into account, noting wholesale price inflation data due was due out on Monday, although he also said at one point during a media briefing that the RBI was "very uncomfortable" with the current level of inflation.
"We will analyse all data. Clearly, growth is weaker than we would like, inflation is higher than we would like," Rajan told reporters at the conclusion of the RBI's board meeting in Kolkata.
"In a situation where you have high inflation and low growth you have to calibrate policy carefully," he added. "There are some trade-offs that we have to make," he said.
Rajan addressed reporters after data earlier showed sharply higher food prices drove the annual consumer price inflation to a higher-than-expected 11.24% in November from 10.17% in October.