He expressed hope that there could be a cut in lending rates in some sectors where reduction has been relatively lower so far.
Earlier this week, RBI retained the repo rate, at which it lends to the system, at 6.25 per cent and the reverse repo rate at 5.75 per cent.
However, the central bank had reduced its repo rate by a total 1.75 percentage points between January 2015 and September 2016.
With regard to inflation, Patel said there is no change in stance as far as retail inflation targeting is concerned.
