If the RBI does cut rates in Oct and early next year it will be the most aggressive amongst major central banks in easing policy.
Banks reduced their weighted average lending rates on fresh rupee loans by 0.29 pc amid the current easing stage so far.
RBI trims GDP growth forecast for current fiscal to 6.9 per cent from 7 per cent previously predicted.
Talking to reporters after the meeting, SBI chairman Rajnish Kumar had said he was hopeful of another rate cut by MPC.
Consensus expects RBI to lower repo rate by 25 bps to 5.50 pc at its monetary policy meeting on August 7, DBS said.
India is now forecast to grow in the range of 6.3 per cent to 7.2 per cent each quarter through to end-March 2021.
A cut of 5-10 bps will not take down home loan interest rate instantly for the existing home loan borrower.
Acharya is leaving the central bank on Tuesday, six months before the scheduled end of his term in office, citing personal reasons.
RBI has cut rates by 75 bps since the start of 2019, banks have only eased their key lending rate by 15-20 bps.
During this year, RBI reduced the policy rate thrice with an aggregate reduction of 0.75 percentage point in repo rate.