Hinting at a fourth interest rate cut this year, Reserve Bank of India (RBI) Governor Raghuram Rajan has said the central bank isn’t done with lowering rates. The primary problem in the global economy, he added, was slowing economic growth.

RBI has reduced the key policy rate thrice this year, by a combined 75 basis points. It, however, kept the rate unchanged at its monetary policy review in August.

Recently, market participants’ expectations of another rate cut were dashed, with the RBI chief sounding hawkish in the central bank’s annual report, which said inflation would inch up to the upper band of its comfort zone. While retail price inflation, the central bank’s gauge of price increase, dipped to a record low in July, RBI expected it to increase from September, as the effect of a favourable base waned.

“We also have inflation which other people do not have. We have cut the interest rate thrice so far this year and we are still in an accommodative mode. We will have a look at data as it comes and take a view accordingly…We have not said we are finished (with cutting rates) and we will take a view as the data allows us to do,” Rajan told CNBC on the sidelines of the Jackson Hole economic symposium of the Kansas City Federal Reserve in the US.

For January 2016, the central bank has set an inflation target of six per cent.

“Inflation developments will warrant close and continuous monitoring, as part of the overall disinflation strategy that requires inflation to be brought down to five per cent by January 2017,” RBI had said in its annual report.

At its policy review in August, RBI decided to keep the policy rate unchanged, citing sustained hardening of core retail inflation (for which food and fuel is excluded). In addition, food prices, especially of protein-rich items, pulses and oilseeds, have risen sharply in recent months. Also, banks are yet to pass on the entire rate reduction by RBI this year, with base rates falling only 25-30 basis points.