Making a case for interest rate cut, Finance Minister Arun Jaitley today hoped that RBI will take note of the declining inflation and take a decision accordingly.

"Inflation is under control and hopefully, the impact of inflation being under control is a factor which, I am sure, the central bank with all its wisdom will take note of," he said while speaking at the SBI Banking and Economics Conclave.

Inflation, both retail and wholesale, are at record lows. While retail inflation stood at 3.78 per cent, WPI came in at (-)4.05 per cent in July.

RBI, which had cut the benchmark rate on three occasions by a total of 0.75 per cent this year, has linked further monetary action to further softening of inflation.