Amid growing demand for rate cut, Reserve Bank Governor Raghuram Rajan today met Finance Minister Arun Jaitley and discussed a wide range of issues.

"We discussed a number of issues," Rajan told reporters after a meeting with the Finance Minister.

The meeting assumes significance as the clamour is growing for a rate cut by the Reserve Bank of India (RBI) in its second bi-monthly policy on June 2.

Chief Economic Advisor Arvind Subramanian had yesterday pitched for a rate cut.

"Looking at the analysis of what is the inflation forecast, what is the fiscal consolidation, what is the international environment...And how monetary policy should respond, I think there is scope for monetary easing," he had said.

The Reserve Bank is slated to review its monetary policy next week during which it will take a call on interest rate taking into account inflation and other economic parameters.

Since January, RBI has cut policy rate by 0.50 per cent to 7.5 per cent on easing of inflationary pressures.

The WPI inflation fell to a record low of (-)2.7 per cent and retail inflation below 5 per cent in April.

Last week, Finance Minister Arun Jaitley too had indicated that he would favour a rate cut by the RBI.

When asked if it was time for RBI to cut interest rate in view of moderation in inflation, Jaitley had replied: "My views are well-known. It is (time)".