Jaitley hopes RBI notes inflation "under control"

MUMBAI (Reuters) - Finance Minister Arun Jaitley said on Tuesday he hoped the Reserve Bank of India (RBI) would note that inflation was "under control" while deciding its monetary policy.

Retail inflation cooled to a record low of 3.78 percent in July, adding to pressure on RBI chief Raghuram Rajan to cut interest rates.

RBI kept its policy rate on hold at 7.25 percent this month, but left the door open to ease further depending on the inflation outlook and how swiftly banks lower their lending rates.

Jayant Sinha, minister of state for finance, said at the same event he expected a good monsoon to reduce some of the concerns around food inflation.

(Reporting by Clara Ferreira-Marques and Himank Sharma; Writing by Devidutta Tripathy; Editing by Ruth Pitchford)