After lowering the policy repo rate, the Reserve Bank of India’s focus will be on the transmission of this to lending rates for borrowers, Governor Sanjay Malhotra said on Friday.

He also said that deposit rates are expected to moderate further.

"Having reduced the policy repo rate by a further 0.25%, we have to now concentrate on the monetary policy transmission," he told reporters at the post-policy conference.

With inflation cooling down, the RBI has cut repo cut by 1.25% this year.

"...we do expect that going forward, especially after this rate cut, deposit rates will to some extent moderate," Malhotra said.

Malhotra said the real rate of interest should be considered while people put money into savings, news agency PTI reported.

"We have to be looking at the real interest rates. Inflation is so low and going forward as well it is going to be low. Even though the nominal interest rate may seem to be low, the real interest rates today are quite high," he said.

On the lending side, Malhotra said the RBI does not expect bank credit growth to double the GDP growth. He pointed out that this was the case before FY12 and the system amassed a huge quantum of dud loans in the process.

Malhotra said the central bank has received a communication from the capital markets regulator Sebi to permit banks to trade commodity derivatives, and is studying the same.

However, making any change, he pointed out, will require amendments in the Banking Regulation Act. A similar move was shot down over eight years ago, he added.

Meanwhile, Deputy Governor Swaminathan J said that there has been a 0.08% rise in slippages from unsecured loans in the September quarter but this does not change things from a systemic perspective.

Unsecured personal loans constitute less than 17% of the banking system's advances and the RBI is not planning any regulatory measures because of the uptick.

On RBI’s digital currency or e-rupee, Deputy Governor T Rabi Sankar said India has 80 lakh users on the pilot platform and 12 crore transactions of Rs 28,000 crore in value have been carried out.

The RBI's focus will be on increasing the use cases for the currency from here on, he said.

Meanwhile, on the issue of unclaimed deposits, Deputy Governor SC Murmu said there is a reduction of Rs 100-150 crore in the overall quantum every month. The Reserve Bank expects more progress on the back of focused steps undertaken so far, he added.