A panel headed by Reserve Bank of India deputy governor Urjit Patel recommended in January moving to an inflation target, with an aim to eventually bring down consumer-price based inflation to 4 percent with a 2 percent band on either side.

"We haven't moved to inflation targeting as yet," Rajan said at an event in Mumbai.

Raghuram Rajan earlier said although the Central bank strongly favours the Urjit Patel's committee suggestion on targeting CPI inflation, a formal adoption of the same will happen only after government approval.

The remark came within days of stating that RBI's view on inflation is aligned with that of the government.