The Reserve Bank of India (RBI) may ease monetary policy in January, the central bank's governor, Duvvuri Subbarao, said on Monday.

Subbarao said that price pressures in the Indian economy, Asia's third-largest economy, are expected to ease in the first part of 2013 on the back of slower growth.

While high inflation dents India's domestic consumption growth, growth has slumped to nearly 5.5 per cent per annum, far below the 9 per cent rate it was recorded before the 2008 worldwide financial crisis.

Speaking on the topic, Subbarao said, "We would assess the situation in January and try and act according to our guidance. Should the situation be different, then we will have to defer until March."

However, the chief didn't clarify whether the RBI would ease monetary policy by slashing interest rates or dragging down bank reserve requirements.

The central bank will hold one more meeting this year, in December. But Subbarao said easing monetary policy in the December meeting would be "highly improbable." The next meeting is scheduled for January 29, when the governor expects the central bank could ease the monetary policy.

Since April this year, India's interest rates have remained unchanged at 8.0 per cent. Investors, manufacturers as well as the government have been asking for a cut in interest rates to spur growth.