The central bank will hold a discussion with the bank representatives ahead of the first-quarter review of the monetary policy, which is scheduled on July 31.
"Right now, liquidity is alright. However, should the liquidity get tighter, the RBI should come in there," Chairman of the Indian Bank Association Alok Misra told reporters after the meeting.
Misra, who is also the Chairman and Managing Director of the government-run Bank of India, said that the central bank should ease liquidity in the system to give a boost to industry.
"We should be pro-industry. If we can, we should save the industry," he said.
Chairman of HDFC Bank, Aditya Puri, said that the RBI was unlikely to cut rates because of the persistently high rate of inflation.
"I don't think, with this inflation rate, you can expect a rate cut," Puri said.
He said that the Indian economy was passing through a slowdown, and that the RBI monetary policy cannot solve all the problems.
"There have to be ways for improving that slowdown. It can be improved partly by government action, and partly if there were any difficulties on the financial side," Puri said.
"The issue is that you need more money supply, but you also need government action. The monetary policy cannot be the basic panacea for all ills," he added.