It has almost become routine for the FinMin to poke its nose in the monetary policy domain of the Reserve Bank of India. Once again, their differences are out following the RBI refusing on Wednesday to cut interest rates to keep taming the scourge of inflation. Reportedly, the six-member MPC unanimously declined a meeting with finance ministry officials ahead of the policy review, RBI Governor Urjit Patel said. The meeting was expected to be held on June 1 and 2. Finance Minister Arun Jaitley is on a four-day trip to Paris. Even though Chief Economic Advisor Arvind Subramanian said he respected the monetary policy decisions announced on Wednesday, he indicated that he was disappointed with the RBI's decision not to fiddle with the lending rates. Subramanian said there is a "plausible macroeconomic assessment" as real policy rates are tight and rising at a time of low inflation and slowing growth. The appreciating real exchange rate makes monetary policy conditions even tighter, he added. Speaking to reporters, he said headline inflation has been running well below the target while growth in the real economy has decelerated from last July as suggested by a number of indicators such as real GVA, IIP and credit to industry. "The outlook for growth is unlikely to warrant any serious concern about closing output gaps - and hence stoking inflation structurally - because of the twin balance-sheet problem, which is keeping investments weak, ongoing fiscal consolidation and the appreciating real exchange rate," he said, adding that personal loan growth, which proxies consumption, has also been decelerating recently.