A majority of external members of the Reserve Bank of India's advisory panel on monetary policy had suggested a cut in the repo rate at the January monetary policy review, minutes released by the central bank showed.

Three out of the seven external members of the RBI's technical advisory committee (TAC) had suggested a cut in the repo rate by 25 basis points, while one member had suggested 50 basis points cut, it said.

The panel met on January 18 in the run-up to the quarterly policy meet on January 24.

Governor Subbarao cut the cash reserve ratio by 50 basis points, but kept the repo rate steady.

The twelve-member panel is advisory in nature and the final rate decision rests with the governor.