The meeting which lasted for more than an hour is part of the efforts to fine tune the busy season monetary and credit policy to be unveiled on October 25.
Reddy declined to say anything on the outcome of the meeting, which is customarily held ahead of the credit policy, which would have a mid-term review of the economy.
With India's GDP clocking 8.1 per cent in the first quarter of this fiscal, analysts expected an upward revision of growth forecast to 7-7.5 per cent for 2005-06 on back of good monsoon.
The policy is expected to contain measures to keep the interest rate stable despite inflation surging beyond four per cent in the recent weeks after domestic oil prices were raised in the face increasing global crude oil prices.
The finance ministry, however, expected inflation to be within the RBI projections of 5-5.5 per cent by March 2006.