Silva announced his farewell on Monday in an emotional video message on Chelsea's website
The RBI has reduced the key policy rate by 25 basis points to 6 per cent.
The inflation path during 2019-20 is likely to be shaped by several factors. First, low food inflation during January-February will have a bearing on the near-term inflation outlook.
"Taking into consideration these factors and assuming a normal monsoon in 2019, the path of CPI inflation is revised downwards to 2.4 per cent in Q4:2018-19, 2.9-3.0 per cent in H1:2019-20 and 3.5-3.8 per cent in H2:2019-20, with risks broadly balanced," the RBI said.
In its previous policy outcome in February, the RBI had projected retail inflation between 3.2-3.4 per cent for the first half of 2019-20.
Among others, the apex bank said Consumer Price Index-based inflation, excluding food and fuel, in February was lower than expected, which has imparted some downward bias to headline inflation.
Meanwhile, international crude oil prices have increased by around 10 per cent since the last policy announcement.
Highlights of RBI monetary policy
* This is second back-to-back rate cut;
* RBI maintains Neutral stance on the monetary policy;
* Four out of six MPC members voted in favour of rate cut;
* GDP growth projection lowered to 7.2 per cent for 2019-20;
* RBI revises downward retail inflation estimate to 2.4 per cent in Q4 FY19.
* MPC notes output gap remains negative and domestic economy facing headwinds;
* Next monetary policy statement on June 6.
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