NEW DELHI: RBI Governor need not have a rockstar status to be successful and India's ratings would depend on its policies and not any specific personality, Fitch Ratings today said. Fitch 's comment comes in the backdrop of Government elevating RBI Deputy Governor Urjit Patel as the Governor of the Reserve Bank "A central bank governor does not need to have a rock star status to be successful in reigning in inflation or cleaning up the banking sector," Fitch Ratings Director, Asia-Pacific Sovereigns Group, Thomas Rookmaaker said.US-based rating agencies Moody 's and Fitch also said that Patel as the next RBI Governor signals a likelihood of policy continuity. Diron further said two sets of policies and decisions by the Reserve Bank would be relevant to India's sovereign credit profile. "First, efficient transmission of credible monetary policy fosters a stable macroeconomic environment with inflation at moderate levels.Second, banking sector risk weighs on India's sovereign credit profile. "We expect inflation to remain broadly stable around recent levels although there are sources of upside risks," Diron said, adding Pay Commission award could stoke food inflation posing a challenge to RBI.

Source: Economic Times August 21, 2016 08:45 UTC