Fitch on India : Policies more important than personalities

US ratings agency with their thoughts on RBI governor Rajan stepping down 20 June 2016

• from a rating perspective policies are more important than personalities
• the problems associated with both high inflation and weak bank balance sheets have been recognised and policy makers are doing something about it
• suggests support for these policies beyond the governor

I reported on Rajan's announcement at the week-end. The rupee came under some pressure today on the uncertainties the relatively surprising decision brings with it.