Urjit Patel best placed to replace Rajan as RBI Governor: Ambit

Moneycontrol BureauRBI Deputy Governor Urjit Patel could be the ideal candidate to succeed Governor Raghuram Rajan when his term ends in September, feels brokerage house Ambit Capital.“In terms of alternatives that could be considered, we continue to highlight that Dr. Urjit Patel appears to the best option given that he possesses the appropriate skills from a macroeconomics perspective besides holding out the promise of independence,” says the Ambit note.The brokerage has also warned of increased volatility in the rupee “owing to heightened probability of RBI’s independence being institutionally compromised”.On Ambit’s scale of one to five for parameters like macroeconomic management, banking supervision and independence, Patel scores as an average of 3.3.KV Kamath scores 3.0, and Arundhati Bhattacharya, Arvind Subramanian and Arvind Panagariya all score 2.7 each.