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June 24, 2019

RBI's youngest Deputy Governor Viral Acharya Resigns

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The Reserve Bank of India's Deputy Governor Viral Acharya resigned today, 6 months before his term ends.

Acharya, who joined RBI on January 23, 2017 for a 3 year term, was the central bank's youngest Deputy Governor.

Acharya has been uncomfortable ever since the exit of Urjit Patel as Governor of RBI in December 2018. His academic views of the financial system was in contrast with the rest of the system, especally the present RBI Governor Shaktikanta Das. At the last monetary policy review meeting of RBI, which was held on 6th June 2019, he had different views on emerging issues driving monetary policy decisions for a second time in a row, making a contrasting assessment of fiscal deficit setting the likely course for interest rates over the next few bimonthly Mint Road conclaves.

Acharya was a member of the Academic Council of the National Institute of Securities Markets, Securities and Exchange Board of India since 2014. He was also served as a member of the advisory council of the RBI Academy.

After this resignation, Viral is returning to New York University's Stern School of Business (NYU Stern) as CV Starr Professor of Economics.

Important Note : With Viral Acharya's resignation, the Reserve Bank of India (RBI) is now left with 3 deputy governors. They are :
  • N S Vishwanathan
  • B P Kanungo 
  • M K Jain
Among them, the senior-most Deputy Govenror of RBI, N Vishwanathan, who was to retire next month (July) may be asked to stay back now.

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