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RBI Deputy Governor Viral Acharya resigns

Six months before term ends

Viral Acharya
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RBI Deputy Governor Viral Acharya resigns, Six months before term ends, seen as the last man in RBI vociferously batting for autonomy. Viral Acharya is returning to the New York University Stern School of Business in August, says the report. RBI Deputy Governor Viral Acharya resigns six months before his term ends, according to a report. Reserve Bank of India (RBI) deputy governor Viral Acharya has reportedly resigned six months before the scheduled end of his term.

India's youngest deputy governor post economic liberalisation, Viral Acharya, has resigned from the post of RBI's deputy governor six months before the scheduled end of his term. According to reports, Acharya had put down his papers just a few weeks before the last meeting of RBI's Monetary Policy Committee (MPC). Acharya will be returning to New York University as CV Starr Professor of Economics.

This is the second high profile resignation in the past six months at the Reserve Bank of India (RBI). In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. Acharya's resignation, furthermore, could be an indication that some differences still continue to exist between the apex bank and government in terms of decision making.

Acharya's resignation could be an indication that some differences still continue to exist between the apex bank and government in terms of decision making. Recordings from the monetary policy committee (MPC) meetings for the last three policy reviews show that Acharya and Shaktikanta Das differed on key issues of growth, inflation and fiscal deficit.

Acharya completed his BTech in Computer Science and Engineering from IIT Mumbai in 1995 and PhD in finance from NYU–Stern in 2001. Prior to joining Stern, he was at London Business School (2001–2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007–09) and a Senior Houblon–Normal Research Fellow at the Bank of England (Summer 2008). Acharya who joined New York University Stern School of Business in September 2008 is now CV Starr Professor of Economics.

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