Viral Acharya became the deputy governor of the RBI on 23 January 2017 for a three year term.
They are in charge of the RBI’s Financial Stability Unit, Monetary Policy Department, Department and Economic and Policy Research, Financial Market Operation Department and Financial Market Regulatory Department. Accordingly, he has been working for the central bank for nearly 30 years.
Reserve Bank of India (RBI) Deputy Governor, Viral Acharya has resigned six months before the scheduled end of his term. He has joined RBI in 2017. (file pic)
Last year, he raised the issue of autonomy of the RBI. During a speech in October 2018, Acharya had said that the government, which compromises the autonomy of the central bank, has to face the market’s resentment.
After that statement, the dispute between the government and the RBI came out openly. Due to disputes with the government, on December 10, 2018, Urjit Patel resigned from the post of Governor. He had 9 months to complete his term.
According to the media report, Viral Acharya will now join Professor as a professor at the New York University’s Saturn School of Business.
Acharya, a student of IIT Bombay, graduated in Computer Science and Engineering in 1995 and PhD in Finance from 2001 in New York University. Acharya stayed in the London Business School from 2001.
The important thing is that Deputy Governor Verrill Acharya has left his post about six months before the completion of the term.
Viral Acharya was among the big officials of RBI who were considered part of Urjit Patel’s team. It is being told that Acharya was feeling uncomfortable after the resignation of Urjit Patel. Although speculation about Acharya’s resignation had started after Patel’s resignation.
The term of NS Vishwanathan can be extended
Following the resignation of Acharya, three deputy governors NN Viswanathan, BP Kanugo and MK Jain were left in the Reserve Bank. Viswanathan’s tenure is being completed in the first week of July. According to media reports, his tenure can be extended to two years.