Deputy Governor of RBI quits 6 month before his term ends

June24: Reserve Bank of India’s deputy governor Viral Acharya resigns 6 months before the scheduled end of his term. He was appointed as Deputy Governor towards the end of 2016 for a term of three years upto 20 January, 2020. Acharya, joined RBI from New York University’s Stern School of Business.

Later in the day RBI stated that he resigned due to some unavoidable personal circumstances. Although Acharya has not announced his plans yet, it is expected within RBI that he will be returning to academia. Sources in RBI believe that the timing of his resignation might have to do with coinciding with the academic year in the US where he has a family.

Acharya was an exceptional governor in more ways than one. At 42, he was among the youngest to take on such a senior position. A computer engineer from IIT Mumbai with a President’s medal in 1995, Acharya had secured a doctorate from NYU. Among policymakers, he was seen as an inflation hawk and had often been the dissenting voice when the monetary policy committee voted for easing.