Home Economy and Finance RBI Deputy Governor Viral Acharya resigns, six months prior to scheduled end of term

RBI Deputy Governor Viral Acharya resigns, six months prior to scheduled end of term

NS Vishwanathan, another Deputy Governor at the RBI, whose term was scheduled to end in the first week of July, has been given an extension for another two years at the wake of Acharya's resignation.

Reserve Bank of India’s Deputy Governor Viral V Acharya has resigned from his post, six months before the scheduled end of his term.

According to the reports, Viral Acharya who had joined the Reserve Bank in January 2017, was the RBI’s youngest deputy governor, post-economic liberalisation. Reportedly, Acharya will be returning to New York University in his previous job as the CV Starr Professor of Economics.

Acharya had resigned a few weeks before the last meeting of RBI’s Monetary Policy Committee (MPC) that was held on June 6. However, his last days as Deputy Governor will end a few days before the July end.

- Ad - - article resumes -

Acharya, known for his hawkish monetary policy, reportedly had a difference of opinion with Reserve Bank Governor Shaktikanta Das over easing of interest rates to boost economic growth. While Das stood for cutting policy repo rate to focus on economic growth, Deputy Governor Viral Acharya had advised against another rate cut fearing another inflation cycle.

However, the six-member Monetary Policy Committee (MPC) had decided to reduce the policy repo rate by 25 basis points to 6 per cent in a 4-2 majority decision.

Currently, Viral Acharya is in charge of the Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Markets Operation Department, Financial Market Regulation Department, among others at the RBI.

Acharya has co-authored several research papers with former RBI Governor Raghuram Rajan and has also called him his ‘inspiration’.

At the wake of Acharya’s resignation, another Deputy Governor of the RBI, NS Vishwanathan, whose term is also due to end in the first week of July will reportedly stay back for another two-years.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

As Barkha had predicted, the Sibals also blamed the newly-elected Narendra Modi government for the advertisers to back off. Lack of advertising revenues led to deepening of their financial troubles, they claim. 

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Proud to be a brand - Made in India?
Now, Advertise on Opindia

Interview: Former RAW officer makes further shocking revelations about Hamid Ansari after alleging that he endangered lives of RAW officers in Iran

In this exclusive interview, Former RAW (Research and Analysis Wing) officer NK Sood makes further revelations about his time in Iran, Hamid Ansari and the vilified scientist Nambi Narayanan

Kapil Sibal claims Barkha Dutt was sacked before her tweets, won’t be paid anymore, Barkha says Sibal is lying

As Barkha had predicted, the Sibals also blamed the newly-elected Narendra Modi government for the advertisers to back off. Lack of advertising revenues led to deepening of their financial troubles, they claim. 
Tiranga TV boots its employees: Here is why they don't deserve any sympathy

I am a journalist and here is why I have absolutely no sympathy for the ones who joined Tiranga TV

News emerged last night that bouncers had been sent to the offices of Tiranga TV as the employees were holding a silent protest in the premises.

Prime Minister Modi, Hindus are under siege, and now is the right time to speak up

PM Modi will still win elections due to sheer inertia and the pathetic state of the country's opposition but the faith that he commands will take a hit and even if it's among a small section of the support base, it would be a travesty
Supreme court judgements - regional languages

Here are 7 bizarre judgments by the Indian Judiciary that highlight the need for urgent reforms

It's not the first time that the rather bizarre tendencies of the Indian Judiciary have been on display. In this article, we revisit some of them.

Conversion at Karnataka High Court? Islamic proselytising organisation distributed Quran among judges and advocates

Salaam Centre engages in 'Dawah' or the Islamic practice of converting non-Muslims to Muslim.
Image Source: Newstate

Campaign to raise funds for Richa Bharti, who was ordered to distribute Quran by Ranchi court, surpasses target within hours

A 19-year old college student, Richa Bharti was ordered to distribute 5 copies of Quran as a condition of bail by the Ranchi court

Aspiring model Khushi Parihar murdered over ‘friendship with other men’, live-in partner Ashraf Sheikh arrested

Aspiring model Khushi Parihar was found murdered with her head and face smashed on Saturday morning at Chatarpur farms, around 50 KMs away from the Nagpur city, her live-in partner Ashraf Sheikh has been arrested

Jharkhand: Hindu organisations allege bias as girl is arrested for Facebook post on Tabrez Ansari death based on FIR by Islamia committee

Acting on a complaint by the Anjuman Islamia Committee in Pithoria district, Ranchi, over a Facebook post on the Tabrez Ansari death, the Jharkhand police have today arrested a girl named Richa Bharti.
Kapil Sibal backed Tiranga TV senior producer accused of sexual harassment

Tiranga TV in yet another controversy: Girl accuses senior producer of sexual harassment, makes lewd chats public

A girl has accused the senior producer of Kapil Sibal backed Tiranga TV of sexual harassment. Himanshi Gupta took to Twitter to make lewd WhatsApp chats public.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

173,536FansLike
158,537FollowersFollow
74,773SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post