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.

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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.

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