News Update

RBI deputy Governor Viral Acharya quits six months before term ends

RBI deputy Governor Viral Acharya quits six months before term ends

Reserve Bank of India(RBI) Deputy Governor Viral Acharya resigned on Monday, six months before the end of his term.

He was in-charge of the monetary policy department. Acharya, RBI’s youngest deputy governor post economic liberalisation, had joined on January 23, 2017 after Urjit Patel was elevated to the post of Governor in September 2016. This is the second high profile resignation in the past six months at the banker’s bank.

Acharya, a New York University economics professor who once called himself the ‘poor man’s Raghuram Rajan’, was appointed for a term of three years. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money post demonetisation.

RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain.