Outgoing RBI deputy governor Viral Acharya. (Photographer: Jin Lee/Bloomberg)

RBI Deputy Governor Viral Acharya Quits Six Months Before His Term Ends

Reserve Bank of India deputy governor Viral Acharya, who was in-charge of the central bank’s monetary policy department, has resigned six months before the scheduled end of his term, sources said on Monday.

This is the second high profile resignation in the past six months at RBI. In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government.

Acharya had joined RBI on Jan. 23, 2017 after Patel was elevated to the post of deputy governor in September 2016. RBI is now left with three deputy governors—NS Vishwanathan, BP Kanungo and MK Jain.

Acharya, a New York University economics professor who once called himself the "poor man's Raghuram Rajan”, was appointed for 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.

The news was first reported by newspaper Business Standard, which cited the news to Acharya himself.

Bloomberg Quint

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