RBI deputy governor Viral Acharya quits 6 months before the term ends

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This is the second jolt for RBI in seven months, Former Governor of RBI had resigned in Dec 2018


The RBI deputy governor Viral Acharya has resigned 6 months before from his position before his term ends. The RBI Governor gave his resignation just a week before the final meeting of RBI’s Monetary Policy Committee (MPC).

Mr. Acharya will return to New York University Stern School of Business before his schedule. He was earlier supposed to return in February 2020 but now he will return this August.

The term of deputy governor ends in February 2020

He was appointed as the deputy governor of RBI in January 2017 for a 3-year term. After the promotion of Urjit Patel for the governor post, Acharya was appointed as one of the four governors in the central bank.

The 45-year-old had earlier said in a candid speech warning that undermining the independence of RBI might be “potentially Catastrophic”.

There have been several Tussle between Government and RBI over the independence of RBI

He has earlier raised questions on the freedom of Reserve Bank of India (RBI) and its importance in the past.  After the tussle between Indian Government and RBI over numerous matter then governor Urjit Patel and deputy governor Viral Acharya were not happy. Urjit Patel had resigned last year in December over the issues with the autonomy of RBI.

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The other governors are Mahesh Kumar Jain, NS Vishwanathan, and BP Kanugo. Michael Patra who is the executive director at the RBI or the principal economic advisor at the Ministry of Finance Sanjeev Sanyal are likely to take place of Mr. Acharya.

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