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December 4, 2020

RBI DG Viral Acharya resigned 6 months before completion of the term

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  • In January 2017, the term of 3 years was to be completed in January 2020
  • Acharya raised the issue of autonomy of RBI in October last year
  • Due to dispute with the government on other issues including autonomy, Patel had resigned from the post of governor in December 2018

RBI ‘s deputy governor Viral Acharya (45) has resigned six months ago from the completion of the term. News Agency on Monday quoted sources as saying. Acharya became the deputy governor of the Reserve Bank on January 23, 2017. They are also in-charge of the RBI’s Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Market Operation Department and Financial Market Regulatory Department. The term of the deputy governor was to complete 3 years in January 2020. Last year, he raised the issue of autonomy of the RBI.

Second big resignation in 6 months

During a speech in October 2018, Acharya had said that the government, which compromises the autonomy of the central bank, has to face the market’s resentment. After that statement, the dispute between the government and the RBI came out openly. Due to disputes with the government, on December 10, 2018, Urjit Patel resigned from the post of Governor. He had 9 months to complete his term.

Acharya will again go to academic field: report

According to media reports, Acharya has told the reasons for the resignation to be private. They will be joining Teaching in New York University. Prior to joining the Reserve Bank, he was a professor of economics at New York University. His family too is in America. It is being told that Acharya was feeling uncomfortable after the resignation of Urjit Patel. Following Patel’s resignation, speculation about the resignation of Acharya had also begun.

The term of NS Vishwanathan can be extended
After the resignation of Acharya, the Reserve Bank has three deputy governors – NS Vishwanathan, BP Kanugao and MK Jain. Viswanathan’s tenure is being completed in the first week of July. According to media reports, his tenure can be extended to two years.

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