RBI Deputy Governor Viral Acharya resigns ahead of Union Budget 2019

RBI's youngest deputy governor post-1991 economic reforms Acharya joined the RBI

RBI's youngest deputy governor post-1991 economic reforms Acharya joined the RBI

Reserve Bank of India Deputy Governor Viral Acharya has resigned from his position six months before the end of his term, according to sources in the central bank. Acharya reportedly resigned a few weeks before the RBI's monetary policy committee earlier this month.

Modi, re-elected for a second term in May, has been seeking more support from the RBI for the economy, as well as easing regulations for weaker banks.

Consequential action arising from his letter is under consideration of the competent authority, it said.

ET has independently confirmed that Acharya has quit and would be heading to the New York University to teach.

Acharya, a Professor at the New York University's Stern School of Business joined the banking regulator in January 2017 and his term was to expire next February.

Acharya's resignation has been talked about as a possibility since governor Urjit Patel's sudden departure in early December.

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A statement on the RBI site said: Reports have appeared in certain sections of the media that Viral V Acharya, Deputy Governor of the Reserve Bank of India (RBI) has resigned from his post.

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.

It may be noted that Acharya was in the government's cross-hairs last October opposing the centre's demand for transfer of RBI's excess reserves.

Acharya had said governments that do not respect central bank's independence would sooner or later incur the "wrath of financial markets, ignite an economic fire and come to rue the day they undermined an important regulatory institution".

The RBI now has three Deputy Governors left - N.S. Vishwanathan, B.P. Kanungo and M.K. Jain.

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