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RBI deputy governor Viral Acharya resigns, may return to the US: Sources

RBI Deputy Governor Viral Acharya has resigned, six months before the end of his tenure. 

RBI deputy governor Viral Acharya resigns, may return to the US: Sources
Viral Acharya is reportedly returning to the New York University Stern School of Business in August instead of February next year.
Written By: ZeeBiz WebTeam
Updated: Mon, Jun 24, 2019
09:21 am
Mumbai, ZeeBiz WebDesk
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RBI Deputy Governor Viral Acharya has resigned, six months before the end of his tenure. Sources told Zee Business TV that Acharya may return to the US to join academics once again. Acharya is reportedly returning to the New York University Stern School of Business in August instead of February next year. Acharya was appointed as a deputy governor by the Indian government towards the end of 2016 for a term of three years. 

Watch: Anil Singhvi's analysis of Viral Acharya's resignation

The Central Government had appointed Acharya as Deputy Governor, Reserve Bank of India for a term of three years from the date of his taking charge on January 20, 2017. As Deputy Governor, Acharya was expected to look after the Monetary Policy and Research cluster. Before joining the RBI, Acharya was C.V. Starr Professor of Economics, Department of Finance, New York University – Stern School of Business. An RBI notifiction dated December 28, 2016 had said, "The Central Government has, through notification F No. 7/1/2012-BO-I (Pt.) dated December 28, 2016, appointed Dr. Viral V. Acharya, currently C.V. Starr Professor of Economics, Department of Finance, New York University – Stern School of Business, (resume enclosed) as Deputy Governor, Reserve Bank of India for a term of three years from the date of his taking charge. Dr. Acharya will join on January 20, 2017. As Deputy Governor, Dr Acharya will look after the Monetary Policy and Research cluster."

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

There are now three deputy governors - N S Vishwanathan, B P Kanungo and M K Jain - with the RBI. 

Acharya had once called himself 'poor man's Raghuram Rajan', according to PTI. He was appointed as a time when the RBI was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.