India

RBI Deputy Governor Acharya quits six months before end of term

INDIA-ECONOMY-RATES

Reserve Bank of India Deputy Governor Viral Acharya has resigned six months before the scheduled end of his term in office, accordind to media reports.

Acharya is returning to the New York University Stern School of Business in August instead of February next year, according to the report.

Acharya, the New York University economics professor who once called himself the ‘poor man’s Raghuram Rajan’ was appointed as a deputy governor by the Indian government towards the end of 2016 for a term of 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.

RBI did not respond to a Reuters request for comment outside of regular business hours.

RBI’s central board of directors include the RBI governor Shaktikanta Das and four deputy governors. This is apart from the non-official directors nominated by the central government.

The other three deputy governors include NS Viswanathan , BP Kanungo and Mahesh Kumar Jain.

Acharya’s exit is the second high profile exit from the RBI in the past six months. After a rise in the tensions between the RBI and Finance Ministry, Urjit Patel had quit from the position of RBI governor last December.

Reuters

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