Viral Acharya Resigns As Deputy Governor Of RBI

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Viral Acharya, the Deputy Governor of the Reserve Bank of India (RBI,) on the 24th of June, resigned from his post.

Mr. Acharya resigned 6 months before the end of his tenure. His tenure was expected to end in February 2020.

Viral Acharya was in charge of the Monetary Policy Department of the RBI. His resignation comes 6 months after Urjit Patel, the former Governor of the RBI, extended his resignation due to differences with the Central Government.

Mr. Acharya was appointed as one of the four Governors of the RBI in 2016. The other three Governors are N.S. Vishwanathan, B.P. Kanungo and Mahesh Kumar Jain.

Mr. Acharya, in a speech, said, “Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution.”

Although Mr. Acharya said he submitted his resignation due to “unavoidable personal reasons,” it is said, the differences between the RBI and the Central Government could be the reason behind his resignation.

Stay tuned for further updates.

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