RBI Dy Governor Resigns 6 Months Ahead of His Term

New Delhi, June 24, 2019:

The Deputy Governor of the Reserve Bank of India (RBI), Viral Acharya has resigned six months ahead of his term in office.

According to reports, Acharya would be returning to the New York University Stern School of Business in August.

Viral Acharya was appointed as the Deputy Governor in 2016 for a term of three years.

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In his letter to the RBI, Acharya said that he was resigning due to unavoidable personal circumstances. He said that he is unable to continue with his term as Deputy Governor of RBI beyond July 23.

Last year Acharya grabbed the headlines when he spoke about the independence of the RBI. He had stressed on the importance of the RBI's independence and also said that direct intervention and interference by the government in the operational mandate of the central bank negates its functional autonomy.

His statements were viewed as a concern he had raised on behalf of Urjit Patel, who eventually quit as the RBI Governor a few months later.

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