Business and EconomyIndia

RBI Deputy Governor Viral Acharya resigns

The Deputy Governor of the Reserve Bank of India, Viral Acharya who was in-charge of the monetary policy department, has resigned six months ahead of his scheduled term end.

Acharya submitted a letter a few weeks ago saying he was unable to continue his term beyond July 23 due to unavoidable personal circumstances, the RBI said in a news release . Acharya had made headlines last year when he spoke about the importance of a central bank’s independence and said direct intervention and interference by the government in the operational mandate of the central bank negates its functional autonomy. Many had seen this as Acharya voicing concerns on behalf of the then governor Urjit Patel, who eventually quit a few months later.

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

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