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RBI Deputy Governor Viral Acharya resigns

He is leaving six months before end of his term.

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In a sudden development, Reserve Bank of India Deputy Governor Viral Acharya has resigned six months before the scheduled end of his term in office. After media reports emerged, RBI had to issue a statement confirming the development. RBI in its statement said Viral Acharya is leaving the post due to 'unavoidable personal reasons'. According to RBI, Acharya is looking to stay on his post till 23rd July and his resignation is currently under consideration of 'competent authority'. 

Acharya was roped in by the government as Deputy Governor of RBI on 2017, January. His three-year term was set to end on January 22, 2020. 

He used to look after There will be two top slots open in RBI one of Acharya and other of NS Viswanathan who is retiring on July 3rd 2019 Viral Acharya looks after monetary policy,  research and financial stability while Viswanathan is in charge of crucial banking regulation and risk management department.  Earlier Urjit Patel had resigned as RBI Governor citing personal reasons and he was replaced by Shaktikanta Das. 

Acharya is set to return to NYU's Stern School of Business. 

During his term, Acharya on several occassions have been critical of government's decision making. He had said, "A government's decision-making is rendered short, like the duration of a T20 match. In contrast, the RBI plays a Test match... trying to win seach session". 

He also said governments that do not respect central bank's independence would sooner or later incur the wrath of financial markets. He likened it to 'self-goal' from the government. 

 

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