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Viral Acharya quits as RBI deputy governor six months before his term ends

Acharya, who joined the RBI on January 23, 2017, was youngest deputy governor post-economic liberalisation

Viral Acharya quits as RBI deputy governor six months before his term ends

RBI Deputy Governor Viral Acharya

RBI Deputy Governor Viral Acharya, who batted for central bank's Independence, has reportedly resigned six months before the scheduled end of his term.

Acharya, who joined the RBI on January 23, 2017, was youngest deputy governor post-economic liberalisation. He will return to New York University Stern School of Business (NYU Stern) to teach, reported the Economic Times.

Acharya did PhD in Finance from New York University Stern School of Business in 2001. He also holds B Tech degree in Computer Science and Engineering, from Indian Institute of Technology.

He had resigned a few weeks before the last meeting of the RBI's monetary policy committee (MPC) early this month, the leading daily quoted people close to the mater as saying.

Although, Acharya maintained that "unavoidable personal reasons" were behind his exit, many at RBI believe that his confrontation with the government about autonomy of the apex bank and difference in opinion with Governor Shaktikanta Das had reached a point of no return.

The recent meeting of the monetary policy committee (MPC) witnessed a rift between the RBI officials Acharya and Shaktikanta Das on the issues of economic growth and inflation.

His exit follows Urjit Patel's sudden resignation in December last year who stepped down from the position after the central bank's spat with the Finance Ministry over issues related to autonomy and governance of the central bank.

Clarifying on reports of Acharya resignation, RBI has said that "we do not have any internal communication as of yet."

Acharya was in charge of the Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Markets Operation Department, Financial Market Regulation Department, among others at the RBI.

Edited by Chitranjan Kumar

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