RBI Governor Viral Acharya resigns abruptly six weeks prior to term end

According to reports, Viral Acharya had put down his papers a few weeks before the last meeting of RBI’s Monetary Policy Committee (MPC) that was held on June 6

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On Monday, June 24, Reserve Bank of India (RBI) Deputy Governor Viral Acharya quit six months before the scheduled end of his term. Acharya had decided to resign to return to New York University Stern School of Business (NYU Stern) in August as CV Starr Professor of Economics.

"A few weeks ago, Dr Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019," the RBI wrote."Consequential action arising from his letter is under consideration of the Competent Authority," the central bank added, without clarifying on whether it had accepted Acharya's request to resign.

Earlier, Acharya had stated that he had decided to call it quits and leave six months early due to unavoidable personal reasons. According to reports, Acharya had put down his papers a few weeks before the last meeting of RBI’s Monetary Policy Committee (MPC) that was held on June 6.

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Acharya had joined the central bank on January 23, 2017.  Earlier, there was speculation that he will follow the former Governor Urjit Patel's footsteps and leave the central bank soon after the latter resigned on December 10, 2018.

Currently, Acharya heads 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.

Meanwhile, there are speculations that another RBI Deputy Governor NS Vishwanathan, whose term is due to end in the first week of July, is likely to stay back for another two-year term.

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