India Reserve Bank Deputy Head Quits Over Differences With Modi Cabinet

RBI's youngest deputy governor post-1991 economic reforms Acharya joined the RBI

RBI's youngest deputy governor post-1991 economic reforms Acharya joined the RBI

India's youngest deputy governor post economic liberalisation, Viral Acharya, has resigned from the post of RBI's deputy governor six months before the scheduled end of his term. But he stayed on.

Acharya had warned in a speech on October 26 that undermining the central bank's independence could be potentially catastrophic.

Mr. Acharya had in October previous year created a controversy by strongly alluding to the encroachment on autonomy of the central bank by the government.

He noted that overall public sector borrowing - which account for extra-budgetary resources and other off-balance sheet borrowings of central and state governments a "have now reached between 8-9 percent of GDP". Whether or not he is a casualty of the Narendra Modi administration's attitude towards our institutions, he will be missed for his insights into the monetary scenario, market responses and much more.

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The Business Standard newspaper had reported earlier on Monday that Acharya had resigned and would be returning to the New York University Stern School of Business in August instead of February next year.

The newly appointed Viral also comes from an academic background like Rajan and has also co-authored in the past at least three papers with the former RBI governor.

This is the second high-profile resignation in the past seven months at the RBI.

He had further said that while the theme of independence is of great sensitivity, it is of even greater importance to the country's economic prospects.

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An outspoken top cat from India's central bank, Viral Acharya, has quit to go back to teaching at New York University.

Economy is not the only thing that Acharya is famous for.

After Patel resigned in December and Shaktikanta Das took over as Governor, the RBI has cut its repo, or short-term lending rate for commercial banks, thrice already, bringing it down to 5.75 per cent. Acharya had voted against the cut two out of three times. "Frictions between him and the government on issues related to central bank independence had come to the fore", said Nomura in a note on Monday. This trimming of regulatory powers had not gone down well with NYU-educated Acharya, who also worked there.

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