RBI Deputy Governor Viral Acharya Quits, Cites "Personal Circumstances"

RBI Deputy Governor Viral Acharya Resigns 6 Months Before His Term Ends Report

Acharya, who will now return to the New York University's Stern Business School in August instead of in 2020, said he felt that the RBI has made good progress in earning its independence, pointing to the formation of the rate-setting monetary policy committee. However, eyebrows have been raised given Acharya's past vocal stand against the Centre, at a time when the fractious relationship between the RBI and the government had reached epic proportions.

RBI's 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, the news report said.

That rift had exploded when Viral Acharya, in a scathing speech just a couple of months before that, had warned of "risks of undermining the central bank's independence" as "potentially catastrophic". This was after a pre-election government had asked the regulator to relax lending restrictions on a few banks.

RBI's youngest deputy governor post-1991 economic reforms Acharya joined the RBI on January 23, 2017. Since a truce of sorts was struck between the central bank and the government, and a committee was set up to look into the matter of RBI reserves, many assumed that this point of friction was over. Despite that, things got quite choppy in the days ahead and it was widely speculated that Patel and/or Acharya would either resign or face the axe in RBI's November board meet.

During his term, Acharya on several occassions have been critical of government's decision making.

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Traders and economists said the focus would now shift to who the replacement for Acharya would be, while markets are also awaiting a report on the transfer of excess RBI reserves and on the federal budget on July 5.

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".

RBI's central board of directors include the RBI governor Shaktikanta Das and four deputy governors.

"Correct economic measurement of the fiscal slippage should factor in the implications of a rising PSBR (Public Sector Borrowing Requirement) rather than rely exclusively on the consolidated fiscal deficit figures, the former Deputy Governor had said".

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