RBI Deputy Governor Viral Acharya Resigns

By Moderator June 25, 2019 11:48

RBI Deputy Governor Viral Acharya has resigned about six months ahead of the completion of his term.

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  • Acharya, who was in charge of the monetary policy department, reportedly resigned due to “personal reasons”.
    • In his role, Acharya is in charge of several departments, including the monetary policy department that includes forecasting and modelling, corporate strategy and budget department, and the department of economic and policy research.
  • His departure is significant as it comes just a little more than six months after the resignation of Urjit Patel from the post of RBI Governor.
  • It is also perhaps significant that Mr Patel resigned shortly before the Bimal Jalan committee is to submit its report on whether RBI reserves could be transferred to the Centre or not.
    • In October last, Mr Acharya created a controversy by strongly alluding to the encroachment on the autonomy of the central bank by the government. One of the tension points he highlighted was the treatment of the RBI reserves.

RBI Deputy Governor

  • The RBI is headed by the governor, currently Shaktikanta Das. There are four deputy governors.
  • Two of the four deputy governors are traditionally from RBI ranks and are selected from the Bank’s Executive Directors. One is nominated from among the Chairpersons of public sector banks and the other is an economist.
  • The RBI now has three Deputy Governors left — N.S. Vishwanathan, B.P. Kanungo and M.K. Jain.

Also read: Digital transactions set to rise four times by 2021: RBI,

RBI Revises Stressed Asset Resolution Norms

Source: https://www.thehindu.com/news/national/viral-acharya-quits-as-rbi-deputy-governor-six-months-before-term-ends/article28123070.ece

By Moderator June 25, 2019 11:48