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Govt likely to target deputy governor Viral Acharya if rift with RBI widens: report

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The government is likely to target Viral Acharya, Reserve Bank of India deputy governor, if the conflict with the central bank escalates at the RBI board meeting on November 19, Mint reported.

Govt likely to target deputy governor Viral Acharya if rift with RBI widens: report
The government is likely to target Viral Acharya, Reserve Bank of India's deputy governor, if the conflict with the central bank escalates at the RBI board meeting on November 19, Mint reported.
If case the issues are not resolved with the central bank, the government may invoke Section 7 of the Reserve Bank of India Act,  the report said citing a person familiar with the deliberations within central bank’s board.
The report added that at least four of the 11 independent directors of the central bank could move a no-confidence motion against Acharya following his fiery speech.
If Section 7 of RBI Act is invoked, the five representatives of the central bank, including governor Urjit Patel, and the two finance ministry secretaries have to withdraw from the board, the report said.