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    RBI deputy governor Viral Acharya quits, cites unavoidable personal reasons

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    RBI deputy governor Viral Acharya quits, cites unavoidable personal reasons

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    The central bank said that Acharya submitted a letter a few weeks ago saying he would be unable to continue his tenure as the deputy governor of the RBI beyond July 23, 2019.

    Viral Acharya, deputy governor of Reserve Bank of India (RBI), has resigned six months before the scheduled end of his term. "I have decided to leave six months early due to unavoidable personal reasons. So much to finish in the last month! I am sticking to my school teacher's advice: when your work speaks for itself, don't interrupt!" Acharya told CNBC-TV18.
    The central bank said that Acharya submitted a letter a few weeks ago saying he would be unable to continue his tenure as the deputy governor of the RBI beyond July 23, 2019.
    "Consequential action arising from his letter is under consideration of the Competent Authority," the Reserve Bank added in a press release on Monday.
    The news of Acharya's departure from the central bank was first reported by Business Standard on Monday.
    India's youngest deputy governor post-economic liberalisation resigned in order to return to New York University Stern School of Business (NYU Stern) in August as the CV Starr Professor of Economics, instead of February 2020, the report added.
    Viral Acharya joined the Reserve Bank of India for a three-year term on January 23, 2017.
    Last year, Acharya presented a controversial speech against the government where he batted for the central bank's autonomy. He urged in his speech that the RBI needs to be independent to improve the macroeconomic stability and the policies need to be rule-based.
    The speech created a rift between the central bank and the government, which is also speculated to a reason for former RBI governor Urjit Patel to put in his papers.
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