Reserve Bank of India’s (RBI) Deputy Governor Viral Acharya has quit six months before the scheduled end of his term to return to New York University Stern School of Business (NYU stern) in August as CV Starr Professor of Economics.
The news was confirmed by the Reserve Bank of India after several publications reported it this morning.
“A few weeks ago, Dr Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019,” the RBI wrote.”Consequential action arising from his letter is under consideration of the Competent Authority,” the central bank added, without elaborating on whether it had accepted Acharya’s request to resign.
Acharya told CNBC-TV18 that he decided to leave six months early due to unavoidable personal reasons. He commented: “A school teacher once told me: When your work speaks for itself, do not interrupt.”
Acharya had put in his papers a few weeks before the last meeting of RBI’s Monetary Policy Committee (MPC) that was held on June 6, sources told Business Standard.
Acharya had joined RBI on January 23, 2017. There was speculation that he will follow the former Governor’s Urjit Patel footsteps and leave the central bank soon after the latter resigned on December 10, 2018.
Currently, Acharya is in charge of the Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Markets Operation Department, Financial Market Regulation Department, among others at the RBI.
The report stated that another 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 process for finding Vishwanathan’s successor has been put on hold.