Reasons Prompting the Resign of Viral Acharya
Viral Acharya recently resigned from the post of RBI Deputy Governor. He followed the path of the other RBI heads in the past, just like Raghuram Rajan, Urjit Patel. Both Raghuram Rajan and Urjit Patel had left RBI after refusing to compromise on issues of national interest with the government.
Viral Acharya Fought for the Independence of RBI
The sudden resignation of Viral Acharya was not surprising. Before resigning, Viral delivered a speech on the independence of the Central Bank. Like Rajan and Urjit Patel, Viral is known for his firm decisions of cleansing up the banking system, introducing new and innovative ideas like inflation targetting. Rajan, Urjit Patel, and Viral Acharya fought for the independence of RBI. Viral Acharya was the youngest to become the RBI Deputy Governor. He has resigned from the coveted post six months ahead of his term completion. According to sources from the RBI, it was acknowledged that Acharya quit his job owing to unavoidable personal circumstances.
About the Ex-RBI Deputy Governor Viral Acharya
Before joining RBI, Viral Acharya was a professor of economics in the department of finance at New York University. He has been on leave from the university since 17th January 2017 and is likely to join the same after having resigned from his post. The professor of Economics was keen to join the academia after having served as RBI Deputy Head. Viral left as the RBI Deputy Head so early because the extension at the Reserve Bank of India did not materialize, and he had to wait for another five months before he could have joined the academia. He also added sarcastically that the government might prefer having a non-NRI candidate as the Deputy Governor of the RBI.