The Reserve Bank of India Deputy Governor Viral Acharya has quit, six months before the scheduled end of his term. Viral was known for his tough stand of greater autonomy for the banking regulator and had made this public during the tenure of Urjit Patel when he was bank Governor prior to the term of present chief Shaktikantha Das.
Acharya had dropped a bombshell on October 26, 2018, when he spoke publicly about the need to ensure the regulator's autonomy. He joined the central bank on January 23, 2017, and was its youngest Deputy Governor after economic liberalisation. He is expected to move to the US and take up teaching and join his family there.
According to banking sources, his resignation was expected, especially after the exit of Urjit who had put up a fight for the central bank's autonomy, much to the discomfort of the first Modi regime. Acharya is also said to have had differences with Das on issues of growth and inflation and is believed to have made this clear during the last two monetary policy meetings he has been part of under Das.
It remains to be seen if the other Deputy Governor N Vishwanathan, who is to retire next month, may be asked to continue.