Indian Politics

RBI Deputy Governor Call it Quits – Raghunath Rajan, Urjit Patel – Modiji?


RBI After the controversial resignation of former RBI governor Urjit Patel, another economic tragedy awaits India. The Deputy Governor of RBI Viral Acharya resigns from his post 6 months before his scheduled tenure. This does not come as a big shocker. There were growing tensions between the two money supplying authorities of the country.

Viral Acharya  as of 20 January 2017, was serving his three year term as Deputy Governor of RBI. He serves as a member of the advisory council of the RB I Academy. He is also a member of the Academic Council of the National Institute of Securities Markets (NISM), Securities and Exchange Board of India (SEBI) since 2014. Dr. Acharya submitted his resignation to the current RBI governor Shaktikant Das. He stated ‘unavoidable personal circumstances’ as his reason for not being able to continue. Expectations are that he will be continuing in New York University Stern School of Business (NYU stern) in August as CV Starr Professor of Economics.

RBI: Reasons for calling it a quit

This is the third economic council member who has quit before the term. Also, this clearly points to an increasing rift between the government and the Central bank. Speculations are that the reasons for this drift are unsolicited interference in RB I matters and control of autonomy by the government. Some believe that reason for Urjit Patel’s quit was his difference of opinion regarding economic policy matters than the government. Acharya supported Urjit Patel in his brawl with government. The RBI is now left with three deputy governors N S Vishwanathan, BP Kanungo and MK Jain

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