Tuesday, October 4, 2022

RBI’s deputy governor Viral Acharya ends tenure abruptly

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New Delhi: Reserve Bank of India (RBI) Deputy Governor Viral Acharya has resigned from his position six months before the scheduled end of his tenure, sources said on Monday. He was in charge of the monetary policy department. Reports said that Acharya is going to return to New York University’s Stern School of Business in August, instead of February 2020, as CV Starr Professor of Economics.
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Second high-profile resignation

Acharya’s resignation is the second high-profile resignation at the Central bank in a span of six months. Earlier in December last year, RBI Governor Urjit Patel had resigned from the post nine months before the scheduled end of his term over differences with the government.

The RBI now has three deputy governors — NS Vishwanathan, BP Kanungo and MK Jain.

Minutes of the MPC meeting reflect a consistent difference in opinion

A look at the recordings from the RBI’s recent Monetary Policy Committee (MPC) meetings showed that there had been a consistent difference of opinion between Acharya and RBI Governor Shaktikanta Das on key issues of growth, inflation and fiscal deficit.

In the February MPC meeting, during which the RBI had decided to cut interest rates by 25 basis points, Das and Acharya differed on the issue of cutting repo rate. While Das wanted a 25 basis point reduction, Acharya wanted to maintain the status quo. Again in April, the minutes of the MPC meeting showed that the MPC voted 4-2 for a 25 basis points rate cut. In the six-member committee, Acharya and Chetan Ghate had voted against a policy rate reduction.

In the June meeting, while the MPC voted unanimously in favour of cutting key policy rate by 25 basis points, Das and Acharya had contrasting assessments of the fiscal deficit situation in the country.

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