Viral Acharya, the Deputy Governor of Reserve Bank of India on June 24, resigned from his post six months before the end of his term, stating that he was not expecting his term to be renewed in any case.
This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI). In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government.
Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016.
Acharya has prodigious achievements and to make account of his accomplishments, skills, and proficiencies is a task in itself. He was the academic director of the Coller Institute of Private Equity at LBS (2007-09) and a senior Houblon-Normal research fellow at the Bank of England (summer 2008), according to a bio available on the NYU-Stern website.
He has been a member of an advisory scientific committee of European Systemic Risk Board (ESRB), economic advisory committee of the Financial Industry Regulation Authority (FINRA), advisory committee of Financial Sector Legislative Reforms Commission (FSLRC) of India, International Advisory Board of the Securities and Exchange Board of India, or Sebi.
He has also been on the advisory council of the Bombay Stock Exchange (BSE) Training Institute, and Academic Research Council Member of the Center for Advanced Financial Research And Learning (CAFRAL, India); and has been an academic advisor to the Federal Reserve Banks of Chicago, Cleveland, New York and Philadelphia, the Board of Governors and the Bank of Canada.
In addition, he is a research associate of the National Bureau of Economic Research (NBER) in corporate finance and research associate of the European Corporate Governance Institute (ECGI).