Viral Acharya, RBI’s deputy governor, resigned from his post six months before his term was due to end, reports said.
Acharya is returning to New York University Stern School of Business in August as the CV Starr Professor of Economics, the Business Standard said.
He had joined the RBI on 23 January 2017 and is the central bank’s youngest deputy governor, post economic liberalisation, the Indian Express reported.
According to Business Standard, Acharya resigned a few weeks before the RBI’s monetary policy committee meeting held earlier this month.
Express reported Acharya had a difference of opinion with RBI Governor Shaktikanta Das over the monetary policy announced on 4 April. The committee decided to reduce the policy repo rate by 25 basis points to 6 per cent. Acharya had reportedly cautioned Das against another repo rate cut.
In October 2018, in an apparent warning to the government, Acharya had warned against undermining a central bank’s independence, The Scroll reported.
Bloomberg says NS Vishwanathan, a deputy governor whose term is due to end in July, may stay on for another term.
Acharya may be succeeded by Michael Patra, an RBI executive director, or Sanjeev Sanyal, principal economic adviser at the finance ministry, the report said.
This is the second high profile resignation in the past six months at the RBI.
In December 2018, Urjit Patel had quit as RBI governor amid growing differences with the government.