TIL Desk/Business/Mumbai/ The early exit of RBI Deputy Governor Viral Acharya was not surprising and will not roil the markets, the country’s largest bank SBI said in a research report. Acharya, who in October last year had brought to light tensions with the government over independence of the central bank, resigned six months before the scheduled end of his term in the office.
Acharya, 45, who was the only Deputy Governor of Reserve Bank on the six-member interest rate-setting monetary policy committee, resigned from his position “a few weeks” back citing “unavoidable personal circumstances”, the Reserve Bank of India (RBI) said in a brief statement on Monday. In his resignation, he expressed inability to continue beyond July 23, 2019, the RBI said.
SBI’s ‘Ecowrap’ report said that the early exit of Acharya is not surprising. “Though it was a rumour, but market had anticipated it after the resignation of former Governor Dr Urjit Patel way back in December 2018,” it said. The report said that “quite expectedly” a few voices of concern are being raised here and there about the Deputy Governor’s pre-mature exit, just like it was done when Governor Raghuram Rajan had left the RBI.
