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Viral Acharya resigns from RBI..

Summary:
Tamal Bandypadhyay of BS broke the news early morning that RBI DeputyGovernor Viral Acharya has resigned from the central bank. One wanted some confirmations from the central bank before blogging. The central bank does confirm the news: Reports have appeared in certain sections of the media that Dr. Viral V. Acharya, Deputy Governor of the Reserve Bank of India (RBI) has resigned from his post. In this connection it is stated as follows: A few weeks ago, Dr. Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019. Consequential action arising from his letter is under consideration of the Competent Authority. Puzzling to note that he had resigned sometime ago,

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Tamal Bandypadhyay of BS broke the news early morning that RBI DeputyGovernor Viral Acharya has resigned from the central bank.

One wanted some confirmations from the central bank before blogging. The central bank does confirm the news:

Reports have appeared in certain sections of the media that Dr. Viral V. Acharya, Deputy Governor of the Reserve Bank of India (RBI) has resigned from his post. In this connection it is stated as follows:

A few weeks ago, Dr. Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019. Consequential action arising from his letter is under consideration of the Competent Authority.

Puzzling to note that he had resigned sometime ago, yet we only come to know of his decision now.

After his October-2018 speech, his resignation was always a question of when and not if.

Interesting timing of both Viral Acharya and Urjit Patel. They resigned soon after the monetary policy meeting where it all looked good. Urjit resigned on 10-Dec-18 after the December-2018 meeting and Viral little later after the June-2019 monetary policy.

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Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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