Reserve Bank of India’s (RBI) Deputy Governor Viral Acharya has quit six months before the end of his term, sources said on Monday.
Acharya is the third top official to quit RBI beforecompleting their term. The first being former RBI Governor Raghuram Rajan andsecond being former Governor Urjit Patel.
Sources said that Acharya, who joined as the RBI DeputyGovernor in January 2017, was against the central bank’s decision on repeatedcuts of repo rates to support the government’s public spending and consumptionboost measures to tackle the slowing growth.
Acharya viewed such steps as putting fiscal discipline intorisk and he did not want to be part of “those decisions”, sourcessaid.
Confirming the development, the RBI said in a statement:”Viral V. Acharya submitted a letter to the RBI informing that due tounavoidable personal circumstances, he is unable to continue his term as aDeputy Governor of RBI beyond July 23, 2019. Consequential action arising fromhis letter is under consideration.” Acharya has not commented on the matter yet.