In a recent move, the central Government today appointed Viral V Acharya as the new Deputy Governor of Reserve Bank of India, who is a professor of economics in New York University.
Acharya, who is 42, is appointed for a tenure of three years and is taking over at a time, when the apex bank is facing criticism for repeated changes in the regulations related to deposit and withdrawal of money, post-demonetization.
With this move being taken, Acharya will fill position that fell vacant after Urjit Patel joined in as the RBI Governor to succeed Raghuram Rajan from September 4. The other existing Deputy Governors of RBI are S S Mundra, N S Vishwanat and R Gandhi.
Like Rajan, Acharya also carries with him an academic background and has also co-authored in the past at least three papers with the former RBI governor, which included ‘Sovereign debt, government myopia, and the financial sector’, ‘The Internal Governance of Firms’ and ‘Government Myopia and Debt in a Dynamic Setting.
Acharya is an alumnus of IIT, Mumbai, with a Bachelor of Technology in Computer Science and Engineering degree in 1995 and also holds a PhD in Finance from NYU-Stern in 2001. He was with the London Business School (2001-08) and also served as 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).
He has also served as Director, NSE-NYU Stern Initiative on the Study of Indian Capital Markets, and has been a member of Sebi’s International Advisory Board.