Viral Acharya, Deputy Governor of the Reserve Bank of India, has resigned six months before his term ends, say sources.
The development comes at a time the economy is struggling with a five-year-low growth in gross domestic product and less than two weeks ahead of the presentation of the full-year Union Budget by the government in Parliament.
RBI has neither confirmed nor denied the report.
However, Acharya has confirmed his departure to the business daily citing ‘unavoidable personal reasons.’ He commented: “A school teacher once told me: When your work speaks for itself, do not interrupt.”
Acharya had joined RBI on January 23, 2017. There was speculation that he will follow the former Governor’s Urjit Patel footsteps and leave the central bank soon after the latter resigned on December 10, 2018.
Currently, Acharya is in charge of the Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Markets Operation Department, Financial Market Regulation Department, among others at the RBI.