Reserve Bank of India (RBI) deputy governor Viral Acharya has resigned six months before the end of his term over differences with incumbent government of Prime Minister Narendra Modi concerning the policies of the central banking institution, local media reported on Monday
NEW DELHI (Pakistan Point News / Sputnik - 24th June, 2019) Reserve Bank of India (RBI) deputy governor Viral Acharya has resigned six months before the end of his term over differences with incumbent government of Prime Minister Narendra Modi concerning the policies of the central banking institution, local media reported on Monday.
According to the India Today magazine, Acharya, who took over his post in January 2017, has been consistently raising concern over importance of the bank's independence, with the institution and the cabinet, in particular, being at odds over the use of the RBI's excess reserves.
The government's purported intervention into the RBI's decision-making and differing approaches to the rupee devaluation as well as interest rate policies are also believed to have been behind last year's departure of then-Governor Urjit Patel, the media outlet said.
Modi, re-elected for the second term in May, has been seeking more support from the RBI for the economy, as well as ease in regulations for weaker banks.
The RBI is yet to officially comment on the reports.
