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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

[vc_row][vc_column][vc_column_text]RBI Deputy Governor Viral V Acharya has resigned from his post, six months before the scheduled end of his term citing “unavoidable personal circumstances”, said media reports.

Confirming the resignation, the Reserve Bank of India in a statement said, “Due to unavoidable personal circumstances, Viral Acharya is unable to continue as deputy governor beyond July 23. Consequential action arising from his letter is under consideration of the competent authority.”

Acharya was not expecting his term to be renewed in any case, The Indian Express (IE) reported, citing source-based information.

Since Acharya was appointed by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, the resignation would also be accepted by the panel.RBI Dy Governor Viral Acahrya resigns 6 months before term

Acharya, 45, joined the central bank in January 2017 and was RBI’s youngest deputy governor, post economic liberalisation. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

Also Read: AES deaths in Muzaffarpur: Supreme Court notice to Bihar govt to respond within a week

His term was scheduled to end in February next year, said media reports. Acharya will be returning to New York University as CV Starr Professor of Economics. Acharya was called as the poor man’s Rajan over the many similarities with the former Governor Raghuram Rajan, who also left RBI against his wishes to continue.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1561367870691{border-top-width: 10px !important;border-right-width: 10px !important;border-bottom-width: 10px !important;border-left-width: 10px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #dbdbdb !important;border-radius: 10px !important;}”][vc_column][vc_column_text]

Economists/Experts who quit:

June 2019 – RBI Dy Governor Viral Acharya resigns

Jan 2019 – The last two non-official members of National Statistical Commission resign over job data differences

Dec 2018 – RBI Governor Urjit Patel resigns amid tension with government

June 2018 – Chief Economic Advisor Arvind Subramanian resigns, recently claimed GDP growth rate was way below that claimed

Aug 2017 – NITI Aayog vice chairman Arvind Pangaraiya resigns

June 2016 – RBI Governor Raghuram Rajan resigns[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]This is the second high profile resignation in the past six months at the Reserve Bank of India (RBI) and the third under Modi government (including the previous term). The first to go was RBI governor Raghuram Rajan. In December 2018, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. The RBI is now left with three deputy governors NS Vishwanathan, BP Kanungo and MK Jain.

Acharya, in a speech just a couple of months before Patel’s resignation over differences with Modi government, had warned of “risks of undermining the central bank’s independence” as “potentially catastrophic”.

“Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution,” Acharya had said.

Acharya had also warned of a talent crisis at a central bank if its independence is seen to be compromised. When the governance of the central bank is undermined, it is unlikely to attract or be able to retain the brightest minds that thrive on the ability to debate freely, think independently, and effect changes, attrition of central bank powers results in attrition of its human capital and deterioration of its efficiency and expertise over time, he had said.

An expert in credit risk, Acharya recently differed with Reserve Bank Governor Shaktikanta Das in the monetary policy announced on April 4, according to minutes released by the bank. Das favoured focussing on economic growth with a repo rate cut. Acharya cautioned on another rate cut in the wake of high inflation excluding food and fuel. The six-member Monetary Policy Committee (MPC) decided to reduce the policy repo rate by 25 basis points to 6 per cent in a 4-2 majority decision.

Also Read: Skeletal remains of 108 children found outside Muzaffarpur Hospital

Acharya’s resignation is the latest in the string of high-profile exits of economic policy makers — Raghuram Rajan, Urjit Patel, Arvind Subramanian and now Viral Acharya and, said Financial Times (FT), calls into question the government’s ability to stomach independent advice. “But that is unlikely to unfaze the government, which no doubt has its own agenda,” FT said.[/vc_column_text][/vc_column][/vc_row]

India News

MDMK ends nine-year alliance with DMK, keeps options open on joining Vijay-led front

MDMK has formally severed ties with the DMK after nine years, while refraining from immediately joining Chief Minister Joseph Vijay’s alliance.

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The Marumalarchi Dravida Munnetra Kazhagam (MDMK), led by Vaiko, has formally ended its nine-year association with the Dravida Munnetra Kazhagam (DMK), marking a significant shift in Tamil Nadu’s political landscape. The decision was taken during the party’s general council meeting held on Friday.

MDMK cites attempts to weaken party

In resolutions adopted at the meeting, the MDMK alleged that efforts had been made to weaken the party within the DMK-led alliance, making it difficult to continue the association. The party also claimed there were attempts aimed at facilitating an AIADMK return to power, allegations that were rejected by the DMK.

Although political observers have speculated about the MDMK moving closer to Chief Minister Joseph Vijay’s Tamilaga Vettri Kazhagam (TVK), the party did not formally announce any alliance with the ruling front. Instead, it said decisions regarding future political alignments would be taken at an appropriate time.

Warm remarks for Vijay government fuel speculation

The MDMK’s resolutions welcomed the state government’s functioning under Chief Minister Joseph Vijay and urged it to remain committed to key promises, including ensuring corruption-free governance and safeguarding Tamil Nadu’s interests on issues such as the Mekedatu dam project. These remarks have intensified speculation about a possible future understanding between the two sides.

The development comes amid broader political realignments in Tamil Nadu following the 2026 Assembly elections, with several parties reassessing their alliances in the changed political scenario.

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India News

Champat Rai, Anil Mishra resign from Ram Temple Trust amid donation embezzlement probe

Top officials of the Shri Ram Janmabhoomi Teerth Kshetra Trust have resigned as investigators continue probing alleged embezzlement of donations at the Ayodhya Ram Temple.

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Senior functionaries of the Shri Ram Janmabhoomi Teerth Kshetra Trust, Champat Rai and Anil Mishra, have resigned from their respective positions amid the ongoing investigation into the alleged theft and embezzlement of donations received at the Ram Temple in Ayodhya.

According to reports, Champat Rai stepped down from his role as the Trust’s general secretary, while trustee Anil Mishra also resigned from his responsibilities linked to overseeing the counting of cash offerings. The developments come as the probe into alleged irregularities in handling temple donations continues to expand.

The resignations reportedly followed the registration of an FIR in connection with the alleged misappropriation of cash and valuables donated by devotees. Several individuals associated with the counting process have already been arrested, and investigators have recovered substantial amounts of cash during the course of the probe.

Sources indicated that the resignations were offered to facilitate an impartial investigation into the matter. However, there has been no official statement from the Trust detailing whether the resignations have been formally accepted.

The alleged embezzlement case has triggered political reactions, with opposition parties demanding a thorough and transparent investigation into the handling of temple donations. The issue has also raised questions regarding internal oversight and security mechanisms governing donation management at the temple.

Authorities continue to investigate the matter, while further action is expected based on the findings of the ongoing probe.

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Education

Maharashtra TET 2026 postponed a day before exam after alleged paper leak, three arrested

Maharashtra postponed the MAHA TET 2026 examination after an alleged paper leak came to light in Thane district, leading to the arrest of three individuals

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The Maharashtra Teacher Eligibility Test (MAHA TET) 2026, scheduled to be conducted on June 28, has been postponed following allegations of a question paper leak. The decision was announced after police uncovered material suspected to be linked to the examination during a raid in Thane district.

Authorities said the suspected leak came to light during an early morning operation in Bhiwandi, where individuals were allegedly found in possession of question papers that matched the actual examination material. Three people have been arrested in connection with the case, while further investigations are underway.

The Maharashtra State Council of Examination (MSCE) subsequently decided to postpone the examination to maintain the integrity and transparency of the recruitment process. Officials stated that a fresh date for the examination will be announced later. Candidates will be required to download new admit cards once the revised schedule is released.

According to officials, more than six lakh candidates were expected to appear for the examination across 1,700-plus centres in the state. The postponement, announced just a day before the test, has affected thousands of aspirants preparing for teaching positions in Maharashtra schools.

The incident has once again raised concerns over the security of competitive examinations in the state, with opposition parties criticising the government over recurring allegations of paper leaks.

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