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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]

Education

CBSE makes three languages mandatory for Classes 9 and 10 from July 1

CBSE has announced that students in Classes 9 and 10 must study three languages from July 1, 2026, though no board examination will be conducted for the third language during the initial rollout.

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CBSE

The Central Board of Secondary Education has announced that students in Classes 9 and 10 will be required to study three languages from July 1, 2026, as part of the implementation of the National Education Policy (NEP) 2020 and the National Curriculum Framework for School Education (NCFSE) 2023.

Under the revised structure, students will study languages under the R1, R2 and R3 format. The board has clarified that two of the three languages must be Indian languages.

However, CBSE has stated that there will be no Class 10 board examination for the third language, also referred to as R3, during the initial phase of implementation.

What the new language structure means

According to the updated curriculum framework, students will choose three different languages. The same language cannot be selected at more than one level simultaneously.

The board has explained the structure as:

  • R1: Any language offered by CBSE
  • R2: A language different from R1
  • R3: A third language different from both R1 and R2

The move is aimed at promoting multilingual education in line with NEP 2020 recommendations.

No board exam for third language initially

CBSE has clarified that although the third language will become mandatory for Classes 9 and 10, students will not immediately face a board examination for R3 in Class 10.

Reports said the full implementation of the three-language board examination structure is expected to happen gradually over the coming years.

Schools asked to prepare for rollout

The board has already directed schools to finalise language options and upload details on the OASIS portal to ensure smooth implementation of the revised policy.

CBSE has also indicated that temporary textbook arrangements and interim measures for language teacher shortages may be introduced during the transition phase.

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India News

Maharashtra asks Google, Apple to remove Uber, Ola, Rapido apps over bike taxi operations

Maharashtra has asked Google and Apple to remove Uber, Ola and Rapido apps over alleged illegal bike taxi operations and safety concerns linked to passenger transport services.

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Rapido

Maharashtra has intensified its action against app-based bike taxi services, with the state government asking Google and Apple to remove apps such as Uber, Ola and Rapido from their app stores over alleged illegal bike taxi operations.

According to notices issued by Maharashtra Cyber, the companies are allegedly operating passenger transport services through bike taxis without obtaining the required permissions and approvals under transport regulations and the Motor Vehicles Act.

The cyber department said unauthorised bike taxi operations pose serious safety concerns for passengers. Authorities highlighted issues related to driver verification, insurance coverage, women’s safety measures and emergency response systems. Officials also claimed that rash and negligent driving linked to some bike taxi operations has increased public safety risks.

The state government also referred to a recent incident involving the alleged death of a woman linked to a bike taxi service, stating that a criminal case has been registered and that similar complaints have surfaced in different parts of Maharashtra.

In its communication to Google and Apple, Maharashtra Cyber reportedly asked the companies to remove and disable access to such applications from the Apple App Store and Google Play Store. The notices warned that failure to comply with directives issued by Indian law enforcement agencies could invite legal consequences under provisions of the Information Technology Act.

Maharashtra Transport Minister Pratap Sarnaik has also directed the cyber department to register FIRs against the ride-hailing platforms over their bike taxi operations in the state.

The action comes amid growing debate over the legality of bike taxi services in several Indian states. While some states permit regulated bike taxi operations, others have imposed restrictions or initiated enforcement action against aggregators operating without formal approval.

The Maharashtra government clarified that the current crackdown is specifically against alleged illegal bike taxi services and does not affect other cab and auto services provided by these platforms.

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Those who want to leave can go: Mamata Banerjee after Trinamool’s poll setback

Mamata Banerjee has told Trinamool Congress leaders that those who wish to leave the party are free to do so after its electoral defeat, as she pushes for organisational rebuilding.

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mamta banerjee

West Bengal Chief Minister Mamata Banerjee has sent a strong message to party members amid internal unrest following the Trinamool Congress’ electoral defeat in the 2026 Assembly elections, saying those who wish to leave the party are free to do so.

The remarks come as the TMC grapples with its worst electoral performance in years and growing dissatisfaction within its ranks.

‘Will not stop anyone from leaving’

At a recent internal review meeting with party candidates, Banerjee reportedly told leaders that she would not attempt to hold back anyone planning to exit the party. She emphasised that the organisation would move forward with those who remain committed.

According to party sources, she said she would focus on rebuilding the organisation from the ground up, including restoring party offices and strengthening grassroots-level structures.

Push for rebuilding the organisation

Banerjee also called for detailed, area-wise reports from party workers and directed them to hold meetings at block and town levels to assess the reasons behind the defeat.

She further indicated that the party would undergo internal restructuring, with efforts aimed at reviving organisational strength at the local level.

Fact-finding teams and internal review

As part of the post-poll exercise, the Trinamool Congress has also set up multiple fact-finding teams to examine alleged irregularities in key districts.

These developments highlight growing internal churn within the party as it attempts to recover from its electoral setback and rebuild its support base.

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