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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

Rabri Devi removes new security detail after Z-plus cover withdrawal, Tejashwi Yadav follows suit

Former Bihar Chief Minister Rabri Devi and RJD leader Tejashwi Yadav reportedly removed newly assigned security personnel after the state government revised security cover for several political leaders, including Lalu Prasad Yadav.

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Rabri Devi

Former Bihar Chief Minister Rabri Devi has reportedly removed a newly deployed security team from her residence after the Bihar government revised the security cover provided to several political leaders in the state.

The move came days after a security review resulted in changes to the protection arrangements of several politicians, including RJD president Lalu Prasad Yadav. According to reports, Rabri Devi expressed displeasure over the withdrawal of the Z-plus security cover that had previously been provided to her and her husband.

Security cover revised after government review

The Bihar government recently conducted a review of security arrangements for a number of political leaders. Following the assessment, the security category of some leaders was altered based on the recommendations of security agencies.

As part of the exercise, the Z-plus cover earlier available to Lalu Prasad Yadav and Rabri Devi was reportedly withdrawn. Revised security arrangements were subsequently put in place by the administration.

However, reports suggest that Rabri Devi was unhappy with the changes and directed the newly assigned personnel to leave her residence.

Tejashwi Yadav also takes similar step

RJD leader Tejashwi Yadav is also reported to have objected to the revised security deployment. According to sources, he too asked the newly assigned security personnel to leave.

The development has triggered political discussion in Bihar, with the RJD questioning the rationale behind the changes in security arrangements for members of the Yadav family.

Political reactions expected

The security review comes at a time when Bihar’s political environment remains active ahead of upcoming electoral battles. While the state government has maintained that security decisions are based on assessments by agencies and established protocols, opposition leaders are expected to raise questions over the timing and nature of the changes.

No official indication has emerged suggesting a reversal of the revised security arrangements so far.

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India News

Cockroach Janta Party founder Abhijeet Dipke joins protest, 6 detained during demonstration

Abhijeet Dipke joined supporters at Jantar Mantar as the Cockroach Janta Party staged a protest in Delhi, during which six individuals were detained by police.

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Cockroach Janta Party (CJP) founder Abhijeet Dipke joined supporters at Delhi’s Jantar Mantar on Saturday as the organisation held a demonstration over examination and recruitment-related concerns. The protest took place under heightened security arrangements, with police detaining six individuals during the course of the gathering.

Supporters assembled at the designated protest venue to raise concerns over alleged irregularities in examinations and recruitment processes. The demonstration marked a significant public mobilisation by the organisation, which has gained attention in recent months through campaigns focused on issues affecting students and job aspirants.

Six detained amid tight security arrangements

Police maintained a strong presence around Jantar Mantar and surrounding areas ahead of the protest. Security personnel were deployed to monitor the gathering and ensure law and order during the demonstration.

According to reports, six protesters were detained during the event. Authorities closely monitored the situation as participants continued to gather at the venue. Despite the detentions, the protest remained largely peaceful.

Dipke joined supporters at the site and reiterated the group’s demand for greater transparency and accountability in examination and recruitment systems. Protesters also voiced concerns over issues related to educational governance and opportunities for young job seekers.

Protest highlights concerns of students and job aspirants

The demonstration drew participants from different regions who gathered to express concerns over examination-related controversies and recruitment processes. Organisers maintained that the protest was intended to be a peaceful and democratic expression of public grievances.

Addressing supporters, Dipke stressed the importance of continuing the movement through constitutional means and public engagement. Protesters carried banners and raised slogans highlighting their demands for reforms and greater accountability.

The event was held after authorities granted permission for the demonstration at Jantar Mantar, one of the capital’s designated venues for public protests. Security remained in place throughout the programme as officials monitored developments.

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Cricket news

Vaibhav Sooryavanshi’s India call-up hailed as a game changer by BCCI

BCCI has hailed Vaibhav Sooryavanshi’s selection in the Indian team as a significant moment for Indian cricket, rewarding the teenager’s outstanding performances in IPL 2026.

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Vaibhav suryavanshi123

The Board of Control for Cricket in India (BCCI) has welcomed the selection of teenage batting sensation Vaibhav Sooryavanshi in the Indian team, describing his rapid rise as a major positive development for the future of Indian cricket.

The 15-year-old earned his maiden senior national team call-up after a stunning IPL 2026 campaign that established him as one of the country’s most exciting young talents. His fearless batting and consistent performances throughout the tournament caught the attention of selectors and cricket experts alike.

BCCI secretary Devajit Saikia praised the youngster’s achievements, noting that exceptional performances are always rewarded. He highlighted that Sooryavanshi’s progress reflects the strength of India’s cricket development system and the opportunities available to emerging players.

Sooryavanshi’s selection comes after a season in which he produced remarkable numbers with the bat and played a crucial role for his franchise. His ability to handle pressure situations and score at a brisk pace made him one of the standout performers of the tournament.

The teenager’s inclusion in the national squad is being viewed as an important step in India’s efforts to build a strong pool of young talent for the future. Cricket observers believe the experience of being part of the senior setup will aid his development and help him adapt to the demands of international cricket.

His rise has generated significant excitement among fans, many of whom have followed his journey from age-group cricket to the IPL and now to the national team. The selection also underlines the growing trend of young players making a rapid transition to the highest level based on outstanding performances in domestic and franchise cricket.

With expectations high, Sooryavanshi will now look to make the most of the opportunity and continue the form that earned him recognition at the national level.

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