The NDA Government has appointed Viral V. Acharya, a professor of economics at New York University, as one of the Reserve Bank of India's four deputy governors for a term of three years, according to a statement on Wednesday Dec 28,2016
The RBI had a vacancy for deputy governor after Urjit Patel was promoted to Governor earlier in 2016.
The statement did not mention which portfolio Acharya would be assigned. Patel had headed the prestigious monetary policy, which is now overseen by RBI Deputy Governor R. Gandhi as part of a widened remit.
Acharya teaches at the Stern School of Business in New York university. According to his resume, he has research interests in regulation of banks, corporate finance, credit risk and asset pricing
Acharya is a strong votary of central bank independence and has strongly argued for them being “democratically accountable yet be operationally independent from political influence.”
Previously, Acharya has been a member of advisory scientific committee of European Systemic Risk Board (ESRB), advisory committee of Financial Sector Legislative Reforms Commission (FSLRC), International Advisory Board of the Securities and Exchange Board of India (SEBI).
He has also been on the advisory council of the Bombay Stock Exchange (BSE) Training Institute, and Academic Research Council Member of the Center for Advanced Financial Research And Learning (CAFRAL).
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