The soon to be Deputy Governor in the apex bank of India, Viral Acharya, who was picked from a total of 90 applicants, was a former C.V. Starr Professor of Economics at New York University Stern.
The 42 year old professor joined NYU Stern in 2008 and was also a former student of NYU Stern who completed his Ph.D in Finance from NYU Stern itself in 2001.
Acharya also has a Ph.D in Computer Science from New York University and a B Tech in Computer Science and Engineering from IIT Bombay.
Prior to joining NYU Stern, Acharya was a Professor of Finance and Academic Director of the Private Equity Institute at the London Business School, a Research Affiliate of the Center for Economic Policy Research and an Academic Advisor to the Bank of England.
He has published articles in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal.
Professor Acharya has received numerous awards and recognition for his research.
He received the Best Paper Award in Corporate Finance from the Journal of Financial Economics in 2000, Best Paper Award in Equity Trading at the Western Finance Association Meetings in 2003, Outstanding Referee Award for the Review of Financial Studies in 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Asset Pricing from the Journal of Financial Economics in 2005, and an inaugural Rising Star in Finance Award in 2008.
The government said that Acharya will remain governor for a span of three years or until further notice.
The post fell vacant after elevation of Urjit Patel as the Governor of RBI in early September.
Subsequently for this post, the government said that it had received about 90 applications till October 21, the last date for sending applications.