The Indian government appointed career central banker Michael Patra as one of the <a href="https://www.wionews.com/business-economy/owing-to-rising-food-prices-indias-december-retail-inflation-surges-to-735-274063">Reserve Bank of India's</a> four deputy governors for a three-year term, it said in a statement on Tuesday.

He will fill a vacancy left by former deputy governor Viral Acharya, who resigned last June, six months before the scheduled end of his term in office.

Acharya cited personal reasons for his departure but had previously clashed with Prime Minister <a href="https://www.wionews.com/india-news/p-chidambaram-attacks-modi-govt-over-sliding-economy-and-unemployment-274135">Narendra Modi's</a> government over an erosion of the central bank's independence.

He was the third key senior central bank official under the Modi government to resign, following the departures of former RBI governors Raghuram Rajan in 2016 and Urjit Patel in December 2018.

Patra, currently an executive director at the RBI, had applied for a deputy governor's post in 2017.

He has been a part of the central bank's monetary policy committee since its inception and has long been viewed as a monetary policy hawk.

However, since Governor Shaktikanta Das took office in December, Patra has voted for three successive rate cuts and has said the economy needs fiscal support in the current environment.

"It's an excellent decision. He is an accomplished monetary economist with not just strong academic credentials but also has a rich understanding of ground-level economic realities of India. This is the best choice in my opinion," said <a href="https://www.wionews.com/business-economy/indias-october-retail-inflation-rises-to-462-per-cent-261864">Rupa Rege Nitsure</a>, chief economist at L&amp;T Financial Holdings.

The Indian government appointed career central banker Michael Patra as one of the Reserve Bank of India's four deputy governors for a three-year term, it said in a statement on Tuesday.

The Indian government appointed career central banker Michael Patra as one of the Reserve Bank of India's four deputy governors for a three-year term, it said in a statement on Tuesday. He will fill a vacancy left by former deputy governor Viral Acharya, who resigned last June, six months before the scheduled end of his term in office. Acharya cited personal reasons for his departure but had previously clashed with Prime Minister Narendra Modi's government over an erosion of the central bank's independence. He was the third key senior central bank official under the Modi government to resign, following the departures of former RBI governors Raghuram Rajan in 2016 and Urjit Patel in December 2018. Patra, currently an executive director at the RBI, had applied for a deputy governor's post in 2017. He has been a part of the central bank's monetary policy committee since its inception and has long been viewed as a monetary policy hawk. However, since Governor Shaktikanta Das took office in December, Patra has voted for three successive rate cuts and has said the economy needs fiscal support in the current environment. "It's an excellent decision. He is an accomplished monetary economist with not just strong academic credentials but also has a rich understanding of ground-level economic realities of India. This is the best choice in my opinion," said Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

Government appoints Michael Patra as RBI Deputy Governor

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday.

This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI).&nbsp;

In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government.&nbsp;

Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016.

The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain.

Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', was appointed for three years.

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.&nbsp; 
&nbsp;

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday.

RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday. This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI). In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016. The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain. Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', was appointed for three years. 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.

RBI Deputy Governor Viral Acharya quits 6 months before his term ends

Reserve Bank of India Deputy Governor Viral Acharya has put in his papers about six months ahead of the completion of his term.

RBI Deputy Governor Viral Acharya quits

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.

(To read more, please visit <a href="http://www.zeebiz.com/">zeebiz.com</a>)

The soon to be Deputy Governor was picked from a total of 90 applicants

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. (To read more, please visit zeebiz.com)

Who is Viral Acharya?

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Government appoints Michael Patra as RBI Deputy Governor

RBI Deputy Governor Viral Acharya quits 6 months before his term ends

RBI Deputy Governor Viral Acharya quits

Who is Viral Acharya?