Viral V Acharya appointed deputy governor of RBI

The government has appointed Viral V Acharya, a professor of economics at New York University, as deputy governors of the Reserve Bank of India, to fill the post of one of the four deputy governors that fell vacant after Urjit Patel was elevated to the status of RBI governor.

While Urjit Patel held the monetary policy portfolio as deputy governor, Acharya has not been assigned any portholio so far. As one of the four deputy governors of RBI, Acharya will serve a term of three years, according to a statement.

Professor Acharya teaches economics at the Stern School of Business in New York University. He has research interests in regulation of banks, corporate finance, credit risk and asset pricing.

The division of the portfolios is an intern matter of the Reserve Bank. The key portfolio of monetary policy, which was being handled by Patel, is currently under the watch of R Gandhi.

SS Mundra handles the banking supervision department among others.

NS Vishwanathan, the third deputy governor handles banking regulation.  Vishwanathan, who succeeded HR Khan after his tenure ended on 3 July, holds the departments of financial markets, payment and settlements, external investments and operations, foreign exchange, information technology and internal debt management.

Acharya's entry in the central bank will not be his first brush with the Indian financial sector. He has previously been a member of the Committee of Financial Sector Legislative Reforms Commission and also served on the International Advisory Board of Securities and Exchange Board of India.