The Union Government has appointed Viral V Acharya (42) as new Deputy Governor at the Reserve Bank of India (RBI). He will have regular three-year tenure.
His appointment was cleared by the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi in New Delhi.
He will fill the post that fell vacant after Urjit Patel after he was made RBI Governor to succeed Rajan with effect from September 2016. The existing three Deputy Governors of RBI are S S Mundra, R Gandhi and N S Vishwanathan.
About Viral V Acharya
- He is an alumnus of IIT, Mumbai, with a degree of BTech in Computer Science and Engineering in 1995 and PhD in Finance from NYU-Stern in 2001.
- He was with London Business School (2001-08) and served as the Academic Director of Coller Institute of Private Equity (2007-09) and Senior Houblon-Normal Research Fellow at Bank of England (2008).
- He also has served as Director, NSE-NYU Stern Initiative on the Study of Indian Capital Markets. He also was member of SEBI’s International Advisory Board.
- Prior this appointment, he was serving as the C V Starr Professor of Economics in the Department of Finance at the New York University Stern School of Business (NYU-Stern).
- He is known for his research in theoretical and empirical analysis of systemic risks of the financial sector, its regulation and genesis in government-induced distortions.
- His research areas also span across agency-theoretic foundations, credit and liquidity risks as well as their general equilibrium consequences.
- He also has co-authored in the past at least three papers with the former RBI governor Raghuram Rajan. He had once called himself ‘poor man’s Raghuram Rajan’.