Deputy Governor Current Affairs

Viral V Acharya appointed as RBI Deputy Governor

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’.

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Former RBI Deputy Governor S S Tarapore passes away

Renowned economist and former deputy governor of the Reserve Bank of India (RBI) S.S. Tarapore passed away in Mumbai, Maharashtra. He was 80.

As an economist, he was well known for his strong views on issues—ranging from inflation to capital account convertibility.

About S.S. Tarapore

  • He had started his career with RBI as a research officer in 1961 and demitted office as Deputy Governor in September 1996.
  • He had served as deputy governor of RBI from 1992 and 1996 when C. Rangarajan was the governor.
  • During his stint as deputy governor, Indian economy saw the structural change as government had introduced economic reforms in 1991.
  • He had chaired two eponymous Committees on Capital Account Convertibility and had laid down benchmarks of preconditions essential for India to move to fuller capital account convertibility.
  • Based on the recommendations of the committee, Foreign Exchange Regulation Act (FERA) was replaced with Foreign Exchange Management Act (FEMA) in June 2000.
  • He was also known as an inflation hawk for his writings and public comments for being too lax on inflation control.
  • He was strong defender of the RBI and its autonomy. He was staunch critic of the Financial Sector Legislative Reforms Commission (FSLRC).

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