This Article is From Dec 10, 2018

After Urjit Patel's Shock Exit, RBI Denies Reports On No. 2 Viral Acharya

Viral Acharya, in charge of the monetary policy department, warned of the wrath of the markets if the autonomy of a central bank is compromised.

After Urjit Patel's Shock Exit, RBI Denies Reports On No. 2 Viral Acharya

Viral Acharya had made the October 26 speech on the need to preserve the autonomy of the RBI

Mumbai:

The Reserve Bank of India Monday denied speculation about Deputy Governor Viral Acharya also quitting his job, after Governor Urjit Patel stepped down, terming them as incorrect and baseless rumours.

"Reports of deputy governor Acharya also having quit are baseless and incorrect," an RBI spokesperson told news agency Press Trust of India.

Within minutes of Mr Patel announcing his decision to quit, there have been reports of Mr Acharya also following suit. (Also read: "Effective immediately": Urjit Patel statement on quitting as RBI governor)

Mr Acharya had made the October 26 speech on the need to preserve the autonomy of the RBI, which got the soured central bank-government relationship out into the public domain.

In the over 90-minute long speech, Mr Acharya, who is in charge of the monetary policy department, warned of the wrath of the markets if the autonomy of a central bank is compromised.

Mr Acharya had explicitly said he had the backing of Mr Patel for making the speech.

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