After Raghuram, Urjit Patel, why now quitting of Viral Acharya 6 months ahead of his term is a bad news

Viral Acharya, RBI

Indrajit Singh, Mumbai, News24 Bureau, June 24: Resignation of Dy Governor RBI Viral Acharya ahead of his term is most unfortunate.  This is not in isolation.  This in series of two Governors Raghuram Rajan followed by it Urjit Patel and now comes Viral Acharya.  In addition to it Mr Arvind Pangariya Vice Chairman Niti Ayog, Arvind Subramaniam Economic Advisor to Prime minister Surjit Bhalla Member Prime ministers Economic Advisory Council also had resigned ahead of their term.

Dr Viral V. Acharya submitted a letter to RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of RBI beyond July 23, 2019. Consequential action arising from his letter is under consideration, says ANI.Viral Acharya was a lone voice of dissent in RBI.Presently the farming sector is in deep distress.  Manufacturing sector with stiff competition from China is tumbling.  The banking sector is still struggling hard against mounting NPA.  Unemployment has reached to the heights.  Rate of growth and GDP claims has become contentious. Thus the Indian economy is passing through tough times on the background this resignation of Viral Acharya is not only unfortunate but disastrous too.The present state of affairs needs to be seen beyond political overtones and all stakeholders should focus on revival of the economy to save the nation from apprehending deep economic crisis. Now elections are over. The government also should introspect and should involve & associate all in overcoming this situation failing which government despite overwhelming majority may find it difficult to run the nation. Devidas Tuljapurkar Gen Sec Maharashtra State Bank Employees Federation.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."A few weeks ago, Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019," Reserve Bank of India (RBI) said in a short statement Monday.Consequential action arising from his letter is under consideration of the competent authority, it said.What is intriguing is the fact that this is the second high-profile resignation in the past seven months at the RBI.In December last year, Urjit Patel had resigned as RBI Governor - nearly nine months before the end of his scheduled term over differences with the government.Acharya had joined the central bank on January 23, 2017, after Patel was elevated to the post of governor in September 2016.

Now when the economy is relatively at its low, these spates of resignations is a cause of worry.

With Agencies, pic Google