After Urjit Patel's Surprise Resignation, RBI Denies Reports of No.2 Viral Acharya Stepping Down

Mumbai: The Reserve Bank of India (RBI) on Monday denied speculation that Deputy Governor Viral Acharya was resigning from his post, hours after Urjit Patel stepped down as governor.

"Reports of Deputy Governor Acharya also having quit are baseless and incorrect," an RBI spokesperson told PTI.

Within minutes of Governor Urjit Patel announcing his decision to quit, there have been reports of Acharya also following suit. On October 26, Acharya spoke about the need to preserve the autonomy of the RBI.

In the over 90-minute long speech, Acharya, who is incharge of the monetary policy department, warned of the wrath of the markets if the autonomy of a central bank is compromised. Acharya had explicitly said he had the backing of Governor Patel for making the speech.