Reports of RBI Deputy Governor Viral Acharya Resigning Are False

Reports of Viral Acharya’s resignation as RBI Deputy Governor started doing rounds on social media.

(Altered by The Quint)

Don’t fall for fake news, click here to check out The Quint’s WebQoof stories.  

CLAIM

Soon after Urjit Patel stepped down from his post of the RBI governor on Monday, 10 December, rumours started doing rounds that Deputy Governor Viral Acharya has followed suit and resigned.

Many took to social media to share the ‘news’ that Acharya has resigned, only to later delete their posts

YouTuber Dhruv Rathee tweeted about Acharya’s resignation, but deleted the tweet later.(Photo courtesy: Twitter handle @dhruv_rathee)

This user too later deleted the tweet(Photo courtesy: @meerasanyal)

TRUE OR FALSE

False. Soon after reports of Acharya's resignation began circulating on the social media, a RBI spokesperson issued a clarification denying the same.

WHAT WE FOUND OUT

The RBI spokesperson made it clear that the reports are unwarranted and are not correct.

“Reports of Deputy Governor Acharya also having quit are baseless and incorrect," the spokesperson told news agency PTI.

The reports were probably fueled because a couple of months ago, Acharya, at a public forum, spoke on the need of maintaining RBI’s autonomy.

On 26 October, in the over 90-minute long speech, 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. Acharya had explicitly said he had the backing of Governor Patel for making the speech.

Meanwhile, Urjit Patel resigned as the Governor of RBI citing "personal reasons".

He said in a statement:

“On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”

Former RBI Governor Urjit Patel