Mumbai: Viral V. Acharya, a New York University Economics professor who once called himself the "poor man's Raghuram Rajan", has been appointed as one of the four deputy governors of Reserve Bank of India.
RBI currently has three other deputy governors - SS Mundra, NS Vishwanathan and R Gandhi.
The RBI had a vacancy for deputy governor after Urjit Patel was promoted to Governor earlier this year.
The statement did not mention which portfolio Acharya would be assigned. Patel had headed the prestigious monetary policy, which is now overseen by RBI Deputy Governor R. Gandhi as part of a widened remit.
Acharya, who once co-authored a paper with Raghuram Rajan, had occasionally expressed his admiration for the former RBI governor.
Forty two-year-old Acharya is a 1995 graduate from the Indian Institute of Technology (IIT) in Mumbai and then went on to earn a PhD in finance from NYU-Stern in 2001.
Acharya teaches at the Stern School of Business in New York University. According to his resume, he has research interests in regulation of banks, corporate finance, credit risk and asset pricing.
Acharya is a strong votary of central bank independence and has strongly argued for them being “democratically accountable yet be operationally independent from political influence."
Previously, Acharya has been a member of advisory scientific committee of European Systemic Risk Board (ESRB), advisory committee of Financial Sector Legislative Reforms Commission (FSLRC), International Advisory Board of the Securities and Exchange Board of India (SEBI).
He has also been on the advisory council of the Bombay Stock Exchange (BSE) Training Institute, and Academic Research Council Member of the Center for Advanced Financial Research And Learning (CAFRAL).
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