Viral V Acharya takes charge as RBI DG, Patel reallocates portfolios

Viral V Acharya takes charge as RBI DG, Patel reallocates portfolios New York University Economics Professor Viral V Acharya, considered an expert in credit risk, has taken over as the new Deputy Governor in charge of the crucial Monetary Policy Department of the Reserve Bank of India (RBI). Acharya who joined the RBI on January 20 with a three year-term is expected to give crucial

inputs for the forthcoming monetary policy scheduled on February 8. Deputy governor R Gandhi was looking after the monetary policy department, financial market operations department and department of economic policy and research following elevation of Urjit Patel as Governor. He will also be part of the six-member Monetary Policy Committee of the RBI. With Acharya coming to the RBI, Governor Urjit Patel on Monday reallocated the portfolios of Deputy Governors. Apart from the crucial Monetary Policy Department including Forecasting & Modeling Unit (MPD/MU), Acharya will handle the departments of Corporate Strategy and Budget, Corporate Services incl. Document Management System, Economic Policy & Research (DEPR), Statistics & Information Management, Financial Markets Operations, Financial Markets Regulation Department including Market Intelligence (FMRD/MI) and the International Department.

Deputy governor S S Mundra has been given charge of the Consumer Education and Protection and Human Resources Department apart from Department of Banking Supervision while N S Vishwanathan will look after the Department of Banking Regulation and Department of Communication. Gandhi has retained his old portfolios including co-ordination, Department of Currency Management (DCM), External Investments & Operations (DEIO) and Government & Bank Accounts.

Acharya completed his BTech in Computer Science and Engineering from IIT, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was at London Business School (2001-2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007-09) and a Senior Houblon-Normal Research Fellow at the Bank of England (Summer 2008). Acharya who joined New York University Stern School of Business in September 2008 is now CV Starr Professor of Economics in the Dept of Finance.