RBI Appoints Viral Acharya As Its Deputy Governor; Here Is What You Should Know About Him

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The Government of India appointed Viral V. Acharya (C.V. Starr Professor of Economics Department of Finance New York University–Stern School of Business) as its new Deputy Governor, Reserve Bank of India (RBI), dated 28 December 2018. Viral will join the job on 20 January 2017 for a tenure of three years. As the Deputy Governor of RBI, Viral’s major responsibility will be to look after the ‘monetary policy and research’ cluster. At present, RBI three deputy governors: N. S. Vishwanathan, S.S. Mundra and R. Gandhi; the present RBI Governor, Urjit Patel, was also the Deputy Governor of RBI before becoming the Governor.

Viral Acharya
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A look at Viral Acharya’s alma mater and Career

Forty-two-year-old Viral Acharya is an alumnus of Indian Institute of Technology-Bombay (IIT-B). He completed B. Tech in Computer Science Engineering from IIT-B and then went on to earn his PhD degree in Finance from Stern School of Business, New York University in 2001.  His dissertation topic for the PhD was ‘Essays in Banking and Financial Institutions’. Viral is also a President of India Gold Medalist for the best academic and overall proficiency.

Prior to his current position at New York University–Stern School of Business, Viral Acharya was Professor of Finance at the same university for about 3 years. He has also served the reputed London School of Business in the academic department in the capacity of Assistant Professor, Associate Professor and Professor along with serving the Stanford University as  Visiting Professor.

Viral has been editors in many reputed publications and journals. He has published his research papers in a number of reputed international journals and research publications. To his credits, Viral has many prestigious Refereeing Awards and Teaching Awards from some world-class institutions and organisations.

Besides his involvements in academics, Viral Acharya has also held many prestigious positions with reputed national and international organisations/bodies as given below:

  • Member of the Advisory Council of the Reserve Bank of India (RBI) Academy, 2016 to till date
  • Member of the Academic Council of the National Institute of Securities Markets (NISM), Securities and Exchange Board of India (SEBI), 2014-
  • Fellow of the European Corporate Governance Institute (ECGI), 2014-
  • Steering Committee Member, National Bureau of Economic Research (NBER) in Corporate Finance, 2012-
  • Director, Western Finance Association, 2012-2015.
  • Member of Economic Advisory Committee, Financial Industry Regulation Authority (FINRA), 2011-
  • Member of Advisory Scientific Committee of European Board (ESRB), 2011-2014 and Co-chair, Expert Working Group on Shadow Banking in Europe Member of Advisory Committee of Financial Sector Legislative Reforms Commission (FSLRC)
  • Member of International Advisory Board of the Securities and Exchange Board of India (SEBI), 2011-
  • Advisory Council, Bombay (Mumbai) Stock Exchange (BSE) Training Institute, 2011-14.
  • Academic Advisor to the Federal Reserve Bank of – New York and Member of the Liquidity
  • Academic Advisor, World Economic Forum project on Sustainable Leverage and Council on Banking and Capital Markets, 2010.
  • Member of the Research Advisory Board of the British Private Equity and Venture Capital
  • Academic Advisor to the Bank of England, Dec 2004-June 2008
  • Visiting Scholar, International Monetary Fund, August 2006

Interestingly, Viral Acharya is a great admirer of the former RBI Governor Raghuram Rajan, and both have jointly authored a research paper once.