Viral Acharya, a 42 year-old professor at the Stern Business School of New York University, was named deputy governor of the Reserve Bank of India (RBI).
Acharya, a graduate from the Indian Institute of Technology-Mumbai who has a Ph.D from Stern School of Business, New York University, will oversee the important monetary policy department and research, the central bank said a statement. The monetary policy department at the RBI was headed by Urjit Patel until he became RBI governor in September.
The department is now under deputy governor R. Gandhi, who is also part of the monetary policy committee (MPC). Acharya will replace Gandhi in the recently formed MPC.
The position of the head of monetary policy has traditionally been occupied by an economist.