The Union Cabinet on Wednesday appointed 42-year-old Viral Acharya as the new Deputy Governor of the Reserve Bank of India (RBI) for three years. The post was lying vacant after Urjit Patel was promoted as the RBI Governor.
Here are 10 facts about Viral Acharya that you may want to know:
1. Acharya joined New York University Stern School of Business (NYU Stern) as a C. V. Starr Professor of Economics in 2008.
2. He was with the London Business School (LBS) as the academic director of the Coller Institute of Private Equity from 2007 to 2009.
3. Acharya completed his degree in Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology Bombay (IIT-Bombay) in 1995.
4. In 2001, he got his PhD in Finance from NYU Stern.
5. He worked as a Senior Houblon-Normal Research Fellow at the Bank of England in 2008.
6. Acharya has also been a member of several international and national advisory councils like European Systemic Risk Board (ESRB), Financial Industry Regulation Authority (FINRA), Financial Sector Legislative Reforms Commission (FSLRC) of India and Securities and Exchange Board of India (SEBI).
7. He considers former RBI Governor Raghuram Rajan as his role model and has even co-authored a few research papers with him. He was quoted as saying by India Times: “I realised if I have Raghu as my role model and even I hit 5 per cent or 10 per cent of that, I can easily pass off as poor man’s Raghu Rajan.”
8. Acharya’s articles have been published in several international journals including the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies and Journal of Business.
9. He even has a music album to his credit titled “Yaadon Ke Silsile“, where he composed around 10 songs.
10. He donated all the money earned by selling the album to a non-governmental organization “Pratham” which works for child education.
(Sources: NYU Stern website, Economic Times, Livemint, India Times)