Acharya is an alum of IIT Mumbai.
Viral V Acharya, an economics professor at New York University, has been appointed as India’s new Deputy Governor of the Reserve Bank of India (RBI).
Acharya has become one of the central bank’s four deputy governors for a term of three years. The post was vacant after elevation of Urjit Patel as the Governor of RBI in September, reported the Financial Express.
Applications were invited from prospective candidates to fill the post by putting out an advertisement on September 29. RBI received nearly 90 application of people belonging to diverse backgrounds till October 21, which was the last date for sending applications. Earlier, RBI had three deputy governors including N S Vishwanathan, S S Mundra and R Gandhi.
At present, Acharya is the CV Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU‐Stern). He is the Program Director for Financial Economics and a Research Affiliate at the Center for Economic Policy Research (CEPR). Besides, Acharya is a director of Western Finance Association at the National Stock Exchange (NSE) of India.
A bio of Acharya on the NYU website says Aacharya heads the NYU‐Stern Initiative on the Study of Indian Capital Markets and the International Growth Center (IGC) Finance Research Program.
He is a member of the Advisory Scientific Committee of European Systemic Risk Board (ESRB); Economic Advisory Committee of the Financial Industry Regulation Authority (FINRA); Advisory Committee of Financial Sector Legislative Reforms Commission (FSLRC) of India; International Advisory Board of the Securities and Exchange Board of India (SEBI); 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, India).
Acharya is an Academic Advisor to the Federal Reserve Banks of Chicago, Cleveland, New York and Philadelphia, the Board of Governors and the Bank of Canada.
Acharya completed Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Mumbai in 1995 and went on to do a PhD in finance at NYU‐Stern in 2001. Before joining Stern, he worked at the London Business between 2001‐2008. He was also a Senior Houblon‐Normal Research Fellow at the Bank of England in 2008.
He is also the co‐author of the book ‘Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance’ which was published by the Princeton University Press.