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    A man displays 500 Indian rupee notes during a rally organised by India’s main opposition Congress party against the government's decision to withdraw 500 and 1000 Indian rupee banknotes from circulation, in Ajmer, India, November 24, 2016.

    India Reserve Bank Deputy Head Quits Over Differences With Modi Cabinet - Reports

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    NEW DELHI (Sputnik) - Reserve Bank of India (RBI) deputy governor Viral Acharya has resigned six months before the end of his term over differences with the incumbent government of Prime Minister Narendra Modi concerning the central banking institution's policies, India Today reported on Monday.

    According to the magazine India Today, Acharya, who took over his post in January 2017, has been consistently raising concerns over the importance of the bank’s independence. The institution and the cabinet, in particular, have been at odds over the use of the RBI’s excess reserves.

    The government's purported intervention in the RBI's decision-making and differing approaches to devaluating the rupee as well as interest rate policies are also believed to have been behind last year's departure of then-Governor Urjit Patel, the media outlet said.

    The RBI is yet to officially comment on the reports.

    Modi, re-elected for a second term in May, has been seeking more support from the RBI for the economy, as well as easing regulations for weaker banks.

     

     

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