RBI says deputy governor Viral Acharya has not resigned

RBI Deputy Governor Viral Acharya has not put in his papers, RBI spokesperson told ET, adding that no one other than Urjit Patel had resigned. The central bank also panned down speculation that Acharya would also step down following Patel's resignation.

Tensions between the Modi's government and the Reserve Bank of India came to the fore in October after a scathing speech by Acharya blew the lid off a fractious dispute between the two on issues ranging from lending curbs, more cash availability to the non-banking finance companies (NBFCs), to who controls the institution's reserves.

That speech by Acharya roiled markets and prompted the government to issue a statement in support of the central bank's autonomy. Many viewed Acharya's comments as a sign that the RBI was pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by May.