Michael Patra was appointed as RBI's deputy governor, replacing Viral Acharya, who left office on July 23.

The deputy governor in charge of monetary policy has traditionally been an external economist.

Deputy Governor Kanungo will now be responsible for overseeing the Monetary Policy Department.

Acharya was delivering a speech on Development of Viable Capital Markets - The Indian Experience' at Indian School of Business, Hyderabad.

At the margin, the composition of the MPC will likely become incrementally more dovish.

In his resignation, he expressed inability to continue beyond July 23, 2019, the RBI said.

ET has confirmed that Acharya has quit and would be heading to the New York University to teach.

“The fact that Acharya stayed on for so long after Patel’s resignation was surprising.”

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At 9:30 am, the BSE Sensex was trading 79 points, or 0.20 per cent, higher at 39,273.

That speech by Acharya roiled markets and prompted the government to issue a statement in support of the central bank's autonomy.

The RBI had announced that it would conduct purchases of government securities under OMO.

Acharya was of the view that the central bank should wait for some more time before withdrawing monetary accommodation.

Acharya, a professor of Economics in the Department of Finance at the New York University (NYU) was appointed as Deputy Governor last month.

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Acharya, who has been appointed for a term of three years, would take charge on January 20, the Reserve Bank of India said in a late evenin...