Deputy Governor Viral Acharya resigns: The plain-speaking outsider at RBI

A strong votary of the central bank's independence, Acharya likened taking reserves from the central bank to 'raiding' the balance sheet

Viral Acharya started his June monetary policy minutes quoting Santiago, the old fisherman in, The Old Man and the Sea. 

This immortal character created by Ernest Hemingway became a symbol of reputation, dignity and pride in what one does. Acharya gave enough hint that he had chosen his dignity.

As a hawk, he called the shots when the monetary policy committee was chaired by Urjit Patel, a wise 'owl'.

Acharya, deputy governor in charge of the monetary policy, explained his position in the June policy minutes — there should be headroom left to cut rates to help revive growth with monetary accommodation once