Mumbai: The vacuum in the team of Monetary Policy Committee (MPC), after the resignation of Viral Acharya from Deputy Governor post of the Reserve Bank of India (RBI), has been filled by another Deputy Governor BP Kanungo.Also Read - RBI Issues Norms for Import of Gold by Qualified Jewellers | Check Guidelines Here

The RBI on Tuesday reshuffled the portfolios of the other three deputy governors giving the important monetary policy and forecasting department to BP Kanungo, said an official release. Also Read - HDFC Bank Raises Interest Rates on Recurring Deposits | Check Rates Here

The monetary policy department, including forecasting and modelling unit, was earlier looked after by Acharya, who ended his stint as the deputy governor after last month’s surprise resignation where the outspoken academic chose to cut short his time in office. Also Read - Your Loan EMIs To Go Further Up As RBI Governor Hints At More Hikes

Hours after it was reported that RBI Deputy Governor has resigned from his position, the central bank confirmed his exit, stating ‘Viral Acharya could not continue his term due to unavoidable personal circumstances’.

“A few weeks ago, Dr Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019,” RBI had said in a statement.

All the other three deputy governors – N S Vishwanathan, BP Kanungo and M K Jain- have been made responsible for 12 departments each.

In addition to his earlier portfolios, Kanungo will also look after economic and policy research and statistics and information management. Kanungo would become the sixth member of the RBI’s Monetary Policy Committee, which will next convene on 5-7 August.

The RBI, headed by Governor Shaktikanta Das, has four deputy governors.

(With PTI Inputs)