New Delhi: Reserve Bank of India deputy Viral Acharya has not resigned, a spokesman from the RBI clarified on Monday following speculation that Acharya would also step down following governor Urjit Patel, television channel CNBC TV18 said.

Tensions between Prime Minister Narendra Modi’s government and the RBI 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.

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