The Appointments Committee of Cabinet on Wednesday approved the appointment of Viral V Acharya as the deputy governor of the Reserve Bank of India, reported ANI. The economics professor at New York University will be the fourth deputy governor of the centralised bank.

Acharya will be appointed for a term of three years. The post has been vacant since the former deputy governor Urjit Patel was made the RBI governor in September. Acharya will join three other deputy governors of the RBI – NS Vishwanathan, SS Mundra and R Gandhi.

Acharya is a faculty member at the Stern School of Business at the US university. His research interests include regulation of banks, corporate finance, credit risk and asset pricing, reported Reuters.