Rajan gets 'Governor of the Year' award

RBI Governor Raghuram Rajan was awarded for his disciplined and focused approach to tackling macroeconomic instability

Global magazine Central Banking has honoured Reserve Bank of India (RBI) governor Raghuram Rajan with Governor of the Year award for 2015.

The judging panel, comprising editorial staff and former central bank governors, cited Rajan's disciplined and focused approach to tackling macroeconomic instability.

The Central Bank of the Year title has gone to the Reserve Bank of New Zealand. Former Banque de France head Jacques de Larosière was given the Lifetime Achievement Award for his lengthy struggle for monetary order, the magazine said in a statement on Monday.

The panel members singled out Rajan’s forthright observations about some of the less welcome developments in the global economic, financial and monetary system, which the judges believe represented an important voice for change.

“I am honoured to be named governor of the year by Central Banking ,” said Rajan.

“This award is a recognition of the part the RBI and its staff have been playing in bringing macro economic stability to the Indian economy, in creating more competition and new growth opportunities in the banking and financial markets, as well as in expanding financial inclusion,” he added.

While praising the coordination efforts of the government, Rajan said he his work was far from over.

“All our collective efforts should be seen as work in progress – inflation has to be fully tamed, growth has to be brought back to potential and the banking system cleaned of distressed assets, even while we build the platform for the financial sector to support strong and sustainable growth,” said Rajan.