RBI Governor Raghuram Rajan has been felicitated with the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by the Financial Times Group's monthly publication 'The Banker'.
"The Reserve Bank of India Governor, Raghuram Rajan has been conferred with the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by 'The Banker', a monthly publication of the Financial Times Group focussing on banking," RBI said in a statement today.
The Central Banker of the Year 2016 awards celebrate the officials that have best managed to stimulate growth and stabilise their country's economy.
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Recounting the Reserve Bank's achievements in the past year, the Banker said, "India is the one global economy that arguably weathered the capital outflow and currency storms in emerging markets that were fuelled by uncertainty over the US Federal Reserve interest rate hike in 2015."
"At 7.4 per cent, India's 2015 third-quarter gross domestic product growth was the strongest among large economies; the rupee was one of the few stable emerging market currencies in 2015; and a clear financial market liberalisation path is attracting foreign investors and making India's financial markets more sophisticated."
In recognition of the RBI contribution to these achievements, The Banker has felicitated Rajan with the title of Global and Asia-Pacific Central Bank Governor of the Year, said the release further.
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While education loan is one solution to make degrees
affordable, philanthropy, not just by the founders, but by the successful students from a university, can also play an important role, Rajan said.
"Giving back to the university is a way of subsidising the costs of future generations acknowledging the subsidies you received from the founders when you got your degree. I hope we develop a strong culture of alumni giving in India," he said.
He also said Reserve Bank was in touch with the government to deal with issues related to education loan.
Referring to a book by renowned Harvard philosopher Michael Sandel, who seems to prescribe banning monetary transactions, the Governor said in a free market, all it takes to buy what you want is money.
"You do not need a pedigree, a great family history, the right table manners, or the right fashionable clothing or looks," Rajan said.
Money has no odour and is a great equaliser, that so many people across history have been able to acquire resources and invested them to make this world, he added.
"Indeed, making it easy for Dalits to start businesses may do more for their social status because money empowers than many other forms of affirmative action. Rather than prohibiting the use of money and wealth, let us think about increasing society's tolerance for its use," said Rajan.
Speaking about the country's GDP, he said: "I have no problem with India's growth. It is doing great. It could do better".
India has emerged as one of the fastest growing large economies in the world with a growth rate of 7.6 per cent in 2015-16 fiscal.
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Rajan, who earlier taught finance at the University of Chicago, asked students to set ambitious goals, but at the same time cautioned that achievement of narrow personal goals greater wealth, rapid promotion, or increasing renown "rarely brings you anything other than brief pleasure".
"I don't claim to know the secret of happiness, but this seems obvious - if you like the journey, if you get pleasure from the work you do, it matters far less when, or indeed whether, you reach your destination," he explained.
Speaking on the same occasion, Shiv Nadar University Chancellor S N Balakrishnan said this is "a proud moment" for the university.
A total of 223 under-graduate and 64 post-graduate degrees were awarded to students.
The university conferred an honorary doctorate on HDFC Chairman Deepak Parekh for his contribution to the banking and financial services sector and his pioneering initiatives in corporate philanthropy and social commitments.
