RBI head chief Raghuram Rajan-tecake

RBI chief, Raghuram Rajan, has been awarded with the “Governor of the year” title in the Central Banking Awards 2015 by a UK magazine for his “deep understanding and knowledge of the genesis that causes of economic instability of the country with a combination of an impressive leadership style.”

“I am honored to be entitled as governor of the year by the magazine.”  Raghuram Rajan said on receiving the award, “But the job is far from done,” he added.

The judging board encompassed of Central Banking editorial staff and former central bank governors on the journal’s advisory panel, stated that Rajan’s controlled and focused approach to handling macroeconomic problems acted as a ground for him to win the award.

The magazine said Rajan, who warned about the financial crisis on 2007-2008 that ended up bringing on the global economy slowdown, with his far-sightedness and observations represented with an important voice for change.

It is a universal fact that not a single central bank in the world works alone. The important role portrayed by the government in conserving fiscal control, in starting growth-friendly structural reforms and in initiating aspiring new financial sector strategies such as rolling out bank accounts for everyone, has been trivial to any achievement or accomplishment the economy has had, and is likely to have.

Rajan was one of the three individuals to be honored this year. Out of them, Jacques de Larosiere won the Lifetime Achievement Award after a tough competitive struggle for monetary order and Claudio Borio, head of the monetary and economic department at the Bank for International Settlements, was honored with the initiatory award for Economics in Central Banking, developed to appreciate noteworthy contributions to the field involved.

This will be the second award organized by the UK-based magazine and will be hosted at the UK capital-London on 12 March 2015.

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