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Dr. Raghuram Rajan, Governor, Reserve Bank of India received Euromoney’s Central Bank Governor of the Year Award 2014 in Washington on October 10, 2014.

While announcing the award for Central Bank Governor of the Year Award 2014, Euromoney recorded, “Reserve Bank of India Governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.”

“As he confronted capital outflows, the rupee at record lows, and over-blown but palpable, fears India was marching towards an Asia-crisis style abyss, Rajan duly administered tough monetary medicine to ailing bond and currency markets.”

“Remarkably, the internationally-renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis of sorts, has, for the past year, been true to his word.”

Alpana Killawala

Principal Chief General Manager

Monetary policy measures stabilised markets and earned recognition for tackling capital outflows and severe currency stress. International recognition was accorded for decisive monetary policy actions addressing capital outflows and sharp currency depreciation, with interventions focused on stabilising bond and foreign-exchange markets and strengthening financial system functioning amid entrenched domestic resistance.