The Reserve Bank of India Governor, Dr. 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. The Central Banker of the Year 2016 awards celebrate the officials that have best managed to stimulate growth and stabilise their economy.

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%, 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 Reserve Bank of India’s (RBI) contribution to these achievements, The Banker has awarded Raghuram Rajan with the title of Global and Asia-Pacific Central Bank Governor of the Year.”

Central Banker Award recognises governor's role in stabilising currency and advancing financial market liberalisation to attract investors. The governor received an industry award for leadership in macroeconomic stability and financial market reform, credited with managing capital flow pressures and currency volatility and supporting a stable domestic currency; the recognition also highlights financial market liberalisation measures aimed at attracting foreign investment and deepening market sophistication.