Raghuram Rajan conferred central banker of the year award

Mumbai: RBI chief, Raghuram Rajan has been named as the 'governor of the year' in the Central Banking Awards for 2015 by a British magazine for "his deep understanding of the root causes of economic problems of the country combined with an impressive leadership style." The British magazine Central Banking, announcing the name of Rajan as the Governor Of The Year said, "Rajan's disciplined and focussed approach in leading the Reserve Bank  during his first year as Governor was remarkably impressive. This is the second award by the London-based magazine and will be presented in the British capital on March 12. 

"Although there is still much to do, his decisive policy actions based on robust analysis and deep understanding  of the underlying causes has contributed significantly to  changing perceptions about the strength of the Indian  economy," Central Banking Editor Christopher Jeffery said in a  statement issued from London. It further noted Rajan, who was the chief economist of IMF and a well-known economist and author's forthright observations about some of the less welcome developments in the global economic, financial and monetary system also  represent an important voice for change."His insights combined with his strong leadership  skills make Rajan an inspirational figure in the central  banking community," Jeffery said, adding Rajan has enjoyed a  trail-blazing first year as RBI governor. 

In accepting the award, Rajan said, "I am honoured to  be named governor of the year by the magazine. This is a  recognition of the part the Reserve Bank and its staff have  been playing in bringing macroeconomic stability to our  economy, in creating more competition and new growth  opportunities in the banking and financial markets, as well as  in expanding financial inclusion. 

"Of course, no central bank works alone. The important role played by the government in maintaining fiscal discipline, in initiating growth-friendly structural reforms  and in launching ambitious new financial sector programmes  such as rolling out bank accounts for all, has been critical  to any success the economy has had, and is likely to have. "Moreover, 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.  "But I am convinced we are moving in the right  direction and believe developments will affirm this," Rajan  said.