The Central Banker of the Year 2016 awards celebrate the officials that have best managed to stimulate growth and stabilise their country's 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 percent, 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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