RBI governor Raghuram G Rajan has been awarded the 5th Deutsche Bank Prize for Financial Economics 2013, in recognition of his ground-breaking research work which influenced financial and macro-economic policies around the world.
The academic prize is sponsored by the Deutsche Bank Donation Fund and carries an endowment of euro 50,000.
The Centre for Financial Studies (CFS) awards the prize bi-annually in partnership with Goethe University Frankfurt.
Presenting the prize to Rajan, Deutsche Bank co-chairman Juergen Fitschen on Thursday said that it would have been hard to find a more deserving winner for this year's award.
Rajan was picked up for the prize from more than 260 nominations from top universities, central banks and research centres in 37 countries. More than half of the nominations came from the US.