Reserve Bank of India governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine.

Euromoney said 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... 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,” Euromoney said.

Mr. Rajan received Euromoney’s Central Bank Governor of the Year Award 2014 in Washington on October 10, the RBI said in a release on Wednesday.

“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, Mr. Rajan duly administered tough monetary medicine to ailing bond and currency markets,” Euromoney added.

In January 2003, the American Finance Association awarded Mr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.

The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, and the Center for Financial Studies-Deutsche Bank Prize for financial economics in 2013.