Reserve Bank of India (RBI) Governor Raghuram Rajan has received the Fifth Deutsche Bank Prize for his research work that influenced financial and macro-economic policies around the globe.

The academic prize, which carries a gift of euro 50,000, is sponsored by Deutsche Bank Donation Fund and awarded by the Centre for Financial Studies (CFS) and Goethe University Frankfurt bi-annually.

Deutsche Bank co-chairman Juergen Fitschen presenting the prize to Mr. Rajan on Thursday, and said it would have been difficult to find a more deserving person for the 2013 Financial Economics award.

Speaking on the occasion, Fitschen said, "Rajan's career is not only marked by path-breaking, empirically-based research, but he never shied away from the real world of complex policy issues and special interests. He never shied away from speaking inconvenient truths."

Fitschen noted that Mr. Rajan had warned the world of the potential dangers of developing 'unsustainable imbalances' in the global financial system in 2005, years ahead of global economic recession.

Michael Heliassos, jury chairman & director of the Centre for Financial Studies, said they were very happy to welcome Mr. Rajan in his new capacity as the governor of India's central bank.