In 2003, Rajan won the inaugural Fischer Black Prize awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40.[64] In February 2010 NASSCOM named him Global Indian at its 7th annual global leadership awards.[65] In 2010, he was awarded the Financial Times and McKinsey Business Book of the Year Award, Fault Lines: How Hidden Fractures Still Threaten the World Economy.[14] In November 2011 he received the Infosys Prize for Social Sciences – Economics for his work in analyzing the contribution of financial development to economic growth, as well as the potentially harmful effects of dysfunctional incentives that lead to excessive risk-taking.[66] In 2013, he was awarded the fifth Deutsche Bank Prize in Financial Economics for his "ground-breaking research work which influenced financial and macro-economic policies around the world".[67] In 2014 He was conferred with the "Governor of the Year Award 2014" from London-based financial journal Central Banking.[68][69] In March 2019, he was awarded "Yashwantrao Chavan National Award 2018" for his contribution to economic development.[70]