He always ruled out being a 'cheerleader for the markets', but it was the multiple rate cuts by RBI Governor Raghuram Rajan and his ceaseless efforts to keep inflation under check that turned out to be the biggest cheers for the Indian financial markets in 2015.

It was one of his most famous one liners -- "I am Raghuram Rajan and I do what I do" -- that eventually summed up the year 2015 for the central bank and the same is expected to hold true in the New Year as well when RBI cracks its whip on banks to clean up their balancesheets and also compete with the financial markets when it comes to being source for funds.

Rajan's term ends on September 3, 2016 and whether the outspoken Governor gets an extension, like his most of his predecessors, or not is something that will be keenly watched in the New Year.

It would be interesting in the context of the public postures he has taken on many issues ranging from 'Making in India' to his reference to Hitler and on intolerance, which have been interpreted in various quarters as being against the current regime.

At the same time, there have been words doing the rounds that Rajan is personally liked by the Prime Minister and there have been rumours about he being in race for some larger roles including the next head of International Monetary Fund, where he has served in the past as the Chief Economist.