 During his tenure also variable cash reserve ratio and selective credit control were introduced for the first time in India.He received the Padma Vibhushan, India`s second highest civilian honour from the Government of India in 1962.In 2002 on his birth centenary an illustrated book "Snapshots of History— Through The Writings of H V R Iyengar" consisting of articles written by Iyengar after his retirement in 1962, was compiled and edited by his daughter Indira and son-in-law Bipin Patel.