 Jesus College, Cambridge, Deshmukh's alma mater, elected him its Honorary Fellow in 1952 in recognition of his distinguished contribution in the areas of Indian and international finance and administration.In 1975, Chintaman and Durgabai Deshmukh were awarded the Padma Vibhushan.The Reserve Bank of India organises the annual lecture series called 'Chintaman Deshmukh Memorial Lectures', since 1984.