The Basketball Federation of India has announced a cash prize of Rs.5 lakh for the Indian team following its fine performance at the 2016 FIBA Asia Challenge in Iran. India finished seventh, the men's team's best performance in 27 years.

"Reaching the top seven in Asia is an excellent achievement, especially considering the circumstances and opponents. We beat three teams who have better world rankings,” said BFI President K. Govindaraj, announcing the cash prize for the team and the coaching staff here on Monday.

He added, "It is important to remember that even though our national federation has approval from the international body FIBA, we have not received any government funding for almost two years now."

The head coach Sat Prakash stated that India's performance had drawn praise from various quarters. “The Indian team has earned lots of appreciation from FIBA President (Horacio Muratore) as well as from other good teams in Asia," he said. "This time around, we have focused on the defence, and we were able to execute whatever we had practised."