RBI Governor Urjit Patel and his deputies have got a big pay hike. The government has doubled their salary to Rs 2.5 lakh and Rs 2.25 lakh per month respectively. The pay hike is “with effect from January 1, 2016”.
The basic pay of the governor and deputy governors is revised retrospectively with effect from January 1, 2016. This marks a huge jump from Rs 90,000 basic pay drawn by the governor and Rs 80,000 for his deputies. Still, their salaries are much lower than the top executives of various banks regulated by the RBI.
As per the latest information disclosed on the RBI website, Patel received Rs 209,500 as on November 30, 2016. The monthly emoluments of the top RBI officials include ‘basic pay’, dearness allowance and ‘other payments’.
Following the revision, the basic pay of the Governor stands increased to Rs 250,000 per month. Also, the same for a deputy governor is Rs 225,000.
However, the RBI did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. The increase in the basic itself will take his gross pay to nearly Rs 3.70 lakh.
Currently, RBI has four deputy governors — R Gandhi, S S Mundra, N S Vishwanathan and Viral V Acharya.
Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month till November last year. Acharya took charge in January this year.Patel, who took over the reins of the central bank in September 2016, got a salary of Rs 2.09 lakh in October.
Raghuram Rajan took home the same salary in august last year. Rajan assumed RBI governorship from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. Next revision to Rs 2.09 lakh from Rs 2.04 lakh in January 2016.
It is not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay is revised retrospectively while covering little more than nine months of his tenure.