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RBI Governor Urjit Patel’s salary hiked; Find out the revised salary here

Apr 3, 2017 15:46 IST

The month of April is dedicated to pay hikes and appraisals and banking jobs are no different. If you thought salary hikes in the government jobs like Bank Jobs is limited and not really lucrative, you couldn’t be more wrong. Take the example of India’s top Central Banker and RBI Governor Urjit Patel for example.

RBI Governor Urjit Patel has been recently awarded a big pay hike along with deputy governors of India’s apex Bank. The Government has more than doubled the salary of RBI Governor and RBI Deputy Governors as the recent media reports. As per the new salary structure, RBI Governor would receive Rs 2.5 lakh basic salary, whereas the RBI Deputy Governors would receive Rs 2.25 lakhs as their basic pay. After the revision, the RBI Governor would earn a total of around Rs 3.70 lakhs per month.

This entails a huge jump from the previous basic salary of Rs 90,000 that RBI Governor Urjit Patel enjoyed and Rs 80,000 which his deputies received. Another interesting aspect about this was that that the salary hike has been implemented retrospectively, with effect from January 1, 2016. While the RBI Governor’s salary jump looks quite enormous, when compared to their counterparts who lead other banks which are regulated by the RBI, it is still on a lower side.

As per the information available on the RBI website, prior to the salary hike, the top executive of RBI received total salary package of 2,09,500 which included basic pay, dearness allowance and other payment heads. This salary was the same as that enjoyed by his predecessor Raghuram Rajan.

Salary Break-up of RBI Governor prior to the hike

Component

Prior to Pay Hike

After Pay Hike

Basic Pay

Rs 90,000

Rs 2.5 lakh

Dearness Allowance

Rs 1,12,500

Rs 1,12,500

Other Pays

Rs 7,000

Rs 7,000

Total

Rs 2,09,500

Rs 3.70 Lakh

If we keep all other components same as earlier, the revised salary of RBI governor on the basis of pay hike in basic salary would reach upto Rs 3.70 lakh.

Along with the RBI governor, his deputies have also received pay hikes this time around. Currently, there are four deputy governors or RBI which include R Gandhi, S S Mundra, N S Vishwanathan and Viral V Acharya. All four of them would receive revised basic salary of Rs 2.25 lakh from earlier Rs 80,000.

Raghuram Rajan’s Pay Hikes

 However, Patel is not the only governor to enjoy pay hikes. Urjit Patel’s predecessor Rajan has also enjoyed many pay hikes during this tenure as RBI governor. After assuming the RBI governorship in Sept 2013, Rajan’s pay package stood at Rs 1.69 lakh. Rajan received his first pay hike in 2014 taking his revised salary to Rs 1.78 lakh. Thereafter in May 2015, his salary was again hiked to Rs 1.87 lakh, respectively. During his final year as RBI Governor, Rajan received two pay hikes i.e. Rs 2.04 lakh and Rs 2.09, the salary at which he exited the governorship.

With the recent boom in the banking sector and the increase in the number of Banking Jobs on offer, it is evident that the salary packages on offer for Bank PO jobs will rise significantly. And the recent hike in the salary of RBI top executives hints at the role that India’s Banking sector plays in the economic development of the country and the confidence it enjoys from the government. So, if you are planning to take up Banking as a career option, now is the right time for you.

Viral Acharya: Is he the next Raghuram Rajan in making?

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