Rajan No.1 at RBI, But Not the Best Paid
Mumbai: That Raghuram Rajan doesn’t make a fortune as governor of the Reserve Bank of India would have been expected, but it turns out he is not the highest paid at that august institution either.
Monthly salaries disclosed on the RBI website show that at least three people earn more than the governor. These are a part of disclosures under the Right to Information (RTI) Act and the figures are as of June 30, 2015, as per the RBI'’s financial year. It is unclear when the salaries were uploaded on the RBI website.
Rajan earned a gross salary of .₹ 1.98 lakh, including basic pay of .₹ 90,000, dearness allowance of .₹ 1 lakh and other allowances of .₹ 7,000 per month. Those getting more money have their monthly salaries described under other allowances or payments, with no basic pay or dearness allowance. Gopalkrishna Sitaram Hegde earns the most at .₹ 4 lakh followed by Annamalai Arappuli Gounder at .₹ 2.2 lakh and V Kandasamy at .₹ 2.1 lakh as per the RBI list.
Monthly salaries of a total 16,662 employees outside the top management have been disclosed. Among the top management, Rajan earns the most with the four deputy governors each earning an identical .₹ 1.74 lakh per month including .₹ 80,000 basic, .₹ 90,400 dearness allowance and .₹ 3,500 in other allowances.
Eleven executive directors also part of the RBI top management have a slight difference in their monthly pay with seven of them earning about Rs 1.7 lakh per month and four — G Mahalingam, M Patra, KK Vohra and Meena Hemchandra — getting marginally less. As many as 23 employees got monthly salaries higher than the deputy governors while 44 earned more than RBI executive directors, PTI reported.
Rajan took over as RBI governor in September 2013 for a threeyear term, which will end this year unless it’s renewed.