Top level emoluments: Letters, The Hindu Business Line

Rate cut possible: The monetary policy statement scheduled to be announced on December 7 assumes greater significance in the wake of demonetisation. Banks are flooded with liquidity due to a surge in the low cost deposits....

Top level emoluments*
A mainstream newspaper carried a story captioned about the RBI governor’s emoluments. The Centre and RBI are not secretive about the salary and perks of top officials in government and statutory bodies. The story attracted over 200 online comments, some serious, some sarcastic and others irrelevant.
In fact, the governor and his deputies are drawing ‘pre-revised’ salaries after the Centre revised pay and perks according to the 7th pay commission. This was evident from the notification calling for applications to fill Patel’s position; the salary offered was indicated as ‘pre-revised’. Why this delay in salary revision of top officials in the RBI and PSUs? Looks like the file is gathering dust in North Block.
There are a couple of deeper issues. The governor’s job is not a post-retirement ‘social work’, it is 24x7 requiring professional alertness, and calls for decent pay. A leader who feels he is not ‘treated well’ will not lead his team well.
MG Warrier
Mumbai
*The submitted version was posted here yesterday. I appreciate the deft editing by The Hindu Business Line.

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