RBI GOVERNOR'S SALARY


RBI Governor’s salary
Recently, a mainstream newspaper carried a story captioned ‘RBI Governor Urjit Patel gets Rs2 lakhs a month pay, no support staff at home’. The story claimed authenticity by quoting from ‘information’ obtained under RTI. It is another matter that GOI and RBI are not so secretive about the salary and perks of top officials in government and statutory bodies. Still, the story attracted over 200 online comments, some serious, some sarcastic and yet others totally irrelevant to the context.

In fact, RBI Governor and his deputies are drawing ‘pre-revised’ salaries after the central government revised pay and perks of its employees at all levels based on the VII Pay Commission  recommendations. This was evident from the notification calling for applications from prospective candidates for filling the Deputy Governor’s vacancy following elevation of Patel as governor. The salary offered was indicated as ‘pre-revised’.

Why this delay in salary revision of top officials in RBI and similarly placed central government appointees heading public sector organizations? Looks, the file is gathering dust somewhere in the corner rooms of North Block (Finance Ministry). A simple reminder from Mint Road (RBI) may help.

There are a couple of deeper issues. One, RBI Governor’s job is not a post-retirement ‘social work’(it is a 24X7 job requiring professional alertness) and the nation need to pay the incumbent decently and take care of his normal needs to maintain the status of the position in the present day world. Two, a leader who feels he is not ‘treated well’ will not be able to lead his team efficiently.
M G Warrier, Mumbai


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