Raghuram Rajan not the top paid at RBI
As per the latest details published by the RBI under the Right To Information Act, Rajan’s total ‘monthly emoluments’ stood at Rs.1,98,700
New Delhi: RBI governor Raghuram Rajan, currently in the eye of the storm over his ‘one-eyed king among the blind’ remark, may be the most powerful person at the central bank, but he does not appear to be the top-paid.
As per the latest details published by the Reserve Bank of India (RBI) under the Right To Information Act, Rajan’s total monthly emoluments stood at Rs.1,98,700. This included a basic pay of Rs.90,000, dearness allowance (DA) of Rs.1,01,700 and ‘others’ of Rs.7,000.
However, at least three RBI officials had higher monthly emoluments than Rajan’s—Gopalkrishna Sitaram Hegde (Rs.4 lakh), Annamalai Arappuli Gounder (Rs.2,20,355) and V Kandasamy (Rs.2.1 lakh)—as per RBI.
The latest available public figures, published by RBI on its website under the RTI Act, are for the period of June-July 2015. It could not immediately be ascertained whether these three are still with RBI.
While RBI did not disclose their designations along with the monthly emoluments, Hegde has served as its principal legal advisor in the past. The total emoluments for Hegde and Kandasamy did not include basic pay or DA components.
Repeated queries sent to RBI spokesperson Alpana Killawala did not elicit any response.
Interestingly, the published monthly emoluments of Killawala, designated as principal adviser in department of communications, were higher than that of the four deputy governors and 11 executive directors whose pay packages have been made public by the central bank.
In RBI hierarchy, the governor is followed by the four deputy governors (DGs) and then by the EDs; the heads of various departments come thereafter. The governor remains on the top in terms of basic pay.
The total monthly emoluments for each DG stood at Rs.1,73,900, while that of the ED was Rs.1,70,864.
The total emoluments are higher than that of DGs in case of at least 23 employees including Killawala, whose total has been disclosed as Rs.1,78,265. This included basic pay of Rs.67,000, DA of Rs.85,239 and ‘other’ payments of Rs.26,026.
At least 44 employees earned more than the EDs.
Under the RTI Act, every public authority is required to publish “the monthly remuneration received by each of its officers and employees, including the system of compensation as provided in its regulations”. RBI has published on its website the “monthly emoluments of top management (as on 1 July, 2015)” as also the “monthly emoluments of employees (as on 30 June, 2015)”.
While the first section provides monthly emoluments of Rajan, four DGs and 11 EDs, the second section has more than 16,000 entries from across the country some of which are for ‘total monthly emoluments’ of less than Rs.10,000.
Rajan, formerly chief economist at IMF and on-leave professor of finance at the University of Chicago Booth School of Business, joined RBI as its governor nearly three years ago and his current term will end in September.
His recent comments, wherein he said India being tagged as the ‘bright spot in a rather gloomy global economy’ was like a one-eyed being king among blind, have sparked speculation on whether he would get an extension.
Later, Rajan sought to contextualise his comments, but still warned against being ‘euphoric’ about India’s current economic growth rate and said as a central banker he needed to be ‘pragmatic’.
Editor's Picks »
- Gaurs sells housing units worth Rs 400 crore during Navratra-Diwali
- NTPC invites EoI to build fly ash-based roads at its plants
- BSNL vows swift action on BharatNet concerns; says responsible for upkeep of optical fibre portion
- Northeastern states agree to implement RERA
- Naidu to meet Mamata Banerjee over anti-BJP front
- Future Retail’s Q2 result shows improvement in same-store sales
- Private insurance firms grow at the expense of LIC stuck with a sick bank
- Page Industries’s lofty valuations get a reality check in Q2
- Q2 results: Grasim’s Vodafone Idea stake is proving costly
- How Vodafone Idea’s $3.5 bn fundraising will impact telecom in India