Government has given a big pay hike for RBI Governor Urjit Patel and Deputy Governors of RBI. Basic salary of Urjit Patel, RBI Governor has been increased from Rs.90,000 per month to Rs.2,50,000 per month and that of deputy governors, it has been increased from Rs.80,000 per month to Rs.2,25,000 per month.

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This pay hike is with retrospective effect from 1st January 2016. Urjit Patel joined as RBI Governor in September 2016, so hi pay hike should be w.e.f. that date.

In the meantime, if you are a banker, you should check, how much the DA will increase (or infact decrease) from May 2017  🙁 .

Total salary of Urjit Patel, RBI Governor was around Rs.2.10 lacs before increment, including DA and other allowances. Post revision, his total salary should be around Rs.3.70 lacs (although RBI did not disclose the allowances).

The increment in Dr. Patel’s salary seems huge, but still it is not even comparable with the salary of some executives of banks, which are being regulated by RBI. See: Salary of Top Bankers in India.

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R Gandhi, S S Mundra, N S Vishwanathan and Viral V Acharya are the Deputy Governors of RBI, who have also got the pay hike. See: Profile of Viral V Acharya.