RBI Governor Raghuram Rajan Doesn’t Quite Mint Money

IIT Delhi, IIM Ahmedabad, MIT Sloan School of Management, PhD, Chief Economist at the International Monetary Fund – on a regular person’s resume, these impressive stats would serve as badges of honour and also make for a 8 figure salary.

Not for the Governor of the Reserve Bank of India Raghuram Rajan.

Image: ibtimes

Even though the post of managing India’s money and economics comes with its own perks – an elite South Mumbai residence and a signature on all the currency notes for starters – a super fat cheque isn’t one.

Rajan, who took over RBI’s reins in August 2013, and is credited with bringing in the much needed voice of sanity in Indian economics, draws a humble pay cheque of Rs. 1.98 lakhs a month or 23.76 lakhs a year. (Other than a few good perks) While on the face of it, the amount sounds like a lot, but factor in the pedigree of his experience and education, and you realize Raman’s not really making bank while heading the largest bank in the country. Compare this with the 335 crore salary of Google CEO Sundar Pichai or the multi-crore salaries of these highest paid executives in the country. A senior manager at a tech company takes home a comfortable package of Rs. 20-30 lakhs a year.

As the governor of the RBI, Raghuram Rajan draws the same pay and perks as are drawn by the Cabinet Secretary to the Government of India. This basically means, he is ranked at par with the highest civil servant in the country. Thus, his salary is at par with that of a government job, and not of a high flying corporate gig.

While Rajan might not be making millions heading India’s central bank, he probably sleeps easy with the satisfaction of holding one of the most important jobs in global finance.