Letter: Fair pay hike

With reference to “Urjit Patel gets big pay hike; basic jumps to Rs 2.5 lakh” (April 3), the fact that the Reserve Bank of India (RBI) governor’s salary slip has just become weightier should be a matter of great satisfaction and rejoicing for the community of bankers (serving and retired). There is no denying that the governor and his deputies deserved the handsome increase in pay. Though one is always skeptical of the deft ways of the bureaucracy and how it takes away with one hand what it gives with the other, one sincerely hopes that the reported hike is genuine. The governor is the country’s top banker, and what he receives as pay should set the tone for others in the banking system. One hopes this increase has a cascading effect. At this opportune moment, it may be only proper to bring to the notice of the RBI governor that the level of salaries and perks in the banking system has generally — by comparison to other professions — seen sharp erosion, with bankers seeking parity with civil services now.

The oldest pensioners’ plight can be seen from some unconfirmed report that the pension of some aged bank chairmen is less than that of the junior most staff retiring today. Secondly, norms of fixation of family pension are higher in the government, lower in the RBI and lowest in public sector banks. So much for gender equality! One can only hope that the deputies and governor of RBI shall reflect on the state of the remuneration system in banking, particularly bankers controlled by government ownership.

Y P Issar  Karnal

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