RBI Governor's Salary: How Much Will Sanjay Malhotra Earn As The New Governor?

Sanjay Malhotra, the current Revenue Secretary, has been appointed as the next Governor of the Reserve Bank of India (RBI). He will replaced Shaktikanta Das, who has occupied the position for the past six years.

Who is Sanjay Malhotra?

A 1990-batch IAS officer from the Rajasthan cadre, Sanjay Malhotra brings over three decades of experience in finance, taxation, power, IT, and policy-making. An alumnus of IIT Kanpur (Computer Science) and Princeton University (Public Policy), his expertise combines technical acumen with strategic policymaking.

Key roles in his career include:

• Revenue Secretary: Spearheaded tax policy reforms for direct and indirect taxes since December 2022.
• Secretary, Department of Financial Services: Directed banking and financial sector reforms.
• CMD of REC Ltd.: Led growth and modernization efforts in the power financing sector.
• Ex-Officio Secretary to the GST Council: Played a pivotal role in balancing state fiscal demands with the integrity of the GST framework.

RBI Governor's Monthly Salary & Other Benefits

The RBI Governor's remuneration is notably modest compared to private banking executives. As of the last reported revision, the Governor earns a basic salary of Rs 2.5 lakh per month, with gross monthly emoluments including allowances reaching Rs 2.87 lakh.

Interestingly, this pay scale has remained unchanged since a 2016 revision during Urjit Patel's term. Comparatively, Deputy Governors earn a basic salary of Rs 2.25 lakh per month, with the Governor earning Rs 31,500 more.

Despite the relatively modest pay, the role comes with symbolic significance, including signing currency notes and residing in a colonial-era bungalow in Mumbai, a perk shared by top financial officials like the SBI Chairman.

Malhotra's appointment marks a new chapter for the RBI as it navigates complex economic challenges while maintaining its focus on inflation, growth, and financial stability.