FINANCIAL SECTOR REFORMS
395
relative to the private sector due to the method of pay fixation with the pegging
of earnings to the Pay Commission awards. First, there is a pecking order in the
financial sector with the RBI, which is the regulator and financial institutions
that hitherto performed a developmental function being at the top of the peck-
ing order. The State Bank of India group comes next due to the special function
it performs of transacting the government business of both the central and the
state governments. Last in the hierarchy are the other nationalized banks. The
salary of the chairman and managing director of the ...
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