Is this salary expectation for a commercial underwriter in India reasonable?

Hey everyone, I'm evaluating a candidate for a **commercial underwriting role** based in India for a US-based financial services firm. The candidate has mentioned that their **current annual compensation is $47,700 USD (assuming an exchange rate of 85 INR/USD)** and that they are expecting a **20% increase in a month**, which would take them to **around $57,000 USD per year**. This number seems **very high** compared to what I've seen for similar roles in India. From what I understand, even top-tier banks and financial institutions in India don’t typically pay this much for underwriters. For reference: * The role would involve **reviewing commercial loan applications, assessing financials, and preparing underwriting memos**. * We were initially expecting to offer **$25,000 - $30,000 USD per year** for a **senior-level candidate** in India. Can anyone in the industry confirm if this salary expectation is **legitimate**, or is this person **overstating their market value**? Any insights into typical compensation for experienced commercial underwriters in India would be **greatly appreciated!** Thanks in advance for your help!