I am getting 9 l.p.a (P.Q.E 2 years) from a tier 2 in Delhi banking team. I think I am being underpaid but have no idea what industry standard is.

Afaik, in tier 1, it would be between 16-21

Working at same level for a Mumbai based boutique firm with pay of INR 10.14 LPA + bonus. Last year with bonus I ended up at 11 LPA. I guess not much difference if your 9 LPA figure doesn't include bonus. Our practice area is gen corp and transactions, can't say we even qualify as tier 2 though.

As firm offers better perks and lifestyle, can't compare it to tier 1 pay.