Not even 50 lakhs!
Not even 20 lakhs!
Its normal bundle branches( CSE, Mathematics and Computing, ECE) is close to 15 lakhs in old IITs.
For center branches, it goes down to 8 lakhs or less.
In new IITs, it's even less.
In any case, don't get discouraged as it is the beginning compensation you get with no involvement and at 23 years old with 37 years from retirement. Your pay will increment all through your vocation!