Offer of Appointment - Penmatsa Srinivasa Raju
Offer of Appointment - Penmatsa Srinivasa Raju
Offer of Appointment - Penmatsa Srinivasa Raju
Date: 05-Jan-2024
As per the personal interview and discussion we had with you, we are glad to offer you to join Utkarsh
Small Finance Bank as Channel Manager-MSME in the grade of Deputy Manager The allocation of work
and place of posting shall change on the basis of organizational requirement from time to time.
The total CTC (all-inclusive but excluding annual performance bonus) will be ₹79, 189/- per month
(₹9,50,274/- per annum). The breakup of CTC is as per Annexure I.
Other Benefits (as per the extant policy of the company) would be as follows:
As part of our employment offer, “Malus and Claw back clauses will be applicable to your services with the
Organisation.
A malus arrangement permits the bank to prevent vesting of all or part of the amount of a deferred
remuneration. Malus arrangement does not reverse vesting after it has already occurred.
A claw back, on the other hand, is a contractual agreement between the employee and the bank in which
the employee agrees to return previously paid or vested remuneration to the bank under certain
circumstances.
Any variable pay / performance bonus / ESOP or any other pay out awarded to you shall be subject to a
malus / clawback provision and in the event that you engage in the conduct that discriminate to the Bank
or violate any applicable law or rules and regulations, in such event, the Bank can, at its discretion, reduce
or withhold any future payment, and may seek to recover any payments made to you in excess of your earned
compensation.
Illustrative list of conditions is enumerated below. The occurrence of any / some / all the following
conditions / events shall trigger a review for the application of the Malus or the Clawback arrangements.
Violation of Terms & Conditions agreed upon at the time of Offer and Appointment with the Bank.
Substantial Financial Deterioration in profitability or risk parameter.
Reckless, negligent, or wilful actions or exhibited inappropriate values and behaviour.
Fraud that requires a financial restatement.
Reputational harm to the Bank.
Exposing the bank to substantial risk.
Such other conditions or events, of similar nature as above, as determined by the Bank triggering
review for the purpose of the application of the Malus or the Clawback arrangements.
The offer is valid till 08-Jan-2024, post which the same shall automatically stand withdrawn.
Name- Mr. PENMATSA SRINIVASA RAJU
Grade- Deputy Manager
Joining Formalities:
The following documents will be required to complete your joining formalities at the time of joining the
company:
I. Identity Proof *
II. Residence Proof *
All educational certificates and mark sheets (10th / Matriculation onwards)
Original last three (3) months’ salary slip.
Self attested photo copy of relieving letter from previous employer.
Form 16 of current Financial Year for tax calculation, if any.
Affidavit on Rs. 10 Stamp Paper (Parents & Government Employee)-Format
attached.
Cancelled Cheque.
Please note for cases, if any of the above documents are not presented / submitted at the time of joining,
the joining process will not be completed and may be delayed.
Please feel free to contact for any clarifications. I will be joining the company by
Best Regards
Annexure I
“Please note that the breakup of salary structure may be reviewed and there may be change in the
components. However, it will be ensured that there is no negative impact on the overall CTC” at the
time of joining.
***This is system generated letter and does not require any signature***