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14. Conducting due diligence as to the credentials
of any director before his or her appointment/ re-appointment, and making appropriate • recommendations to the Board, in consonance with the Dr. Ganguly Committee recommendations and the requirements of RBI;
15. To make recommendations to the Board concerning any matters relating to the continuation in office of any Director at any time including the suspension or termination of service of an Executive Director as an employee of the Bank subject to the provision of the law and their service contract;
16. Ensure that level and composition of remuneration is reasonable and sufficient, relationship of remuneration to performance is clear and meets appropriate performance benchmarks;
17. To develop a succession plan for the Board and to regularly review the plan;
18. To approve Job descriptions & KRA’s of Senior Managers and Business Line Managers on an annual basis;
19. To review Performance of the senior/business line managers by NRC on an annual basis;
20. Overseeing the framing, review and implementation of the Bank’s Compensation Policy for Whole Time Directors/ Chief executive officers / Risk takers and Control function staff for ensuring effective alignment between remuneration and risks;
21. To recommend to the board, all remuneration, in whatever form, payable to senior management;
22. Framing suitable policies and systems to ensure that there is no violation, as amended from time to time, of any securities laws or any other applicable laws in India or overseas, including:
1. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; and
2. The Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003.
STATUTORY REPORTS
p) Construing and interpreting the Plan and any agreements defining the rights and obligations of the Bank and eligible employees under the Plan, and prescribing, amending and/or rescinding rules and regulations relating to the administration of the Plan.
13. Administering, monitoring and formulating detailed terms and conditions of the Employee Stock Purchase Scheme of the Bank;
23. Carrying out any other function as is mandated by the Board from time to time and / or enforced/ mandated by any statutory notification, amendment or modification, as may be applicable; and
24. Performing such other functions as may be necessary or appropriate for the performance of its duties.
external consultants whose advice has been sought, the body by which they were commissioned, and in what areas of the remuneration process.
NotApplicable
a description of the scope of the bank’s remuneration policy (eg: by regions, business lines), including the extent to which it is applicable to foreign subsidiaries and branches.
The purpose of the Compensation Policy is to ensure statutory compliance as well as alignment with the Bank’s business policies and practices. The Compensation & Benefits (C & B) policy document is based upon the principle that a fair and competitive salary is paid for acceptable levels of performance on the job. The compensation policy document is designed to align long-term interest of the employee and the organization.
The policy document covers all employees and Board of Directors of the Bank. This document provides guidance on:
• CompensationPhilosophy
• CompensationStructure
• Grades
• Pay Review Process
• Variable Pay Plans
• Salary Pay-out
a description of the type of employees covered and number of such employees.
All employees of the Bank are governed by the Compensation Policy. The total number of permanent employees of the Bank at March 31, 2020 was 17,841.
b information relating to the design and structure of remuneration processes. disclosure should include:
• an overview of the key features and objectives of remuneration policy.
The Compensation Policy and Nomination & Remuneration Policy has been laid out keeping the following perspectives into considerations:
(a) The Compensation principles should support the Bank in achieving its mission of providing a full range of financial services to the economically active poor of India who are not adequately served (unserved
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