Trending @Infosys; What happens if we get Needs Improvement rating (Specialist Programmer)

The not so bad part - you get 0 bonus pay for next four quarters. You get no hikes which anyway no one got. It will kind of depend on which rating they take for Jan hikes. Ideally it should be last year rating.
The really bad part - You might be put on PIP and during PIP given an option to take 3 months severance pay and leave or risk going into PIP and then getting terminated without any severance pay if you fail. So if you are on project and relationship with manager is not bad he might just assign you some achievable goals and you should be ok on the job front. But if you are on bench and have a bad/indifferent relation with your manager you could be assigned u achievable goals in PIp. So you should take a call only after you are told your PIP goals