BHARAT FINANCIAL INCLUSION LIMITED
Policy: Exit policy Policy version: 2.3
Date of Issue: April 16, 2014 Prepared by: Dhanashree
Effective from: April 17, 2014 Checked by: Murali M R M
Reviewed On: June 22, 2016 Authorized by: Srinivas Reddy Vudumula
This version supersedes: Exit/Separation policy version 2.2
1.0 Purpose
To facilitate a smooth exit process, a timely settlement of full and final dues at the time of
separation and to follow and maintain the best practices.
2.0 Scope
All BFIL employees and at all levels
3.0 Definitions
3.1 Reporting Manager: The immediate superior to whom an employee reports to.
3.2 Head Of Department/Function: A superior who heads a department or a function and is
responsible for the efficient and effective functioning of that particular department/function.
4.0 Policy
4.1 Confirmed employees will be required to give a notice period of two month or gross salary
in lieu thereof. There is no notice period for employees on probation. The company may
terminate the services of an employee on probation without any notice period at any time,
and by giving 2 months’ notice period or gross salary in lieu thereof for confirmed employees.
4.2 Employees can separate from the Company in the following ways
• Discontinuation of service during probationary period
• Discontinuation of service of confirmed staff on performance grounds
• Dismissal on disciplinary grounds
• Resignation
• Death
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
• Superannuation
• Discontinuation of service on completion of contract period
4.3 Discontinuation of service during the probationary period
4.3.1 Discontinuation of services shall happen when
the employee concerned has been found
wanting on reasons of incompetence or any
other reason during the period of probation.
4.3.2 An extended period of 3 months may be given to
employees on the discretion of the
management, on the recommendation of their
Reporting Manager.
4.3.3 The authority chart for extension of the period
of probation is given in table 1 below.
Table 1:
Authority chart to recommend and approve an extension in period of probation
Classification Recommending Authority Approving Authority
Employees upto the level of Immediate Reporting Principal Manager/ Sr.
L3 Principal Manager and
Manager
equivalent
Employees in the capacity of Immediate Reporting Head of
L4 & L5
Manager Department/Function
AVP/ VP C Level CEO
C Level - Board
4.3.4 Discontinuation of services on performance
grounds will be recommended when a review of
the employee’s performance by the Reporting
Manager and HR reveals poor or inadequate
performance against expected standards.
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
4.3.5 Discontinuation of services apart from the above
grounds may be done by HR, keeping concerned
reporting managers informed.
4.3.6 The employee concerned will not be given any
notice period, will stand relieved with
immediate effect and will be eligible for a service
certificate and a relieving letter contingent on
his/her clearing of all dues with the Company.
4.4 Discontinuation of service of confirmed staff on performance grounds
4.4.1 The Company may discontinue the services of a
confirmed employee if it has been observed that the
employee is underperforming on a consistent basis
despite being provided with adequate opportunities to
remedy the same and it is the Company’s view that no
further opportunity can be given.
4.4.2 The employee will be drafted on to Performance
Improvement Plan (PIP) by the Reporting Manager and
HR, the duration of which will be 2 months and which is
to be treated as equivalent to the notice period
requirements as mentioned in clause 4.1.
4.4.3 After the expiry of the PIP a review will be done by
the Reporting Manager and HR to assess whether there
has been an improvement in performance in line with the
expected standards.
4.4.4 Discontinuation of services will be recommended, if
the Reporting Manager and HR find that the improvement
in performance has not been as per expectations on the
expiry of the PIP. The employee concerned will stand
relieved with immediate effect and will be eligible for a
service certificate and a relieving letter contingent on
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
his/her clearing of all dues with the Company.
4.4.5 The authority chart for recommending and
approving a PIP is given in table 2 below:
Table 2:
Authority chart to recommend and approve a PIP
Classification Recommending Authority Approving Authority
Employees upto the level of Immediate Reporting Principal Manager/ Sr.
L3 Principal Manager and
Manager
equivalent
Employees in the capacity of Immediate Reporting Head of
L4 & L5
Manager Department/Function
AVP/ VP C Level CEO
C Level - Board
4.5 Dismissal on disciplinary grounds
4.5.1 Dismissal of services may be done in the event of
any violation of processes, service rules or
misconduct (as given in the List of misconducts of
the Disciplinary Procedures policy) on the part of
the employee which in the view of the Sr.
Regional Manager – MS or concerned equivalent
Functional Manager and Principal Manager-HR is
punishable by imposing major penalties
particularly dismissal from service. The process
shall follow the procedure as underlined in the
Disciplinary Procedures policy.
4.5.2 For employees terminated on all disciplinary
grounds with the exception of unauthorized
absence, conditions of notice period as defined
earlier is not applicable i.e. An employee
terminated on disciplinary grounds except that
of unauthorized absence, does not have to
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
serve the notice period nor will be eligible to
receive gross pay in lieu of the Company not
giving the requisite notice period. An employee
terminated due to unauthorized absence owing
to the reason of his/her choosing to remain
absent even after adequate opportunity has
been extended to him/her as described in the
disciplinary procedures policy will be
considered to not be interested in service and
his/her services will be deemed to have been
abandoned. It will be deemed that the
employee has resigned from the date of his
unauthorized absence and the notice period
clause will be applicable on him/her.
4.5.3 The employee will be given a letter of
termination/ discontinuation of service and a
service certificate clearly mentioning the reason
of termination.
4.5.4 Employees under probation may be dismissed
without the company having to follow the above
procedure outlined.
4.6 Resignation
4.6.1 Any employee who wishes to resign from the
services of the Company shall raise his/her
resignation in SPARK and give requisite notice
period. Employees in probation need not serve
any notice period.
4.6.2 All confirmed employees may be relieved
immediately on their surrendering equivalent
gross salary applicable for the notice period
subject to their being granted approval by
approving authority.
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
4.6.3 A confirmed employee may request waiver of
notice period and/or adjustment of Earned Leave
against Notice Period online in case he/she
desires to get relieved from the services of the
Company earlier than the expiry of the notice
period. The following lines describe the
treatment for each case.
4.6.3.1 Requests of waiver of Notice Period
4.6.3.1.1 The employee concerned needs
to mention in the comments
box for a waiver of notice period
which will be accepted only on
being accorded approval by the
approving authority
4.6.3.1.2 Waiver may be in full or in part
which depends on the
discretion of the approving
authority.
4.6.3.2 Requests for adjustment of Earned Leave against Notice
Period
4.6.3.2.1 Any employee requests
concerning adjustment of
Earned Leave lying to his/her
credit against his/her notice
period will be accepted only
on being accorded approval
by the approving authority).
4.6.3.2.2 A request for adjustment of
Earned Leave may be
combined with a request for
part waiver on the discretion
of the approving authority.
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
Table 3:
Authority Chart for recommending and approving of waiver of notice period or
adjustment of Earned Leave against notice period.
Positions Recommending Authority Approving Authority
FA/ABM/BM/UM AAM/Area Manager Regional Manager/Sr.
Regional Manager
AAM/Area Manager Regional Manager/Sr. Zonal Manager/Sr. Zonal
Regional Manager Manager
Associate/Executive/Asst. Immediate Superior Principal Manager/Sr.
Manager/Manager Principal Manager
Lead Manager/Sr. Lead Immediate Superior Head of
Manager/Principal Department/Function
Manager/Sr.Principal
Manager
AVP/ VP C-Level CEO
C Level - Board
4.6.4 The employee will not be eligible to take leave
when serving the notice period except in
circumstances where taking leave is imperative
and unavoidable. Such requests have to be
approved in writing by the concerned reporting
authority. Such grant of leave will not result in
extension of notice period by the period of leave
so granted.
4.6.5 The employee will get a service certificate and
relieving letter contingent on his/her clearing of
all dues to the Company.
4.7 Death
4.7.1 The services of an employee who dies while on rolls
of the Company shall cease to continue from the
date of his/her demise.
4.7.2 Pay and allowances of the employee will be drawn in
his/her name up to the day of his/her demise.
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
4.8 Super Annuation
4.8.1 Employees will retire from service, at the end of the last
day of the month in which they attain the age of 58
years.
4.9 Discontinuation of service on completion of contract period
4.9.1 Discontinuation of services will be done on the
expiry of the contract period and as per the
terms and conditions mentioned explicitly in
the contract.
5.0 Guidelines
5.1 Resignations of employees based out of Regional Offices/ Branch
Offices, shall be raised online. If the Company has extended any
financial support to the employee at the time of joining (E.g. purchase
of notice period, reimbursement of relocation expenses, joining bonus
etc.), the same should be recovered if the employee exits from the
Company within one year from the date of claim. This will not be
applicable for company initiated exits.
5.2 The clearance process has to be completed before the last working
day of the employee.
5.3 It is the employee’s responsibility to return company property
(laptops, data cards, cell phone SIMs, keys, training material etc.) and
submit the clearance form online.
5.4 The Full and Final settlements for RO/HO staff will be processed only
on completion of clearance form online. HR at HO (Payroll team)
when, in receipt, of the Clearance Form will process the full and final
settlement within 1 month after ascertaining that there are no dues
receivable by the Company from the employee.
5.5 The employee has to fill the Exit form online for completing all the exit
formalities. In circumstances where it is not possible to conduct the
exit interview face to face, HR will do it telephonically. The exit
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
BHARAT FINANCIAL INCLUSION LIMITED
interview form will be filed in the employee’s personnel file. HR will
highlight any concerned point as mentioned in the Exit Interview to
the appropriate authority.
Note – Effective Nov 29,2012 no requests for Waiver of Notice Period
(or) Adjustment of Earned Leave against shortfall in Notice Period can be
accepted from the past employees, after an elapsed period of 6 months
or more; from their last working day in the company.
6.0 Exceptions
Any exceptions to the above policy shall have to be accorded approval by the Head
of HR explicitly in writing
Exit Policy
BHARAT Financial Inclusion Ltd., 3rd Floor, My Home Tycoon, Block – A 6-3-1196, Kundanbagh,
Begumpet, Hyderabad 500016, India, Phone - +91 40 4452 6000, www.sksindia.com
