Professional Documents
Culture Documents
PROMOTION POLICY
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.
Background and Purpose
Transforming people is the higher purpose of MFL. The growth of our organization is
measured, not just in terms of business numbers, but basis the number of lives that we
transform, which includes our employees. We would want our employees to actively take
part in our growth journey, by enriching both their professional career and personal life.
This would be possible only by enabling opportunities for deserving employees to grow
from within. Performing employees with potential, need not have to look outside for
opportunities to grow their career, instead, our environment should foster their career
growth. The purpose of this policy is to define and lay down the broad process guidelines
for the career growth/ promotion of employees in MFL.
Applicability / Scope
All employees on the permanent rolls of MFL, that includes contract experts.
Promotion categories
Role based promotion
This is to fill in a role that gets open/ vacant, due to a promotion or exit of the current
incumbent or a new role getting created
For eg: BM to AM (Branch Business) or SE to SM (SULB)
Grade wise promotions - Annually for employees in HO/ZO/RO, aligned with annual
performance appraisal. For business teams – it would be done twice a year (April &
October)
Eligibility
• For role wise promotion, apart from the performance for the last two appraisal
years, capability to perform the new role (potential) will also be assessed
• Current year BSC / ASC will be considered which has to be 3 and above.
• Employees issued with any DA or warning letter in the current performance
appraisal year will not be eligible.
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.
Guidelines on the treatment of spurious cases on promotion
▪ BM should have taken all necessary steps as per our standard guidelines, to
recover the money that includes lodging of police complaint or FIR.
▪ If the spurious is identified in the second or subsequent gold inspection, it
should not impact the promotion provided the BM initiated timely action for
recovery, including lodging of police complaint and FIR
▪ In ‘High transaction branches’ i.e. (a) branches with an AUM of 6 crores and
above and the outstanding GL packets are 1200 and above And (b) branches
with AUM less than 6 crores but GL packets more than 1200 packets,
Promotion may be considered on exceptional case-to-case basis, with prior
approval from BBH, Branch Head – Operations and verification/confirmation by
Audit. BBH and Branch Head- Ops shall be guided by the number of spurious
packets being less than 0.5% in count And value less than 3 lacs, before
considered to approve. BBH and Ops must verify and confirm the details of
spurious account and the customer and ensure that there is no intentional lapse
on the part of BM.
▪ Spurious cases of only the last 36 months should be considered
• Below table shows the no. of years it would take for an employee to be eligible
for promotion from the last promotion date
No of years for next promotion
Grades Designations Normal Fast Track
Rating of min 3* Rating of min 4*
1.5 year with Mid-year
B1 to C4 Jr. Executive to Deputy Manager 2 years
review
D1 to E3 Manager Band I to Jt. AVP 3 years 2 years
F1 to G2 AVP to Sr. VP 4 years 3 years
* Consistent rating in the last 1/2/3/4/as applicable (5,5- 5,4- 4,4) years, as applicable
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.
Career Growth Track
Detailed Career Growth Path is captured in Annexure 1 & Annexure 2
Approving Authority
Approval of BBH is required for all promotion till BM.
Approval of Head-Employee Experience is required for all promotions
Additional approval of CHRO is required for Chief Manager and above grades
Additional approval of CMD is required for RM /AVP and above grades
Exceptions
For any exceptions to the guidelines and process, laid down in this policy, mail approval
from CHRO is mandatory. For exceptional promotions of employees at Chief Manager
level and above, additional approval is required from CMD.
Policy Creation and Approval
Created by Rakesh R Chief Manager – People Development
Verified by Sreeni Warrier Vice President – People Development
Approved by Suresh S Kumar Chief Human Resource Officer
Final Approval Thomas John Muthoot CMD
This policy should be made available in Sparsh/ HRMS that shall be viewed by all employees.
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.
ANNEXURE 1
Below is the Grade Chart/ Career Growth Path and the corresponding Designation
against each grade. The organisation hierarchy of all departments should be aligned with
the below grade hierarchy chart.
Grade Designation
B1 Jr. Executive
B2 Executive
C1 Officer
C2 Sr Executive
C3 Assistant Manager
C4 Deputy Manager
D1 Manager Band I
D2 Manager Band II
E1 Senior Manager
E2 Chief Manager
G3 CXO
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.
ANNEXURE 2
Normal Career Growth Path of business functions are captured below. Career Growth Path of
non-business functions & TPP are basis the organisation grade chart as per Annexure 1.
Branch Business & SULB
Role
Grade Designation
Branch Business SULB
C3 Assistant Manager Branch Manager Asst. Manager - Sales, Credit & Collection
C4 Deputy Manager Sr. Branch Manager Deputy Manager - Sales, Credit & Collection
Cluster Manager/Area
D1 Manager Band I Manager - Sales, Credit & Collection
Manager
D2 Manager Band II Sr. Area Manager Area Manager - Sales, Credit & Collection
Assistant
E1 Senior Manager State Manager - Sales, Credit & Collection
Regional Manager
E2 Chief Manager Regional Manager Regional Manager - Sales, Credit & Collection
Associate Vice
E3 Sr. Regional Manager Zonal Manager - Sales, Credit & Collection
President Band I
Associate Vice
F1 Asst. Zonal Head National Head - Sales, Credit & Collection
President Band II
Deputy Vice President
F2 Zonal Head National Head - Sales, Credit & Collection
Band I
Deputy Vice President
F3 Sr. Zonal Head National Head - Sales, Credit & Collection
Band II
Vice President Band I
G1 Branch Business Head Business Head - SULB
& Band II
G2 Senior Vice President Sr. Branch Business Head Business Head - SULB
G3 CXO COO
*This is the normal career growth path but there could be some aberrations currently,
that shall be normalised in due course, as appropriate.
This is a property of Muthoot Fincorp Ltd., and strictly meant for internal circulation only.