{"id":3591,"date":"2021-03-24T06:47:46","date_gmt":"2021-03-24T06:47:46","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3591"},"modified":"2021-03-24T06:51:24","modified_gmt":"2021-03-24T06:51:24","slug":"operational-manual-of-the-nbfcs","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/","title":{"rendered":"Operational Manual of the NBFCs: A Complete Guide"},"content":{"rendered":"\n<p class=\"has-drop-cap\">NBFCs\nor Non-Banking Financial Companies make their path to the financial market many\nyears back, and still, they are playing a praiseworthy role in serving the\nlower sections of society in India. Unlike regular banks, NBFC is easy to\naccess and facilitate profitable financial services to the low-income group or\nlower society. Apart from this, The Non-Banking Financial Company also deals\nwith various businesses in India, such as insurance, hire or purchase, and\nbuying Government securities. Scroll down to check more information regarding\nthe Operational Manual of the NBFCs.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a76b7e498c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a76b7e498c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#What_is_an_NBFC\" title=\"What is an NBFC?\">What is an NBFC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Credit_and_Operation_Policy_Operational_Manual_of_the_NBFCs\" title=\"Credit and Operation Policy (Operational Manual of the NBFCs)\">Credit and Operation Policy (Operational Manual of the NBFCs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Procedure_for_Customer_Identification_%E2%80%93_Operational_Manual_of_the_NBFCs\" title=\"Procedure for Customer Identification \u2013 Operational Manual of the NBFCs\">Procedure for Customer Identification \u2013 Operational Manual of the NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Examining_the_Financial_Transaction_%E2%80%93_KYC_Structure\" title=\"Examining the Financial Transaction \u2013 KYC Structure\">Examining the Financial Transaction \u2013 KYC Structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Risk_Management\" title=\"Risk Management\">Risk Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Pre-Settlement_Policy\" title=\"Pre-Settlement Policy\">Pre-Settlement Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Categorization_of_Asset_%E2%80%93_Operational_Manual_of_the_NBFCs\" title=\"Categorization of Asset \u2013 Operational Manual of the NBFCs\">Categorization of Asset \u2013 Operational Manual of the NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Loan_Write_Off_Policy\" title=\"Loan Write Off Policy\">Loan Write Off Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Restructuring_of_Loans\" title=\"Restructuring of\nLoans\">Restructuring of\nLoans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Restricted_Loans\" title=\"Restricted Loans\">Restricted Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/operational-manual-of-the-nbfcs\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_NBFC\"><\/span>What is an NBFC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before\nmoving into the operational manual of the NBFCs, let us first understand the\nmeaning of NBFC. NBFC or Non-Banking Financial Company is a financial company\nregistered under the Companies Act, 1956 and 2013, which provides various\nfinancial services such as advances, loans, acquisition of debentures or shares\nor securities of bonds issued by the Government of India or any local authority.\nRBI or Reserve Bank of India governs all NBFCs in India.<\/p>\n\n\n\n<p><strong>Following is the list of all the areas of\noperations in NBFCs:<\/strong><\/p>\n\n\n\n<ul><li>Insurance Business.<\/li><li>Lease Agreement.<\/li><li>Debentures.<\/li><li>Bonds.<\/li><li>Stock Trading.<\/li><li>Chit Fund.<\/li><li>Preference and Equity Shares.<\/li><\/ul>\n\n\n\n<p><strong>Following are the areas that NBFCs don\u2019t\nserve:<\/strong><\/p>\n\n\n\n<ul><li>Industrial.<\/li><li>Trading of Tangible Goods.<\/li><li>Agriculture.<\/li><li>Real Estate Activities.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_and_Operation_Policy_Operational_Manual_of_the_NBFCs\"><\/span>Credit and Operation Policy (Operational Manual of the NBFCs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As we\nknow that all NBFCs or Non-Banking Financial Companies are governed by RBI\n(Reserve Bank of India). So, for smooth and easy operations, these companies\nmust fulfil some operation and credit policies as mentioned by the Central Bank\nor the Reserve Bank of India.<\/p>\n\n\n\n<p><strong>Following are vital elements of NBFC\nOperational and Credit Policy under the Operational Manual of NBFCs:<\/strong><\/p>\n\n\n\n<ul><li><strong><em>Customer KYC Policy: <\/em><\/strong>The\nReserve Bank of India guides all financial organizations to operate as per the\nprescribed procedure of <strong><em>KYC (Know Your Customer)<\/em><\/strong>. KYC is the\nmost vital to supervise any doubtful transaction and to report it to the\napplicable authority. The main objective of KYC procedures is to protect the\nNon-Banking Financial Companies and banks from being cheated by deceitful\nborrowers involved in money laundering activities. Moreover, the aim of KYC is\nto enable banks to know their borrowers\u2019 requirements and their financial\ndealing in a proper way. This will help them to handle their risks more\nfluently.<\/li><\/ul>\n\n\n\n<p><strong>Therefore, all the Non-Banking\nFinancial Companies are required to frame their Customer KYC Policy with\nrespect to the following vital elements:<\/strong><\/p>\n\n\n\n<ol><li>Process of Customer Identification;<\/li><li>Customer Acceptance Policy;<\/li><li>Monitoring of Transactions;<\/li><li>Financial Risk Management.<\/li><\/ol>\n\n\n\n<ul><li><strong><em>Anti-Money Laundering<\/em><\/strong><strong>:<\/strong> It is clear that fair and\ntransparent transactions are crucial not only for the rapid growth of the\nindustry but also for the authority and honesty of the country. In the outlook\nof the above, the <strong><em>DBOD or Department of Banking Operations and Development <\/em><\/strong>and\nthe Reserve Bank of India had set some guidelines to all the financial\norganizations under the <strong><em>FATF (Financial Action Task Force)<\/em><\/strong>\nobservation. The FATF recommendation on Anti-Money Laundering and\nTerror-Funding standards has now become a benchmark for outlining Anti-Money\nLaundering and Anti-Terror Funding policies by the monitoring authorities.\nCompliances with these benchmarks by Non-Banking Financial Companies and\nregular banks is vital for an international financial relationship. There are\ncertain important guidelines by the Reserve Bank of India for the Non-Banking\nFinancial Companies to draft operational guidelines for AML (Anti-Money\nLaundering) and KYC procedures. You can check the same below:<\/li><li><strong><em>Customer Acceptance Policy<\/em><\/strong><strong>:<\/strong> The acceptance policy of the\ncustomer is an authoritative part of the operational manual of the NBFCs.\nNon-Banking Financial Companies should plandetailed and clears guidelines\nconcerning the customer&#8217;s acceptance. The policy must enclose a definite direction\nabout the given aspects:<\/li><\/ul>\n\n\n\n<ol><li>Banks should avoid opening an account on Benami\nor false name.<\/li><li>Customer\u2019s classification on the basis of risks\nand other factors such as payment mode, location, business activity, annual\nturnover, etc.<\/li><li>Other info and documentation in accordance with\nthe guidelines of the Reserve Bank of India and <strong><em>PML Act, 2002<\/em><\/strong>must be\nissued from time to time.<\/li><li>Needed checks before opening a new bank account.<\/li><li>In case if a customer is allowed to act on\nbehalf of another company or person, it should be clearly spelt out.<\/li><li>Bank cannot close or open the account in the\nevent of insubordination of the customers.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_Customer_Identification_%E2%80%93_Operational_Manual_of_the_NBFCs\"><\/span>Procedure for Customer Identification \u2013 Operational Manual of the NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Identification\nof a customer specifies examining a customer, and its credibility depends on\nthe documents and information. Hereafter, NBFCs are required to collect\nsatisfactory and genuine information for every new customer. During the\nidentification of the customer, consider the following factors:<\/p>\n\n\n\n<ul><li>Get aware of the right structure and ownership\nof a new customer.<\/li><li>Check that the individual, if approved by the\nrelated source to act on behalf of another individual or entity.<\/li><li>Authenticate the related documents to know the\nlegal status of the company or a person.<\/li><li>Determine the entitlement structure and the\nownership of a new customer.<\/li><li>Non-Banking Financial Company must check the\nindividual who is in authority or act as a legitimate person on behalf of\nanother person.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Examining_the_Financial_Transaction_%E2%80%93_KYC_Structure\"><\/span>Examining the Financial Transaction \u2013 KYC Structure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Examining\nthe transactions is certainly an authoritative part of a KYC structure. The\nNon-Banking Financial Companies can capably overcome and control their risk\nfactor by determining the financial activity of new customers.<\/p>\n\n\n\n<ul><li>Non-Banking Financial Companies should properly\narrange all transaction records with extreme diligence and care in the vision\nof u\/s 12 of the PML Act, 2002.<\/li><li>Moreover, it is crucial to ensure that weak or\nunclear records are reported quickly to the related authority.<\/li><li>Non-Banking Financial Companies must take\nsuitable measures to ease thought. <\/li><li>Non-Banking Financial Companies must placea\nsystem for searching the risk classification of the account.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risk_Management\"><\/span>Risk Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Entities\narrange risk management with a purpose to ease the immediate and difficult\nthreat. In order to overcome intricacies, the Non-Banking Financial Company\nmust execute an effective KYV program that consolidates effective procedures\nfor eliminating the risk. Here are some vital features of the KYC program,\nwhich should contain tasks assignment, proper management flaws, training, etc.<\/p>\n\n\n\n<ul><li>The members of the business must pass a risk\nmanagement policy as soon as they availed the <strong><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\" class=\"text-primary\">NBFC\nRegistration<\/a><\/strong>.<\/li><li>An active training program must be in place to\ntrain the employee and aware employees regarding <a href=\"https:\/\/en.wikipedia.org\/wiki\/Know_your_customer\">KYC<\/a> measures.<\/li><li>A unique training segments for the back-end and\nfront-end compliance employees.<\/li><li>Non-Banking Financial Company must prepare a\nrisk profile of their current and new customers by taking Anti-Money Laundering\n(AML) measures into account to alleviate the risk of the transaction.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pre-Settlement_Policy\"><\/span>Pre-Settlement Policy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is\nstated the early payment of the loan, and in this policy, borrowers can pay all\ntheir dues regarding the loan before the end of the loan tenure. The banks and\nNBFCs are accountable for layout policy concerning the same so that customers\ncan pre-settle their loans without any difficulties. Following are some T&amp;C\n(Terms and Conditions) of this policy:<\/p>\n\n\n\n<ul><li>Simplify whether the prepayment is permitted or\nnot;<\/li><li>Mention whether pre-settlement of loans allows\nnext loan cycle or not;<\/li><li>Also mention the penalties provision regarding\nprepayment, if any;<\/li><li>Mention rebate for this policy, if any.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Categorization_of_Asset_%E2%80%93_Operational_Manual_of_the_NBFCs\"><\/span>Categorization of Asset \u2013 Operational Manual of the NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\nshould be remembered that loans are a respected asset for banks and Non-Banking\nFinancial Companies. It is imperious for the banks to categorize the borrowers\ninto values and <strong><em>Non-Performing Assets (NPA)<\/em><\/strong>.<strong><em>SMA or Special Mention Accounts <\/em><\/strong>is\ndefined as the loan asset on which the interest and standards are overdue for\n90 days or 3 months.<\/p>\n\n\n\n<p>Recognition\nof income by the NBFCs will be done based on the accounting standards drafted\nby ICAI.<\/p>\n\n\n\n<ul><li>Income that combinesinterest and any other\ncharges pursuant to Non-Performing Assets (NPA) will be known only when\nunderstood.<\/li><li>The income produced from Non-Performing Assets (NPA)\nwill be known on a cash basis.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loan_Write_Off_Policy\"><\/span>Loan Write Off Policy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When\nthe NPA loan manages to spend time in debts, in that case, it can be written\noff. The Reserve Bank of India has enlisted some procedures in the purview of\nthe above.<\/p>\n\n\n\n<p><strong>Following is the table signifying exhibits\nthe same:<\/strong><\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Types\n  of Loan Assets<\/strong>\n  <\/td><td>\n  <strong>Guidelines\n  of RBI<\/strong>\n  <\/td><\/tr><tr><td>\n  Loan Asset\n  <\/td><td>\n  100% of Outstanding\n  <\/td><\/tr><tr><td>\n  Standard Asset\n  <\/td><td>\n  1% of Outstanding\n  <\/td><\/tr><tr><td>\n  Sub-Standard Asset\n  <\/td><td>\n  50% of Outstanding\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>It is\nproof that the Non-Banking Financial Companies need to draft an effective\naccounting policy concerning a loan to write off. This policy is proficient in\neradicating Non-Performing Assets loans from the account; however, it diminishes\nthe credibility of the portfolio; while pointlessly overstate the quality of a\nportfolio. Hence, while inspecting the portfolio&#8217;s quality, the analyst must\nreview the bad debt\u2019s level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Restructuring_of_Loans\"><\/span>Restructuring of\nLoans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Non-Banking\nFinancial Companies can also restructure the terms of the current loan\nagreement as per the policy structure issued by their BODs or Board of\nDirectors. But this may be finished in the following cases:<\/p>\n\n\n\n<ul><li>Before the beginning of business;<\/li><li>After the beginning of the business, but before\nthe asset has been categorized as sub-standard;<\/li><li>After origination of business, but after the\nasset has been categorized as sub-standard;<\/li><li>In each of the above three cases, the\nrestructuring of principal or interest could be completed, with or without\nloss. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Restricted_Loans\"><\/span>Restricted Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per\nthe regulations of RBI or the Reserve Bank of India, Non-Banking Financial\nCompanies (NBFCs) and MFIs (Micro Finance Institutions) cannot approve a loan\nto the following customers or applicant;<\/p>\n\n\n\n<ul><li>Loans to political parties, political candidates,\nor other political institutions;<\/li><li>Loans to gambling companies;<\/li><li>Loans to substitute or bailout the lender who\nwants to withdraw;<\/li><li>Loans for arming or weapon activities;<\/li><li>Loans for alcohol and drugs-related activities.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>That\u2019s all about the operational manual of the NBFCs. Non-Banking Financial Companies (NBFCs) and MFIs (<strong><a href=\"https:\/\/swaritadvisors.com\/microfinance-company-registration\" class=\"text-primary\">Micro Finance Institutions<\/a><\/strong>) playing an essential role in alleviating the instability that exists in the economic structure of the nation. Non-Banking Financial Companies are still developing and in search of easy-going guidelines or regulations from the governing authorities to carry out their operations more actively. We hope this discussion has wired your understanding of the operational manual of the NBFCs.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/gst-applicability-on-nbfcs\/\">GST Applicability on NBFCs: A Complete Overview<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBFCs or Non-Banking Financial Companies make their path to the financial market many years back, and still, they are playing a praiseworthy role in serving the lower sections of society in India. Unlike regular banks, NBFC is easy to access and facilitate profitable financial services to the low-income group or lower society. Apart from this, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,56],"tags":[532],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3591"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3591"}],"version-history":[{"count":6,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3591\/revisions"}],"predecessor-version":[{"id":3599,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3591\/revisions\/3599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3595"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}