Google “Tez” Payment App: Features, Competitors

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Digital payment in India will be getting a giant push on 18th September. The world’s best company to work “Google” is going to launch a new payment service called Google “Tez”. In Hindi, Tez means Fast.


  1. It would be a digital wallet for storing Indian currency
  2. This app is made only for the Indian market and hence has been localized accordingly.
  3. Payment service would be available both on the desktop, as a Chrome widget, and an app. The app is expected to be made available on the Google Play Store.
  4. It would support credit and debit card
  5. As the name “Tez” suggests it is expected that using this service, user can instantly send or receive money to any mobile number
  6. Payments to various services can be made through the app such as prepaid recharge, post paid mobile bill payments and so on.
  7. At retail PoS, user would be able to just wave the smartphone to make payment. No swiping of credit or debit card would be needed.
  8. It is a completely different service than Google’s existing payment service called Android Pay.
  9. Tez would support Indian government’s Unified Payments Interface (UPI). And private mobile wallets such as Paytm and MobiKwik.

Competitors to Google “Tez”

  • The already existing players in India are – Samsung Pay & Truecaller Pay would be giving stiff competition to Google.
  • By this year end, Whatsapp may also launch peer to peer payments in India.
  • Mobile wallets such as Paytm, Mobikwik, Jio Money and other players

Check out differences between Tez and Paytm

BCG and Google – Report on growth of digital payment in India

After demonetisation, India has seen a significant growth in digital payments done via mobile, tablet and desktop/laptop.

  • As per the report published by Boston Consulting Group and Google India; the usage of digital payment system industry will grow to $500 billion by the year 2020.
  • Over half of India’s population will make use of digital payments by 2020.
  • And top 100 million users will drive 70% digital payments

Let’s see how fast Tez gains momentum in India in a already crowded digital payment system.



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2017: Aadhaar Card for Banking, Income Tax – 5 New Rules to Know

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After the successful demonetization activity which was primarily implemented to curb black money, control terrorism activities,  government has now made Aadhaar card mandatory in the following banking & income tax related purposes to further make life of tax offenders miserable.

New account opening: Whether you want to open a savings or current account, providing Aadhaar card number will be mandatory for the new applicants.

Existing bank account holders: Before December 2017, all the existing bank account holders will have to provide their 12 digit Aadhaar card number to the bank. Failure in doing so will make your bank account invalid.

Financial transaction above Rs. 50, 000: Until now for high value transactions above Rs. 50, 000; PAN card was must. However moving forward, Aadhaar number will be required for making any national or international money transfer for the amount above Rs. 50, 000.

Income Tax Returns: Until now individuals with income below the taxable limit were not required to file IT returns. And whether or not such individuals had PAN and Aadhaar card did not matter. However as per the government rule announced on 15Jun2017; any individual having PAN and Aadhaar card will have to link both these identity cards, whether or not income tax is filed or not by them. If this is not done (before the yet to be announced date), then permanent account number (PAN) card will become invalid. If Aadhaar number is not available then Aadhaar enrollment ID will be required.

Anyone having PAN card as on 01July2017, but eligible to get Aadhar card will have to notify IT department.

This is as per the section 139AA of the Act.

PAN card application: Any individual applying for a PAN card after 01 July 2017, will be required to quote 12 digit Aadhaar card number or Aadhaar enrollment ID.

What do you think about this law by government? Share your thoughts in the comment section below.

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CreditVision Tool by TransUnion-CIBIL – Features, Benefits for Lenders

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As non-performing assets and stressed assets grow bigger in size, the profitability of the financial institutions is getting affected. Currently banks take credit data from CIBIL and also use their own analytical insights run on their customer database to decide on any credit or loan application.

However with the launch of CreditVision tool from TransUnion-CIBIL; banks will now have more detailed information about an individual or any company’s financial transaction history.

The USP of the tool is to identify potential defaulters and potential new customers for loans and credit cards.

Read more about how to improve credit score.

This is how CreditVision tool from TU CIBIL will benefit lenders:

  • Consumer’s granular level of financial transaction history will be available of the apart from the currently used credit score.
  • Predict who is going to default in the near time.
  • Predict which defaulter is currently paying which lender and how much, who is prepaying and at the same time not paying.
  • Report on who is experiencing fall in their financials and whose account balance is improving.
  • Categorize individuals as credit revolvers, transactors, and outstanding builders.
  • Lend more: Identify borrowers, who can be given higher loan amount than the sanctioned amount.

How it will benefit borrowers or consumers:

Individuals with no credit score are many a times denied credit or loan. Because banks did not have any credit data to evaluate credit worthiness. However with Credit Vision, deserving non-customers will be offered automated loans without compromising the risk.

Features of CreditVision Tool:

  • Developed by TransUnion
  • It is an algorithmic software which studies customer pattern in payment, exposure and spend behaviour.
  • The software analyses last 3 years data.

So basically there will be improvement in making lending decisions, credit penetration will increase and access to credit will be improved.

Brief About TransUnion CIBIL:

  • TransUnion CIBIL is the India’s most renowned credit information company. They maintain credit history/records of over 500 million consumers and business entities.
  • India’s leading public and private sector banks, NBFCs, financial institutions and HFCs are members of TU CIBIL.
  • TU CIBIL collects, analyzes and delivers information about the credit history of the borrowers (individuals, small, medium and big enterprises). And provide this information to its members. This information is then used by the members to make credit decisions about individuals and businesses.
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26 Differences/Similarities: Commercial Vs. Co-operative Banks

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There are 4 different categories of banks in India. These include:

  1. Commercial Banks – Includes scheduled and non-scheduled banks
  2. Co-operative Banks
  3. Regional Rural Banks
  4. Payment Banks – This new category of the bank was very recently approved by the Reserve Bank of India.

Although most of the banks offer similar kind of services; there are key differentiating factors. In this article we’ll discuss the differences between commercial and co-operative banks.

Listed in the below table are the similarities and differences between these two categories of the banks:

Sr. No.FeaturesCo-operative BankCommercial Bank
1Governed by whomCo-operative Societies Act of respective state and Banking regulation actBanking Regulation Act
2Functioning objectiveGoal is mutuality and self help. Profit is not the objectiveWealth generation
3Is there any voting power to borrowersYesNo. Borrowers are account holders.
4OwnershipMembers of co-operative societyShare holders
5Regulatory BodyReserve Bank of IndiaReserve Bank of India
6Interest rate on loanLowHigh
7Interest offered on depositsLowHigh
8Prepayment charges on loansNilYes
9Processing charges on loansNilYes
10Quantum of loan amount offeredLimitedCan be very high
11Loan disbursal processing timeSlowFast
12Eligibiiity criteria to get loanNot very strictVery strict
13Is membership required to avail loanYesNo
14Credit score checkYesYes
15Shares of bank required to get loan?YesNo
16Most prominent inMainly rural areas. But they also operate in urban areasMainly urban areas. But also operate in rural areas in small scale
17Range of services offeredLimitedBroad
18Credit recoveryWeakVery strict
19Operating scaleSmallLarge
20Area of operationLimited to city/state and to some extent outside of stateAcross country and outside India
21Target audienceMainly to farmers, small businessmen and rural industries.Mainly to individuals and businesses
22Governing ActCooperative Societies Act, 1965Banking Regulation Act, 1949
23Funds availabilityLimitedMassive
24Are they nationalised?NoYes
25Do they operate mutual fundsNoYes
26Who regulates lending and deposit ratesRespective banksRBI

The ultimate objective of all these banking entities is to increase financial inclusion by reaching people from remotest locations in India and offer various services such as loans, savings account, money transfer, credit cards and many others.


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Aadhaar Card for IT Return, Insurance, Mutual Funds

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With an objective of providing unique identity to every Indian, Aadhaar card was launched in 2009. The project is implemented by Unique Identification Authority of India (UIDAI). The benefits of Aadhaar are many and especially poor people can get benefits from the following (there are many):

  • Jan Dhan Yojana, cooking gas subsidy
  • Healthcare schemes such as RSBY, Janashri Bima Yojana, Aam Aadmi Bima Yojana
  • Social security schemes
  • Food and nutrition schemes such as mid-day meals, food security

We’ll now explore how having Aadhaar card will help you in financial transactions apart from the above listed ones:

  • Buy Insurance Policy: Submitting KYC documents is not required. For buying policy, visit the insurance company website and select the online policy. Then enter all the required details. After entering Aadhaar number, some of your personal information will be fetched automatically and displayed on the screen. You can then buy insurance policy online without submitting physical copies of KYC documents.
  • E-verifying income tax: By doing this, there won’t be a need to file Income tax return verification form physically to the Income tax department office in Bengaluru. This is for the individuals with Aadhaar card verified by the electronic verification certification (EVC) system. For doing this:
  1. You will have to link Aadhaar and PAN on the income tax website:
  2. Go to e-filed returns and choose form, click on e-Verify
  3. Next step is generating Aadhaar OTP for verifying return
  4. Once you receive an OTP, you can complete the remaining process.

The existing option of sending ITR-V form manually to the IT department is time consuming. And with Aadhaar linking, time will be saved as verification will be done electronically.

  • Mutual funds investment: With Aadhaar it is possible to invest online when PAN card is not KYC compliant. For doing this, individual needs to visit KYC registration agency website and provide required details such as PAN card, asset management company name, details of bank account through which funds transaction will take place. Provide Aadhaar card number and 10 digit mobile phone number. System will send OTP on this mobile. Enter this OTP on Aadhaar authentication section of the website, upload attested copy of e-Aadhaar. You can also perform this process on the website of mutual fund company.
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UWIN Card: Benefits, Features, Social Security Schemes

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Despite of various social security schemes in India, it is not reaching the workers from unorganised sectors as expected due to the lack of awareness of their benefits. This is resulting in such schemes are not meeting their purpose.

Keeping this mind, government of India is going to launch UWIN card (Unorganised Workers’ Identification Number) for these workers.

  • It is a smart card scheme especially for workers from unorganised sector.
  • Through this, card holders can avail benefits of various social welfare schemes.
  • Condition is that these workers should not be a part of Employees Provident Fund Organization or Employee State Insurance Corporation.
  • It will be a chip based card and 40 crore workers would get benefit.
  • 88% of India’s population work in unorganised sector.
  • This scheme would be launched in phases and in the initial phase target is to issue 10 crore UWIN cards.
  • Every state will launch awareness programs of this card.
  • Technology for this card will be provided by NIC.

Card is expected to bear the following details of the worker along with UWIN card name and logo:

  • Name
  • Photo
  • Date of birth
  • Gender
  • Aadhar number
  • Unique ID
  • Card issuing authority

What are the unorganized sectors in India?

  • Unorganised sector are those enterprises (proprietary or partnership) having less than 10 workers.
  • Few sectors include forest workers, tribal workers, fishing, handloom, sweepers, construction, mining, transportation etc.
  • These sectors do not have much regulations or provide protection to their workers.
  • Such workers are not aware of risks in their job and are often exploited due to extended working hours, improper safety measures, low wages, unhealthy working conditions and others.
  • Most importantly they are not aware of the social security benefits and how to avail them.

Which are the social security schemes in India?

There are various social security schemes in India covering health, insurance, pension, banking and others which includes:

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Startup India Event 2016: Tax Benefits, Other Announcements

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Last year i.e 2015, on the eve of Independence Day India’s honourable Prime Minister Shri Narendra Modi had announced the ‘Start Up India, Stand Up India’ initiative. And today i.e. on 16th Jan 2016, it was the time to announce the action plan. In order to give entrepreneurs from every corner of India, from poorest section of the society and support early stage start-ups, blue-print for start-ups was unveiled.

Key announcements made during the Startup India Standup India action plan:

  1. Start-ups will be exempted from paying income tax on their income for the first 3 years
  2. 80% rebate on filing a patent application.
  3. Fast track mechanism for patent applications
  4. Exemption of tax on capital gain. When person invests its own wealth, then they will get exemption from capital gains tax.
  5. Mobile app will be launched on April 01, 2016 which will enable start-ups to get registered within a day. The app will have a small application form for registration.
  6. Web portal will be launched on April 01, 2016 for clearances, approvals, and registrations
  7. Compliance regime based on self-certification
  8. No inspection for 3 years of start-up businesses in respect of labour, environment law compliance post self-certification
  9. Easier norms for start-ups to exit within 90 days. Bill will be introduced in the parliament.
  10. Relaxed norms of public procurement for start-ups. There would be no requirement of turnover or experience.
  11. Government will setup a fund with an initial corpus of Rs. 2, 500 crore and total corpus of Rs. 10, 000 crore over a period of 4 years
  12. A hub for startup India will be started with single point of contact.

Here are the challenges enterpreneurs currently face in India while setting up their new ventures which hampers the growth:

  • Getting access to funding from financial institutions easily
  • Too long and cumbersome process to get access to resources such as getting license, registration, land etc.
  • Tough regulatory compliance norms and clear the regulatory issues
  • Tougher tax regime

Vision of Start-up India:

  • Make India, start-up capital of the world
  • Providing ease of access to funding from banks by easing the tax rules or providing concessions to the start-ups
  • Ease of getting licenses, land and others
  • Clearance of regulatory hurdles in a speedy manner
  • Role of states will be reduced and Department of Industrial Policy & Promotion (DIPP), Government of India will act as facilitator to these entrepreneurs.
  • Encouraging innovation
  • Create pool of young entrepreneurs
  • Making India a growth engine

How it will benefit India:

  • Increase employment. More and more jobs in every industry such as IT, manufacturing and other sectors.
  • Increase funding from foreign investors
  • All these will add fuel to the Indian economy due to the increased investments which currently is hampering the growth and restricting the employment opportunities.

This mega event was attended by CEOs of top startups and over 150 budding entrepreneurs.

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Reactivate, Inoperative/Dormant Bank Account: Documents, FAQs

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What is an inoperative/dormant bank account?

Any account (savings or current) in which there is no transaction for a period of two straight years is considered as inoperative account. In such kind of dormant account, no further transactions can be carried out by the account holder as per RBI’s rule.

There could be many reasons why an account can become inoperative:

  • Person holds too many account and forgets to use.
  • Account holder is out of country and feels no need to make the use of account in India. OR
  • No longer uses the bank’s service but continues to keep the account. OR
  • Passes away and their legal heirs are not aware of his/her bank account
  • Goes missing

But what if the account holder wants to re-activate the account? Is it possible?

Answer is YES. And here’s how:

File a written application: Once you confirm that your account has become inoperative, contact the bank’s branch manager and make a written application. Ideally bank’s have a standard application format for account reactivation requiring following fields:

  • Whether application is made by self/nominee/legal hier/others
  • Name of the deposit holder
  • Communication address
  • Signature
  • Address
  • Contact number

You will need to request for revalidation. Along with this, you also need to provide the reason for keeping the account inactive. Banks, in return, will provide acknowledgement slip consisting of seal and signature of the bank.

In case, you hold joint account, the signature of the other person would also be required.

But before starting the process of reactivation, contact the customer care of the respective bank and collect all the required details/steps for activating the account. Doing this, will save your time and the inoperative account will become active fast. Only in case of NRI, reactivation request via online facility is taken into consideration.

Documents required to activate the inoperative bank account:

All know your customer (KYC) documents as mentioned below has to be re-submitted:

  • Address proof: Driving license, latest utility bills, passport and others
  • ID proof
  • Passport sized photograph

Documents required might slightly vary for each bank but banks scrutinize all the details to make sure fraudulent activity is not happening. But documents required would mostly be the same as mentioned above. Some banks may also ask to surrender old ATM cards and cheque book.

Once all the processes are done, your account will become active within 6-7 working days.

What to do after your account becomes active?

The very first thing to do is make some kind of transaction. You can either deposit some money into the account or transfer fund to someone.

Is there any charge for account activation?

As per RBI’s guidelines, banks are not allowed to charge money to activate the inoperative account.

If minimum balance is not maintained, what is the penalty fee?

Banks are also not allowed to charge minimum balance penalty.

What if fixed deposit interest is still getting credited. Does the account still become inoperative?

Answer is NO. But the condition is that the interest should get credited on a regular basis.

Does account holder loses the interest accrued on saving account?

Answer is NO. The interest earned on savings account will continue to get credited irrespective of whether the account is active/inoperative.

What if dividend cheque is credited into the account in two years?

In such a case, account will not considered inoperative if dividend gets credited in the savings bank account.

What happens to the dormant account in case of account holder’s death?

Legal heir needs to contact bank for settling the claim. Banks will then follow rules and regulations.

What is account holder goes missing or his whereabouts could not be traced?

Banks will then approach the referring person who introduced the person to open the account or contact the employer or any person whose details are available in the bank’s record.

During inoperative period, can the account holder use ATM/cheque/internet banking facility?

Answer is NO.

How to know whether the account is inoperative?

In order to validate whether the account is really inoperative or not, account holder should visit bank’s website and search whether the account is inoperative. Ideally every bank is expected to maintain record of every bank account which has become inactive. Here’s how to search whether the account is inactive or not on the website of prominent Indian bank’s:

State Bank of India
Canara Bank

Suggestion: If you do not wish to continue using the account then it is best recommended to close it.

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Financial Inclusion Schemes: PMSBY, PMJJBY, PMJDY, SSA, APY, Suraksha Bandhan Scheme

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Over last one year, government has launched various flagship social security schemes with an objective of broadening financial inclusion in India. This was done to make financial services such as banking, insurance, and others available to the Indian citizens especially from the low & middle class category at an affordable cost and make them financially secure. And lots of efforts are being taken to increase the subscribers under each of these schemes. So let’s check out the various financial inclusion schemes in the form of insurance, pension, savings account and others which were launched:

Pradhan Mantri Suraksha Bima Yojana:

Considered to be the cheapest accidental death cum disability insurance policy with an annual premium of just Rs. 12, it has received a massive positive response from most of the Indians. Although the insurance cover is small which is Rs. 2, 00, 000 for accidental death and Rs. 1, 00, 000 for partial disability but considering the fact that nearly 80% of the country’s population do not have any insurance, the scheme has evoked a very good response as it will further increase the insurance penetration to the remotest locations of India. Till now, due to high annual premium by private insurance companies not everyone was able to buy policy. But this has become possible with Suraksha Bima. Get to know the details of PMSBY.

Pradhan Mantri Jeevan Jyoti Bima Yojana:

Similar to PMSBY, PMJJBY is also the cheapest life insurance policy with an annual premium of Rs. 330 and moreover it does not require medical examination. The cover offered under the yojana is Rs. 2, 00, 000 and the termination of policy takes place after the policy holder reaches the age of 55 years.

Objective of both PMJJBY and PMSBY is to provide financial security to the family of policy holder in an event of his/her death.

Atal Pension Yojana:

This pension scheme was launched with a sole purpose of providing pension to the workers from unorganized sector after the retirement to meet their daily needs. Contribution can be done monthly/quarterly/every 6 month and equal amount will be contributed by the government of India with an option to prematurely exit from the scheme before the age of 60 years. Pension amount receivable would be in the range of Rs. 1,000-Rs.5, 000. Detailed information on APY is available here.

Jeevan Suraksha Bandhan Yojana:

This scheme is a Raksha Bandhan gift and is launched with an objective to drive PMSBY and PMJJBY. Through this yojana, brothers can gift social security schemes to their sisters by purchasing gift card worth Rs. 351 and deposit scheme worth Rs. 201 which will be used for making the premium payment for Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana. Apart from this, term deposit scheme worth Rs. 5001 can also be taken which will serve two purposes – premium payment for PMSBY and PMJJBY for the first year and remaining money would be investment for term deposit for 10 years. Read details of Suraksha Bandhan Yojana.

Pradhan Mantri Jan Dhan Yojana:

Opening zero balance saving account for every unbanked Indian household was the main objective behind the launch of PMJDY. Overdraft facility of Rs. 5,000 is also available provided the account is kept active for 6 months after opening. Some banks are also opening account to existing customers whereas majority of them have restricted to only those with no bank account. Explore features of PMJDY.

Sukanya Samriddhi Yojana:

With a mission to secure the financial future of the girl child, this small savings scheme SSA – was launched under the Beti Padhao Beti Bachao initiative. For the current year i.e. 2015-2016, the interest rate offered is 9.2%. For e.g. in this scheme if you invest Rs. 20,000 for 14 years, the maturity amount will be Rs. 10, 67, 528 (assuming 9.2% interest). Check out table containing investment amount and maturity amount for SSA.

Parents or local guardians can open account in the name of the girl child at post offices or various banks designated by Reserve Bank of India. Moreover the interest income and investments are eligible for tax deduction under section 80C of Indian income tax act, 1961 and the scheme matures once the girl child reaches the age of 21 years. For opening the account, initial deposit of Rs. 1,000 has to be made. And next year onwards, deposit can be made for amount ranging from Rs. 100 to Rs. 1, 50, 000. Premature withdrawal is possible only when girl gets married before the maturity. The interest rate would be declared by the government every year. When the scheme was launched in the year 2014-2015, the interest offered was 9.1%.

It is now our duty to further spread the awareness of these schemes so that Indians located in remotest places can get basic access to financial services at an affordable rate.

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SBI mCASH: How to Claim, Transfer Money, Charges

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In order to make life of it’s customers easy and convenient, State Bank of India has started money transfer facility called mCASH for claiming the money sent through SBI’s online banking facility or anywhere. The service can be used for money transfer to bank account within SBI (any branch) or other account in another bank. For this, customer needs mobile number or E-mail ID of the beneficiary and there is no need of bank account details of the beneficiary.


Customer should have SBI online banking facility enabled in order to send money. Also the transfer is possible within SBI group or IMPS enabled banks.

How to Transfer

As mentioned above the transfer process is very simple and only details required are beneficiary’s mobile number or E-mail ID. No need of bank account details such account number, IFSC code etc. which are normally required when transferring the funds.

Charges: Minimum charge for each transaction is Rs. 2.50

Transfer Limit: Rs. 1,000 per transaction and Rs. 2,000 per day per user.

How can beneficiary claim money and other requirements: Beneficiaries should have bank account and they can receive money in 2 ways depending on the option chosen by the sender as follows:

  • Through mobile banking application (mCASH) which needs to be installed on their mobile phones with Android and Apple iOS and Blackberry.
  • Link sent on E-mail
  • Along with this, 8 digit passcode will also be sent to the receiver which needs to be entered on the SBI mCASH link available before pre-login of online SBI or mCASH mobile application for claiming the funds.
  • After this, beneficiary needs to enter account number, IFSC code, passcode, choose from the 2 options: E-mail ID and mobile number and enter the same.

When does money get transferred: It is instant and funds are transferred in the real time.

Is the transaction Secured:

SBI claims that the mCASH app is extremely secured as none of the details are saved in the mobile phone and SSL encryption is used. Also if the app is unused for more than 5 minutes, it gets closed automatically.

Other features of this app:

The mobile application also has functionality to save the account number and IFSC code through the “Favourites” section.

Here are the images of mCASH app:

SBI mCash AppSBI mCashClaimSBI mCash App - ClaimSBI mCash - Add to









Request to the readers: Please mention your feedback about this app through the comments section below.

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