How Inclusive Is Financial Inclusion in India?

How Inclusive Is Financial Inclusion in India?

Firdous Ahmad Malika D.K. Yadavb

aDoctoral Fellow, Department of Economics, BBAU, Lucknow, Uttar Pradesh-226025.
bAssistant Professor, Department of Economics, BBAU, Lucknow, Uttar Pradesh-226025.

ARTICLEINFO ABSTRACT
Keywords: Since, 2006 Financial inclusion got its attention in
Financial Inclusion, India. In 2014 Government has initiated various
Financial Services, focussed programmes like Savings, Credit, Insurance
Financial Inclusion and Pension services to include the financially
Index, Unbanked, excluded people in banking system. The objective of
Exclusion. These programmes was to have 100 percent financial
inclusion and financial literacy in the country. This
study has been examined at world level by including
264 countries to check the financial position of India at
global level and to check the impact of recent financial
inclusion schemes in the country. In this study we have
used financial inclusion index to represent the
financial inclusion position in India. The overall
financial inclusion position is not much improved.
India have achieved low financial inclusion which
scales between (IFI. 0 ≤ FII ≤ 0.4; indicates low
financial inclusion, LFI.)

Introduction
In India financial inclusion was first time used in 2005 by then governor of reserve
bank of India (Y.Venugopal Reddy)i . After that the term financial inclusion has been
widely used in India. Financial inclusion is simply distribution of financial system of
an economy to its to its followers. According to Leeladhar (2005)ii financial inclusion
is nothing but a bank service and is used interchangeable with banking inclusion.
Banking policies were reformed to align vast sections of population who were out of
banking to include them in financial inclusioniii. In 2005 (Khan Committee)
presented report on Rural credit and Microfinance. A deeper concern was shown on
the exclusion of larger population from formal banking systemiv. After khan
Committee Report, the RBI urged banks to provide facility of a basic “No-Frills” bank
account (2005-2006)v. Financial inclusion committee has defined financial
inclusion, assurance of access to financial services and time-based adequate credit
whenever needed by weaker sections and other low-income groups at a very
economic cost (Rangarajan Committee, 2008vi). In India Financial inclusion is
backed by banks largely. For example, UKs financial inclusion is based on three
major dimensions which are access to banking. Access to credit, and money advice by
face which are also very important in India too. The process of financial inclusion is
mostly involved in granting credit to agriculture and low-income groups for different
purposes. Financial inclusion is name of various bunch of financial services, that is
why it is also called by the name of multidimensional phenomenon.
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How Inclusive Is Financial Inclusion in India?

Academician, scholars, and social scientists have discussed financial development is

closely related with economic growth but question arises whether development of
financial development leads development of financial inclusion or not? It has been
found that well developed financial systems are still behind the success of
inclusiveness due to which many destitute sections are outside the mainstreaming.
During recent years financial inclusion has been recognised as a priority in Indiviia,
and has been widely accepted in the policy circles. Finance is having much
importance in the economy as blood in the human body. So, access to finance can
play the door way towards financial inclusion. Inclusive finance will help in reducing
all the bottlenecks and exploitations in the financial system which are high interest
rates by money lenders and other risks of the informal economy. Thus, development
in every field is a necessary condition to compete in a modern life. Life these days
also demand things on the bases of sustainable grounds with security and peace. If
we consider the increasing and changing trend of financial services, one side we
demands facilities and on the other security too, therefore to live in between also
arise question about the different demographic structures, where people are old,
illiterate, rural urban divide and reach of technology again needs attention how to
cover all in the inclusive system and what type of facility for which group to provide,
it needs more research to be done, how to compete with modernity and needs of
banking facilities so that all the population could be included in the financial
inclusion.
Concept of financial inclusion index needs attention how to measure accessibility of
financial services and which indicators to include in it. Again, methodological
question arises whether financial inclusion index is complete tool to measure
financial efficiency or not? Policy makers should also consider how to eradicate all
the barriers to achieve complete inclusion of the people. Research and Development
has achieved remarkable contribution in providing huge amount of literature on
financial inclusion, exclusion and associated areas etc.
Kempson et al (2004)viii has mentioned six reasons of exclusion, but these barriers
may differ from country to country due to development and underdevelopment and
demographical reasons etc. Problems of exclusion, are rules and regulation of bank
accounts, bank charges, psychological and behavioural inferences, Easy access of
banking services. Chakarborty (2010)ix has classified some of the barriers which are,
supply side problems from banks, Demand side barriers from destitute groups.
Financial inclusion will improve only when these problems will be addressed in a
concerted way. So, addressing Financial exclusion on the grounds of supply and
demand-oriented barriers could help policies makers to frame policies accordingly.
In this chapter we have tried to figure out the performance of financial inclusion
since its inception 2006 to 2016. We will first check the financial inclusion
performance from 2006-2013 and 2014-2016 because most of the programmes has
been implemented after 2014 by providing targeted schemes to cover the unbaked
population like PMJDYx, MUDRAxi ,PMSBYxii, PMJJBYxiii,APYxiv and others etc.
Approaches towards financial inclusion is running with a good pace from 2014
onwards with new products and schemes. From access services, saving services,
insurance services, credit services and so on, with innovative concepts of digitization,
online banking, and many other services. The motive of these schemes is only
financial inclusion specially to include all the poor who are outside the banking
system of the country.

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How Inclusive Is Financial Inclusion in India?

In this paper we have analysed whether financial inclusion has achieved any
successes or not? The structure of paper has been discussed in following headings. In
section 1, we have discussed development of financial inclusion index. Similarly,
Section :2 we have documented various Initiatives for financial inclusion in India.
Section 3: highlights various Initiatives impacting outreach. Section 4: has
demonstrated Initiatives impacting Ease and Cost of Transactions, In Section 5: we
have discussed Methodology of the paper, Section 6: Calculation of Financial
Inclusion Index (FII) – from 2005 to 2016, Section 7: The Financial Inclusion Index
Section 8: Financial inclusion and the road ahead and last section 9 conclusion and
findings.
We will check the financial inclusion position of the country from 2006 -2016
according to the UNDP formula, Financial inclusion index with availability of data
source from world bank of 264 countriesxv. In section third we will present overall
performance of financial inclusion in recent years.
Development of financial inclusion index
Patrick Honohan (2007)xvi estimated financial inclusion, accessing household on
the grounds off, access towards formal financial institutions, use of Gini coefficient,
use of micro finance and bank accounts to the total population, average deposit size
per-capita GDP. Although it was the first insight to check on financial inclusion.
Mandira Sarma, (2008)xvii she has added three dimensions to measure financial
inclusion index, Depth (penetration) that is number of bank accounts per 1000
population, Access, number of bank branches and ATM’s per 1000 population.
Usage, number of customers. She adopted HDI calculations and also UNDP(HDI) in
forming index financial inclusion (IFI). Similarly, several other researchers have also
calculated the (IFI) for different states (Chandan Kumar and Srijit Mishra,2009,
Nitin Kumar ,2011)xviii relationship between financial inclusion and development
has been examined by several socio-economic variables like, income, inequality,
literacy, urbanization, and infrastructure (Mandira Sarma and Jesim Pais,2008)xix.
Mehrotra et al. (2009)xx has also measured financial inclusion index for similar
variables like number of rural offices, number of rural deposit accounts, volume of
rural deposit and credit from banks at district level. Chakravarty and Pal (2010)xxi
have used axiomatic approach for financial inclusion. It is an improvement up on
Sarma (2008)xxii IFI, so many factors could be presented on percentage basis.
Similarly, R.U. Arora (2010)xxiii has included more variables to IFI, that of
geographical penetration and ease, cost of transactions. But we have accepted
Samra’s paper as a base paper for our analysis.
Initiatives for financial inclusion in India
Section 2 has shown that the FII in India has improved from 2008 to 2009 and this
can be attributed to several initiatives taken by financial regulators, the government
and banking industry. RBI has been undertaking financial inclusion initiatives in a
‘mission mode’ through a combination of strategies ranging from introduction of new
products, relaxation of regulatory guidelines and other supportive measures to
achieve sustainable and scalable financial inclusion. Starting with nationalization of
banks, priority sector lending, lead bank scheme, establishment of Regional Rural
Banks, service area approach, self-help groups – bank linkage programme, the
banking industry in India has continuously endeavoured to create an environment
conducive to enhancing financial inclusion. Some of the recent initiatives include
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How Inclusive Is Financial Inclusion in India?

offering no frills account, introducing Business Correspondents and General Credit

Card (GCC) for small deposits and credit. Based on the impact of the initiatives they
can be classified under two broad categories namely initiatives impacting outreach
and initiatives impacting ease and cost of transactions.
Initiatives Impacting Outreach
 Self Help Groups (SHG) - Bank linkage programme: The SHG-Bank Linkage
programme launched by NABARD in 1992 was an important strategy in
promoting financial inclusion and inclusive growth. The programme that
started as a pilot project to finance 500 SHGs across the country has resulted
in 34.77 lakh SHGs being credit linked by March 2008. Further, the
programme has enabled an estimated 409.5 lakh poor households to gain
access to micro finance from the formal banking system as on 31 March 2007.
Studies conducted by various experts (Rangappa, Bai,) show that the
programme has indeed helped in the social and economic empowerment of
rural folk, especially women, causing significant up-scaling of social capital
while at the same time delivering crucial financial services. Thus, it has proved
to be a successful model wherein the outreach has expanded substantially
leading to many advantages like micro savings, timely repayment of loans,
reduction in transaction costs to SHG members and banks, etc.
 Kisan Credit cards: As per the statement of Minister of State for Finance, Mr
Namo Narain Meena on 10, August 2010, India’s banking system has issued
9.25 crore Kisan Credit Cards (KCCs) cumulatively, as on March 31, 2010
since the inception of the KCC Scheme in August 1998. Rs.4,17,326 crores had
been sanctioned under KCCs till March 31, 2010, since the beginning of the
scheme. Joint studies conducted by NABARD (Mehrotra, Puhazhendhi,2009
et.al) and the financing banks on implementation of the KCC Scheme have
confirmed that the Scheme was well received both by farmers and bankers and
the flexibility in operations has resulted in improved loan recoveries.
 Opening of branches in unbanked areas: The bank branches as on March 2011
are 89622 (approx.) as compared to 59752 in 1990. These include the
Regional Rural Banks opened by various scheduled commercial banks in the
country. In the April 2011 monetary policy banks have been mandated to
allocate at least 25% of the total number of branches to be opened in the
coming year to unbanked rural areas. It has been felt that the support
provided by base branches in cash management, documentation and redressal
of customer grievances substantially improves the efficacy of the Business
correspondents (BC’s) model.
 Micro finance institutions: With the phenomenal growth recorded by
microfinance in recent years–62% per annum in terms of the number of
unique clients and 88% per annum in terms of portfolio over the past five
years–and around 27 million borrower accounts, India now has the largest
microfinance industry in the world (M-CRIL, 2010). The high growth rate of
microfinance has been fuelled by commercial bank funding which inherently
gravitates towards for-profit institutional structures. Thus, there is a
continued India-wide trend towards the transformation of MFIs into for profit
nonbank finance companies (NBFCs) so that over 50% of the 66 MFIs in the
MCRIL analysis consist of such institutions.

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How Inclusive Is Financial Inclusion in India?

 e) Recent initiatives from 2014 on words has also played good role, the success
of PMJDY 30.80 Crore beneficiaries banked so far ₹ 71,501.17 Crore Balance
in beneficiary accounts 1.26 lakh Bank Mitras delivering branchless banking
services in Sub-Service Areas.
Initiatives impacting Ease and Cost of Transactions
 No frills account: In 2005, RBI initiated ‘no frills’ account with nil or
minimum balance as well as charges that make such accounts accessible to
vast sections of population. Banks have been advised to provide ATM facility &
small overdrafts in such accounts. According to the Skoch Development
Foundation report (2011), 25 million no-frill accounts were opened between
April 2007 and May 2009, which increased to 50 million(approx.) in 2010.
The Government is planning to support the banks in bearing the cost of
opening no frills account to the tune of Rs. 200-250 crores (28th
February,2011, Business Standard)
 Relaxation on Know your customer norms: KYC requirements for opening
bank accounts were relaxed for small accounts in August 2005. The banks
have been permitted to take any evidence as to the identity and address of the
customer to their satisfaction. Recently, it has been further relaxed to include
letters issued by the Unique Identification Authority of India containing
details of the name, address and Aadhaar number.
 Engaging Business Correspondents (BCs): In 2006, RBI permitted banks to
engage business facilitators and business correspondents as intermediaries for
providing financial and banking services. This model has supported banks to
provide door step delivery of services which includes cash in & cash out
transactions. This was the first step towards the concept of branchless
banking. The list of eligible individuals and entities that can be engaged as
business correspondents have been widening. Recently, in 2010 ‘for profit’
companies have also been allowed to function as BCs. The numbers of villages
where business correspondents are rendering services have reached 76,801 in
March 2011 as compared to 33,158 villages in March 2010.
 Adoption of Electronic benefit transfer (EBT): Banks are implementing EBT
by leveraging ICT-based banking through business correspondents to transfer
social benefits electronically to the bank account of the beneficiary. This
reduces the dependence on cash and lowers the transaction costs. As per the
scheme, the RBI would reimburse the banks a part of the cost of opening
accounts with bio-metric access/smart cards at the rate of Rs.50 per account
through which payment of social security benefits, National Rural
Employment Guarantee Act (NREGA) payments and payments under other
Government benefit programmes would be routed to persons belonging to
below poverty line (BPL) families.
 General Credit cards (GCC): With a view to improve accesses to easy credit
banks have introduced a general-purpose credit card facility up to Rs. 25000/-
at their rural and semi urban branches. This is in the nature of revolving credit
entitling the account holder to withdraw up to the limit sanctioned. It is hassle
free credit to the bank’s customer based on the assessment of cash flow
without insistence on security, purpose or end use of the credit.
 MUDRA scheme also provides credit facility to entrepreneurs which comes
under ease facility etc.

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How Inclusive Is Financial Inclusion in India?

Methodology
Financial inclusion index has been judged on three dimensions, like Banking
penetration (dimension 1), Availability of banking services (dimension 2), and Usage
(dimension 3). We have accepted UNDPxxiv approach for calculating each
dimension of financial inclusion and the dimension index for the ith dimension, di, is
computed by the following formula.
----------------------------------------------------------(1)
where
Ai = Actual value of dimension i
mi = minimum value of dimension i
Mi = maximum value of dimension i
Formula (1) ensures that 0 ≤ di ≤ 1. Higher the value of di, higher the country’s
achievement in dimension i. If n dimensions of financial inclusion are considered,
All the three dimensions has been calculated from 264 countries by derivation of
Minimum and Maximum values of each country and finally we have calculated the di
of each dimension in case of India from 2005 to 2016
Dimension 1 (Banking penetration)
In this dimension we took bank account per 1000 adultsxxv. This dimension is
one of the representative indicators of financial inclusion which represents
population with bank accounts. If everyone in the country is having bank account
we will get value 1 which means 100 percent banking penetration.
Dimension 2 (Availability of banking services)
Financial Inclusive represents availability of banking services. In this dimension
we took number of ATM’sxxvi available per 10000 adults and availability of
number of commercial banks branchesxxvii per 10000 adults.
Dimension 3 (Usage)
This dimension has been used to cheek financial inclusion on the grounds of
usage like how much credit and deposits services people are getting because
having bank account is not a financial inclusion. So, in this dimension we took
volume of credit and deposits with percentage of GDP.
Calculation of Financial Inclusion Index (FII) – from 2005 to 2016
Researchers have used different methods to compute the Index of Financial
Inclusion. Sarma (2008)xxviii in her study indicates that the dimensions included by
her (detailed in Section 1 above) are dictated by the availability of consistent data
sets. Thus, her study looks at only ‘penetration (2 variables)’, ‘availability’ and ‘usage’
(1 variable) for data pertaining to 2004. After giving equal weights to the dimensions,
the index of financial inclusion (IFI) is computed as follows:

(2)
where pi, ai, and ui

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How Inclusive Is Financial Inclusion in India?

I denote respectively the dimension indices for penetration (or accessibility),

availability and usage respectively (Sarma,2008). The IFI thus constructed
incorporates information on these dimensions in one single number lying between 0
and 1, where 0 denotes complete financial
exclusion and 1 indicates the ideal – complete financial inclusion in an economy
(Sarma and Pais, 2008). Arora (2010) added the dimensions of Outreach (2
variables), Ease of Transactions (12 indicators) and Cost (6 indicators) and computed
the Financial Access Index (FAI) for data pertaining to 2007. She calculated the FAI
as follows:
Each dimension DiI is defined as,
(3)
and di= (Ai - mi) / (Mi- mi) Where: Ai = Actual value of dimension i; mi = minimum
value of dimension i; Mi = maximum value of dimension i.
The values of these dimension from 2005 to 2016, are given below in Tables 1
respectively:
Year Geographic Geographic ATM Volume of Deposits (4) +
number of Penetration per 100000 adults loans (5) as % of GDP
bank accounts (2) (4) + (5)
per 1000 adults Demographic
(1) Branch Penetration per 100000
adults
(1) (3)
(2+3)
2006 0.081377816 0.021888439 0.040688908
2007 0.088680273 0.022192378 0.044340136
2008 0.098545269 0.024342276 0.049272634
2009 0.110353263 0.026849313 0.055176631
2010 0.120275723 0.030231755 0.060137862
2011 0.129374271 0.0343981 0.064687136
2012 0.139643476 0.039300258 0.069821738
2013 0.157953574 0.043563933 0.078976787
2014 0.182580438 0.05586168 0.091290219
2015 0.211700592 0.062496698 0.105850296
2016 0.238424975 0.052925148 0.300819602
2017 0.788481149 0.066724778 0.028977969
(Source: World Bank and RBI)
Fig 1. Trend Analysis of Banking Penetration, availability of banking services and
usage

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How Inclusive Is Financial Inclusion in India?

Financial Inclusion
0.25

0.21
0.20
0.18

0.16
0.15
0.14
0.13
0.12
0.11 0.11
0.10 0.10
0.09 0.09
0.08 0.08
0.06 0.07
0.06 0.06
0.05 0.06 0.06
0.04 0.05 0.04
0.04 0.04
0.03 0.03
0.02 0.02 0.02 0.03

0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

DI D2 D3

Fig 1 shows the trend analysis of Banking penetration, Banking services and Usage.
Our main motive is to check whether there is any significant change in all the three
dimensions are not because we have made 2014 as a base year and our main concern
is to check impact of recent financial inclusion schemes on financial inclusion after
2014 onwards. From trend line it is observed that there are positive changes after
2014.
The Financial Inclusion Index
Using the values of all the Three Dimension indices derived above we compute the
Financial Inclusion Index for India 2006 to 2016

1-d1 1-d2 1-d3

2006 0.918622184 0.978111561 0.959311092
2007 0.911319727 0.977807622 0.955659864
2008 0.901454731 0.975657724 0.950727366
2009 0.889646737 0.973150687 0.944823369
2010 0.879724277 0.969768245 0.939862138
2011 0.870625729 0.9656019 0.935312864
2012 0.860356524 0.960699742 0.930178262
2013 0.842046426 0.956436067 0.921023213
2014 0.817419562 0.94413832 0.908709781
2015 0.788299408 0.937503302 0.894149704
2016 0.761575025 0.947074852
2017 0.211518851 0.933275222

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How Inclusive Is Financial Inclusion in India?

Similarly, we have subtracted (1-d1)2, (1-d2)2 and(1-d3)2 to all the three dimensions
ADD/3
ADD
(1-d1)2(1- =FII
d2)2 +(1-
(1-d1)2 (1-d2)2 (1-d3)2 d3)2
2006 0.843867 0.956702 0.920278 2.720847 0.906949 0.952339 0.047661
2007 0.830504 0.956108 0.913286 2.699897 0.899966 0.948665 0.051335
2008 0.812621 0.951908 0.903883 2.668411 0.88947 0.943117 0.056883
2009 0.791471 0.947022 0.892691 2.631185 0.877062 0.936516 0.063484
2010 0.773915 0.94045 0.883341 2.597706 0.865902 0.930539 0.069461
2011 0.757989 0.932387 0.87481 2.565186 0.855062 0.924696 0.075304
2012 0.740213 0.922944 0.865232 2.528389 0.842796 0.918039 0.081961
2013 0.709042 0.91477 0.848284 2.472096 0.824032 0.907762 0.092238
2014 0.668175 0.891397 0.825753 2.385325 0.795108 0.891689 0.108311
2015 0.621416 0.878912 0.799504 2.299832 0.766611 0.875563 0.124437
2016 0.579997 0.896951 1.476947
2017 0.04474 0.871003 0.915743

By incorporating more variables to evaluate each Dimension, the FII in this study is
more robust. Dimension 1 and Dimension 2 plays a significant role in financial
inclusion. So, it shows India’s financial inclusion has achieved Low financial
inclusion performance is touching
1. 0 ≤ FII ≤ 0.4; indicates low financial inclusion, LFI;
2. 0.4 < FII ≤ 0.6; indicates medium financial inclusion, MFI
3. 0.6 < FII ≤ 1; indicates high financial inclusion, HFI
Financial inclusion and the road ahead
An index has always been an accepted yardstick to measure performance because it
allows comparison across countries and establishes the relative ranking. An index
which is constructed considering the minimum and maximum values across
countries provides a good measure of comparison. While its importance cannot be
undermined, the interpretation of the same should be made with care because the
max-min values across countries will impact the index of one country and may not
reflect the extent of impact made by financial inclusion initiatives of a given country.
It is therefore necessary to also measure the extent of financial inclusion within a
country and study the trend without reference to the world’s min-max values such
that it will highlight the absolute performance within a country and also aid
comparison over a period of time. Such an analysis will highlight the changes in the
various variables included in this study and will give feedback and direction to policy
makers. Further research could focus on construction of such an index.

Conclusion and Findings

Financial inclusion in India is working at an average pace, more initiates are needed
to invest in banking infrastructure especially for rural areas of the country, the
performance of the country is at lower stage as per financial inclusion index results
are considered. As we all knows inclusion is not mere to have bank account etc it is a
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How Inclusive Is Financial Inclusion in India?

bunch of various services like, savings, insurance, pension, credits etc, therefore all
these services are not much expanded yet, From the above calculations we found we
need to invest in banking infrastructure, banking education and literacy and should
provide services at economic bases according to the needs of the people. Banking
penetration dimension is doing well since 2014 but dimension 2 and dimension 3
(banking services and usage) are not doing too much better. Recent schemes like
PMJDY, MUDRA, PMSBY and others have not shown significant impact on financial
inclusion.
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End Notes

i Reserve Bank of India - Annual Policy Statement for the Year 2005-06", Reserve Bank of India.
ii Sarma, M. (2008). Index of financial inclusion (No. 215). Working paper.
iii Ibid2

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How Inclusive Is Financial Inclusion in India?

iv Report of the Internal Group to Examine Issues relating to Rural Credit and Microfinance “Archived
June 10,2012, at the Wayback Machine, Reserve Bank of India, July 2005.
v "Statement by Dr. Y. Venugopal Reddy, Governor, Reserve Bank of India on the Mid-term Review of
Annual Policy for the year 2005-06", Reserve Bank of India, October 25, 2005.
vi Rangarajan Committee (2008) “Report of the committee on financial inclusion” Government of
India.

viii Kempson E, A. Atkinson and O. Pilley, 2004. “Policy level response to financial exclusion in
developed economies: lessons for developing countries”, Report of Personal Finance Research Centre,
University of Bristol.
ix Charkravarty, S.R. & Pal, R. (2010). Measuring financial inclusion: an axiomatic approach. IGIDR,
WP 2010(3).
x https://pmjdy.gov.in/
xi http://www.mudra.org.in/
xii http://pmjandhanyojana.co.in/suraksha-bima-yojana/
xiii http://www.dif.mp.gov.in/pmjjy.htm
xiv https://www.npscra.nsdl.co.in/scheme-details.php
xv http://databank.worldbank.org/data/source/global-financial-inclusion
xvi Honohan, P., & Beck, T. (2007). Making finance work for Africa. The World Bank.
xvii Ibid2
xviii Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of financial inclusion index for
India. Procedia-Social and Behavioral Sciences, 37, 133-149.
xix ibid
xx Ibid17
xxi Ibid8
xxii Ibid2
xxiii Arora, R. U. (2010). Measuring financial access. Griffith Business School Discussion Papers
Economics.
xxiv For details see Technical Note in UNDP’s Human Development Reports available at
<www.undp.org>.
xxv https://data.worldbank.org/indicator/FB.CBK.DPTR.P3
xxvi https://data.worldbank.org/indicator/FB.CBK.BRCH.P5
xxvii https://data.worldbank.org/indicator/FB.ATM.TOTL.P5
xxviii Ibid2

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