Escolar Documentos
Profissional Documentos
Cultura Documentos
PROJECT REPORT
ON
UNIVERSITY OF PUNE
(2009-2011)
SUBMITTED BY
PUNE
BATCH 2009 - 11
ACKNOWLEDGEMENT
I would like to offer our sincere thanks to the HDFC Bank Group, to pursue
my summer training with their company successfully. The opportunity I got to
work here in the MARKETING Department.
I would also like to thank Mr. SHAKIL KHAN for being the driving force and
for encouraging us to give our best throughout the task. Clearly this would not
have been possible in the absence of his expertise and guidance.
We would like to express our gratitude to the faculty of IIMP, and Prof.
Smitha pappachan whose timely updates and support played a role in the
Successful completion of our training.
Last but not the least I would like to thank the entire staff of HDFC Bank, for
making me feel so comfortable in the organization and making me work to my
fullest potential.
3. Study the value of existing customers and reduced cost associated with
servicing them and ways to increasing the overall efficiency of bank
performance.
6. Receiving the customer feedback that leads to new and improved product
and services.
RESEARCH METHODOLOGY:
Sample Frame – The sample frame is taken as the existing customer of HDFC
Bank.
Sample Size – Sample size under study was taken 100 customers.
Secondary Data – company data base, RBI site and through internet.
KEY FINDINGS:
Most of the respondents are having more than two accounts and holds
more than two products with HDFC Bank.
The registers and files are maintained on a daily basis and in a
organized manner.
KEY CONCLUSION:
Bank are visited by two people most profitable and least profitable
customers.
The area was large and it was not possible to deal with each and every
customers.
Time was the major constraint as I have only two months and the area
is very vast .Even though I have put up the best of my efforts to cover
all the areas given to me.
Many of the customers where not cooperative when they are asked
give few minutes.
1) Introduction
2) Industry/sector Profile
4) Review of literature
6) Research Methodology
9) Conclusions
11) References
Table of Contents
Serial no. Particulars Page no.
1. Introduction
2. Industry/Sector profile
4. Review of literature
5. Objective and scope of project
Statement of problem
Research Methodology
1. Justification statement of
problem & objective
6.
2. Methods & procedure used
3. Data collection technique
4. Description of technique
5. Sample
7.
Data interpretation & analysis
1.analysis of data
2.table & interpretation
3.Graph Conclusion.
9. Conclusions.
10. Suggestions/recommendations.
11. References
CHAPTER 1
INTRODUCTION
INTRODUCTION
During the research work done for HDFC Bank in Bilaspur(C.G) area. The
project starts with studying the products and services offered by HDFC Bank.
The objective is to study the value of existing customer for bank by regularly
contacting on phone, taking appointments and meeting them with this the
customer problem and quires are known and to make sure they are satisfied
with the bank services with this ultimately leads to satisfaction.
This study helps in identifying the problem areas and thereby overcoming this
problem will help the company to enhance customer’s connections with the
company. This research was undertaken for a period of 2 months during which
a majority of customers are taken as a part of project by interviewing them.
The next part of the project is identifying the most profitable and least
profitable customers which depend on how a customer generates profit in
terms of all the expenses incurred on the part of the bank and all the revenues
is earned from the product. Basically dealing with the non profitable customer
and converting them into profitable band at this customer relationship is very
important. Their staffs are busy working to acquiring new customer and
paying a less attention on old customers.
BANDING
HDFC Bank classify their customers under five different types of band of
customer which is helpful for Relationship Manager in identifying to which
type of customer he is dealing this process is called is banding it is a
continuous process.
Bands Profit
1. Profit<0
2. Profit=0
3. Profit>1k
4. 2.5k>Profit<5k
5. Profit>5k
Thus from the above diagram it is clear that Band 1 customers are those who
generate negative profits for the bank. Band 2 customers are those who
generate zero profit for the bank*. Customers generating profit more than one
thousand rupees and less than two thousand five hundred rupees annually are
kept under Band 3. The customers who fall under the profit class of more than
two thousand five hundred rupees and less than five thousand rupees annually
are under Band 4. And the highest band is of those customers who generate
profits more than five thousand rupees annually.
HDFC Bank provides you information about them in any one or more
of the following languages: Hindi, English or the appropriate local
language.
CHAPTER2
INDUSTRY/SECTOR PROFILE
INDUSTRY/SECTOR PROFILE
BANKING
Definition of banking
Dr. Paget in Law of Banking states, “No one and no body, corporate or
otherwise, can be a banker who does not:
With the growth in Indian economy expected to be strong for quite some time
especially in its service sector the demand for banking services, especially
retail banking, mortgages and investment services are expected to be great.
Without a sound and effective banking system in India it cannot have a healthy
economy. The banking system of India should not only be hassle free but it
should be able to meet new challenges posed by the technology and any other
external and internal factors.
For the past three decades India's banking system has several outstanding
achievements to its credit. The most striking is its extensive reach. In fact,
Indian banking system has reached even to the remote corners of the country.
This is one of the main reasons of India's growth process.
A central bank, reserve bank or monetary authority is the entity responsible for
the monetary policy of a country or a group of member of state. It prime
responsibility is to maintain the stability of national currency and money
supply, but more active duties includes controlling subsidize-loan, interest
rates and acting as a lender or last resort to the banking sector during financial
crises. It could also have supervisory powers, to ensure that banks and other
financial institutions do not behave recklessly or fraudulently.
The RBI handles the cash reserves of other banks in the country. It acts as a
"Bank of Banks". It makes the transactions or transfers of money and
payments occurring between the banks much easier
FUNCTION OF RBI
A) Traditional functions
B) Promotional functions
C) Supervisory functions
Here we more concerned about private sector banks and competition among them.
Today, there are 29 private sector banks in the banking sector: comprising of
mixture of old Private sector banks and some new private sector banks.
Public sector banks are those in which the Government of India or the RBI is a
majority shareholder. These banks include the State Bank of India (SBI) and its
subsidiaries, other nationalized banks, and Regional Rural Banks (RRBs). Over
70% of the aggregate branches in India are those of the public sector banks.
• Allahabad Bank
• Andhra Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Corporation Bank
• Dena Bank
• Indian Bank
• Indian Overseas Bank
• Oriental Bank of Commerce
• Punjab & Sind Bank
• Punjab National Bank
• Syndicate Bank
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank
List of State Bank of India and its subsidiary, a Public Sector Banks
• State Bank of India
o State Bank of Bikaner & Jaipur
o State Bank of Hyderabad
o State Bank of Indore
o State Bank of Mysore
o State Bank of Saurastra
o State Bank of Travancore
PRIVATE SECTOR BANKS:
Private banking in India was practiced since the beginning of banking system
in India. The first private bank in India to be set up in Private Sector Banks in
India was IndusInd Bank. It is one of the fastest growing Bank Private Sector
Banks in India. IDBI ranks the tenth largest development bank in the world as
Private Banks in India and has promoted world class institutions in India.
The first Private Bank in India to receive an in principle approval from the
Reserve Bank of India was Housing Development Finance Corporation
Limited, to set up a bank in the private sector banks in India as part of the
RBI's liberalization of the Indian Banking Industry.
ING Vysya, yet another Private Bank of India was incorporated in the year
1930. Bangalore has a pride of place for having the first branch inception in
the year 1934. With successive years of patronage and constantly setting new
standards in banking, ING Vysya Bank has many credits to its account.
List of Private Banks in India
• Bank of Punjab
• Bank of Rajasthan
• Catholic Syrian Bank
• Centurion Bank
• City Union Bank
• Dhanalakshmi Bank
• Development Credit Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDBI Bank
• IndusInd Bank
• ING Vysya Bank
• Jammu & Kashmir Bank
• Karnataka Bank
• Karur Vysya Bank
• Laxmi Vilas Bank
• South Indian Bank
• United Western Bank
FOREIGN BANKS
The operations of foreign banks, though similar to that of other commercial
Indian banks, are mainly confined to metropolitan areas. Foray of foreign
banks depends on reciprocity, economic and political bilateral relations. An
inter-departmental committee has been set up to endorse applications for entry
and expansion. Foreign banks, in the wake of the liberalization era, are looking
to expand and diversify. Some of the leading foreign banks that operate in
India are Citibank, Standard Chartered Grindlays Bank, Hong Kong Shanghai
Banking Corporation, Bank of America, Deutsche Bank, Development Bank
of Singapore and Banque National De Paris.
BANKS IN INDIA
In India the banks are being segregated in different groups. Each group has
their own benefits and limitations in operating in India. Each has their own
dedicated target market. Few of them only work in rural sector while others in
both rural as well as urban. Many even are only catering in cities. Some are of
Indian origin and some are foreign players.
All these details and many more is discussed over here. The banks and its
relation with the customers, their mode of operation, the names of banks under
different groups and other such useful information’s are talked about.
One more section has been taken note of is the upcoming foreign banks in
India. The RBI has shown certain interest to involve more of foreign banks
than the existing one recently. This step has paved a way for few more foreign
banks to start business in India.
CHAPTER3
COMPANY PROFILE:-
Bank is one amongst the firsts of the new generation, tech-savvy commercial
banks of India, was set up in January 1995, after the Reserve Bank of India
allowed setting up of Banks in the private sector. The Bank was promoted by
the Housing Development Finance Corporation Limited, a premier housing
finance company (set up in 1977) of India.
The bank’s competitive strength clearly lies in the use of technology and the
ability to deliver world-class service with rapid response time. Over the last 15
years, the bank has successfully gained market share in its target customer
franchises while maintaining healthy profitability and asset quality.
HDFC Bank was the first bank in India to launch an International Debit Card
in association with VISA (VISA Electron) and issues the MasterCard Maestro
debit card as well. The Bank launched its credit card business in late 2001. By
September 30, 2005, the bank had a total card base (debit and credit cards) of
5.2 million cards. The Bank is also one of the leading players in the merchant
acquiring business with over 50,000 Point-of-sale (POS) terminals for debit /
credit cards acceptance at merchant establishments.
HDFC Bank Limited (the Bank) operates in three segments: retail banking,
wholesale banking and treasury services.
The objective of the Retail Bank is to provide its target market customers a
Full range of financial products and banking services, giving the customer a
one-stop window for all his/her banks requirements. The products are backed
by world-class service and delivered to the customers through the growing
branch network, as well as through alternative delivery channels like ATMs,
Phone Banking, Net Banking and Mobile Banking.
The Bank also has a wide array of retail loan products including Auto Loans,
Loans against marketable securities, Personal Loans and Loans for Two-
wheelers. It is also a leading provider of Depository Participant (DP) services
for retail customers, providing customers the facility to hold their investments
in electronic form.
The Bank s target market ranges from large manufacturing companies in the
Indian corporate to small & mid-sized corporate and agri-based businesses.
For these customers, the Bank provides a wide range of commercial and
transactional banking services, including working capital finance, trade
services, transactional services, cash management, etc.
Within this business, the bank has three main product areas - Foreign
Exchange and Derivatives, Local Currency Money Market & Debt Securities,
and Equities. With the liberalisation of the financial markets in India,
corporates need more sophisticated risk management information, advice and
product structures. These and fine pricing on various treasury products are
provided through the bank s Treasury team. To comply with statutory reserve
requirements, the bank is required to hold 25% of its deposits in government
securities. The Treasury business is responsible for managing the returns and
market risk on this investment portfolio.
The Bank offers derivative products to its customers, who use them to hedge
their market risks, within the framework of regulations as may apply
from time to time. The Bank also deals in derivatives on its own account
and also for the purpose of its own balance sheet risk management. The
operations of HDFC Securities Ltd. have been classified under the retail
banking segment.
BRANCH NETWORK:
Currently as on March 31, 2010, the Bank’s distribution network was at 1,725
branches and 4,232 ATMs in 779 cities as against 1,412 branches and 3,295 ATMs in
528 cities as of March 31, 2009. The Bank’s total customer base touched 19 million
as of March 31, 2010. The bank offers many innovative products & services to
individuals, corporate, trusts, governments, partnerships, financial institutions,
mutual funds, insurance companies.
It is a path breaker in the Indian banking sector.
HDFC Bank is a young and dynamic bank, with a youthful and enthusiastic
team determined to accomplish the vision of becoming a world-class Indian
bank.
The Bank’s total balance sheet size increased by 21.4% from Rs.183,
271 crores as of March 31, 2009 to Rs. 222,459 crores as of March 31,
2010.
Total gross advances as of March 31, 2010 were Rs. 127,262 crores, an
increase of 27.0% over March 31, 2009.
For the year ended March 31, 2010, the Bank earned total income of
Rs. 19,980.5 crores.
Net revenues (net interest income plus other income) for the year
ended March 31, 2010 were Rs.12, 194.2 crores, up by 13.8% over Rs.
10,711.8 crores for the year ended March 31, 2009.
The Bank’s net profit for year ended March 31, 2010 was Rs. 2,948.7
crores, up 31.3%, over the year ended March 31, 2009.
Consolidated net profit for the Bank increased by 33.6% to Rs. 3,003.7
crores for the year ended March 31, 2010.
Awards and Achievements - Banking Services
In 2010
Global Finance Award- Best Trade Finance Provider in India for 2010
HDFC Bank has received many awards and accolades between 2007 and
2009. The list goes like this:
HDFC Bank are aware that all these awards are mere milestones in the
continuing, never-ending journey of providing excellent service to our
customers. We are confident, however, that with your feedback and support,
we will be able to maintain and improve our services.
PRODUCT PROFILE:-
PRODUCT PROFILE:-
HDFC Bank offers a bunch of products and services to meet the every need of
the people. The company cares for both, individuals as well as corporate and
small and medium enterprises. For individuals, the company has a range
accounts, investment, and pension scheme, different types of loans and cards
that assist the customers. The customers can choose the suitable one from a
range of products which will suit their life-stage and needs. For organizations
the company has a host of customized solutions that range from Funded
services, Non-funded services, Value addition services, Mutual fund etc.
These affordable plans apart from providing long term value to the employees
help in enhancing goodwill of the company.
HDFC Bank brings banking at your doorstep. Select any of our deposit
products and provide your details online and our representative will contact
you for Account Opening.
The products of the company are categorized into various sections which are
as follows:
• Cards.
• Loans.
• Customer center.
PERSONAL BANKING
SAVINGS ACCOUNTS
During our project course of time some savings and current account where
studied and sell of accounts where done in detail. Therefore HDFC Bank
offers you a power packed Savings Account with a host of convenient features
and banking channels to transact through. So now you can bank at your
convenience, without the stress of waiting in queues like.
Free Insta Alerts for all account holders for lifetime of the account
Free Payable-at-Par cheque book, without any usage charges upto a
limit of Rs.50,000/- per month
Account opening charges Rs.399/- only for Demat a/c against Regular
pricing at Rs. 799/-
As a Classic customer, you can avail a Classic Easy Shop Gold Debit
card for Free without any annual charge and a limit of Rs. 50,000/- per
day on ATM withdrawals
You would be offered a life time free HDFC Bank Platinum Credit
Card
Free Mobile Banking, Net Banking and Phone banking, none of which
you have to pay for!
CURRENT ACCOUNTS
A current account is a form of deposit wherefrom withdrawals are allowed any
number of times depending upon the balance in the account or up to a
particular agreed amount and shall also be deemed to include other deposit
accounts that are neither savings deposit nor term deposits. HDFC bank offers
you various types of current account according to your business requirements
like.
HDFC Regular Current Account, Premium Current Account, Trade Current
Account, Plus Current Account, Max Current Account, Apex Current Account
etc and may more
Free Demand Draft and Pay Order above 1lakh and flat charger below
a limit with nominal charges
HDFC Bank offers you Doorstep Banking* the services like Cash &
Cheque Pickup and Cash Delivery, through a reputed agency.
Free Demand Draft and Pay Order above 1lakh and flat charger below
a limit with nominal charges
Free up to 30 Demand Drafts (DD and pay order per month and can be
issued from any HDFC Bank Branch.
Free up to 50 Demand Drafts (DD and pay order per month and can be
issued from any HDFC Bank Branch.
REVIEW OF LITERATURE
Review of literature
Market:
Market is a physical place where buyers and sellers gathered to buy and
sell goods.
Market is a collection of buyers & sellers who transact over a particular
product or services.
Marketing :
(Kotler)
Customer:
Bank:
Section 5(1)(B) of banking Regulation Act, 1949 defines banking as, “the
accepting for the purpose of lending or investment, of deposits from the
public, repayable on demand or otherwise, and withdrawal by cheque, draft,
order or otherwise”.
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
The primary goal of CRM is higher revenue, not cutting costs. A CRM
solution improves sales and marketing efforts and enables organizations to
provide superior service to customers. New customers are gained, and existing
customers are retained and buy more in greater quantity. And customer’s
benefits are receiving superior customer service and getting the products and
services they want, when they want them.
Why is it necessary?
Customer loyalty
Customer loyal is when customer is satisfied and wishes to continue
relationship with bank in future banks are struggling by developing and
measuring customer loyalty programs to influence their behavior and
encourage banks' loyalty rewards programs, the programs do exist and
typically fall into these categories:
Customer Retention:
Scope of study:
The scope of the project was quite wide because in this project an attempt was
made to Analysis of Customer Relationship Management in HDFC Bank.
Therefore customer relationships management is at the heart of every business
success. With CRM, you will easily understand customer requirements, meet
those needs effectively, and predict market trends and conditions
A CRM program will allow a business to make new customers, service the
customers, increase the value of the customer to the company, retain good
customers, and determine which customers can be retained or given a higher
level of service and turning them into loyal customers and ultimately
increasing the profit for banks.
The customers satisfaction is also know why they preferred HDFC Bank and
factor influencing there satisfaction level. As Customer is very important for
the company there contribute profitability for company but it is not necessary
that every customer generate revenue for company; hence the scope of the
project is to identify the non profitable customer i.e. band 1 and band 2
customer to push them into profitable customer. The suggestions was
undertaken i.e. cross selling and products were cross sold to them during the
course of the project, thus generating revenues for the bank..
Therefore customer satisfaction is very necessary as when the customer
delighted he switch to more product and services. Thus we can see that the
scope of this research was very wide and comprehensive.
Statement of problem.
3. Study the value of existing customers and reduced cost associated with
servicing them and ways to increasing the overall efficiency of bank
performance.
6. Receiving the customer feedback that leads to new and improved product
and services.
CHAPTER6
RESEARCH METHODOLOGY
Research Methodology
Research methodology:
The Research methodology used for the study was very rigorous.
Questionnaires were made, interviews with customers were held and various
books and websites were consulted for any type of information related to the
study. The methodology so applied is briefly discussed below step-by-step.
Research Design:
Research design is the basic plan which guides the researchers in the
collection and analysis of data required for practicing the research product.
In fact the research design is the conceptual structure with which research
is conducted. It consist the blue print for the collection, measurement and
analysis of the data that was followed completing the study to ensure that
study is relevant to the problem and will follow the predetermined and set
data.
PRIMARY SOURCE:
The data required for this stage was regarding the customer relationship and
the behavior and perception of the existing customers towards the products/
services provided by the bank and also, to get their satisfaction level toward
bank. The data could have been collected by just interviewing the customers
but to get a reasonable conclusion and fair accuracy, questionnaires were
prepared and customers were interviewed.
Interview was regarding the product usage. Some of the questions asked in the
interview were, do you have knowledge about the various products provided
by the bank, do you use these products, yes/no then why, do you want any
changes in the existing product, will you switch over to another bank for a new
products/services which is not yet introduced in HDFC Bank, etc.
The above questions were really helpful in the conclusion part of the study.
Some customers were very co-operative but some didn’t even care to listen.
Overall, the study was a success as far as primary source was concerned.
SECONDARY SOURCE:
The secondary data was collected with the help of various books, websites,
bank journal and employees of the bank. The data collected from the websites
and books was good enough to be included in the study analyzed and
concluded but the data got from the employees of the bank was most accurate
and reliable. Various newspapers, magazines, websites, bank
Journals, etc were checked out for information regarding the latest
technological advancement in retail banking in the bank.
The secondary source didn’t provide any personal views of the customers on
the technological advancements but were a great help in completing the report
and getting the details about the bank history, various business groups of the
bank, etc.
SAMPLE DESCRIPTION:
Sample Method: Random sampling was chosen as the sample selection
procedure.
Sample unit: The respondents who were asked to fill out questionnaires are
the sampling units. These comprise of Govt. Employees, Self Employed,
professionals, housewives etc.
Sample size: The sample size was taken to be 100 customers. Some of the
customers were interviewed individually everyday and asked to fill the
questionnaires.
On the whole, such methodology was adopted that would give accurate results
and the study be a success.
Limitations of the study:
The area was large and it was not possible to deal with each and every
customers.
Time was the major constraint as I have only two months and the area
is very vast even though I have put up the best of my efforts to cover
all the areas given to me.
Many of the customers where not cooperative when they are asked
give few minutes.
INTERPRETATION
Above graphical representation shows that 37% of them are having
saving account. Least of them are having current account.
46
50
45
40 35
35 0-1 Years
30 1-2 Years
25 19 2-3 Years
20
3 an Above
15
10
5 0
0
Time Period
INTERPRETATION
14% 1 Account
16%
42%
2 Accounts
4 and Above
INTERPRETATION
INTERPRETATION
INTERPRETATION
37%
Yes
No
63%
INTERPRETATION
7. This chart shows the percent of customer taken loan from HDFC
Bank.
7.Have you taken anytype of loan from
HDFCbank?
39%
Yes
61%
No
INTERPRETATION
80
81
70
69 Debit Card
60
Cedit Card
50
Net banking
48
40
Pnone/Mobile
37 Banking
30
Insta Alert
20 24
19 NEFT
10
0
Servicesusing
INTERPRETATION
16, 6%
INTERPRETATION
0 6%
100% 11% 12%
18%
90% 8% 19%
80% 26%
16% VeryPoor
70% 36%
60% 37% Poor
50% 39% Average
39%
40% Good
28%
30% 25% Excellent
20%
26% 23%
10% 18% 13%
0%
Query Information Promptness in Priorityin
handling by about new service service
officials service
INTERPRETATION
11%
24%
FullySatisfied
Satisfied
28%
Somewhat Satisfied
Not Satisfied at all
37%
INTERPRETATION
CONCLUSION:
HDFC Bank has a strong brand name in the Bilaspur city market. The
people of Bilaspur city are good in investment part and most of them go
for Fixed Deposits and Life Insurance rather investing in Mutual fund
products.
Thus there is a need to convert the people in mutual fund and
credit cards for increasing profitability of bank.
HDFC Bank has always sought profitable customers and generated profit
from them and taken steps by converting the non profitable customer to
profitable customers.
Customers can be pulled into profitability band when the customer is
satisfied with the product and services which he is using.
Customer satisfaction plays an important role as customers are satisfied
they will look for some other product.
At this state Relationship Manager is very important who can suggest
the customer which product to use with reference to his need.
They must maintain mutual relationship between the relationship
manager and customer.
CRM lead to better understanding of all aspects of customer behaviour
regarding issues and benefits offered by a company and helps
differentiate itself from others.
The project was full of learning and experiments and provides me with a great
knowledge about banking sector. I have interacted with a lot of people
personally during these two months. A study of Company profile and Product
profile was done before starting my project which helps me a lot while
interacting with the people. If the interviewer is not having adequate
knowledge of the company and product profile then he will not be able to get
the desired information from the respondent. During the course of time, I tried
to get all the objective of the project to be fulfilled.
CHAPTER10
SUGGESTIONS AND
RECOMMENDATIONS
BIBLIOGRAPHY
htpp://www.google.com
http:// www.hdfcbank.com
http:// www.hdfc.com
http://www.rbi.com
CHAPTER12
ANNEXURE
Questionnaire
Personal Detail:-
Name: ……………………………………………………………...
Occupation: …………………………………………………………
Mobile / Phone No: …………………………………………………
Address:….…………………………………………………………
a) Yes b) No
If yes than in…
Fixed deposit a) Yes b) No
Life insurance a) Yes b) No
mutual fund a) Yes b) No
other please specify_ _ _ _ _ _ _ _ _ _
6) Do you hold any type of credit card?
a) Yes b) No
7) Have you taken any type of loan from HDFC bank?
a) Yes b) No
8) Tick mark on services you are currently using from HDFC bank?
a) Debit Card b) Credit Card
c) Net banking d) Phone banking
e) Insta Alert f) NEFT
9) Why you have preferred this particular bank for opening an account?
(You may tick multiple)
a) Due to brand name b) Due to existing account holder
c) Less documentation d) Less processing time
e) Near to your place f) For features and benefits
……………………………………………………………
……………………………………………………………