K C Chakrabarty: Inclusion, growth and governance - issues and way
forward
Keynote address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at
the 35th SKOCH Summit, New Delhi, 21 March 2014.
* * *
Assistance provided by Shri Bipin Nair and Ms. Mruga Paranjape in preparation of this address is gratefully
acknowledged
1. Lord Meghnad Desai, Professor Emeritus, London School of Economics; Shri Rana
Kapoor, Managing Director & CEO, Yes Bank and President, ASSOCHAM; Shri Sameer
Kochhar, Chairman, SKOCH Group; members of the print and electronic media; ladies and
gentlemen! It is a pleasure and privilege for me to be present here today at the inaugural
session of this SKOCH Summit which features the theme of "Inclusion, Growth and
Governance". The theme of the conference is particularly relevant at this juncture in our
economy when the economic growth has considerably slowed down. Across the globe,
especially in the awake of the financial crisis, there has been a growing appreciation of the
fact that sustainable growth and financial stability can only be achieved through greater
financial inclusion. The policymakers in India have been cognizant of the need for equitable
development and have pursued polices which aimed at greater financial inclusion over the
years. Generating sustainable economic growth through increased financial inclusion has, of
late, become the central mantra of the regulators and policy makers, not only in India, but
across the globe. But, how far have we succeeded in our efforts? Undoubtedly, over the last
five-six years, ever since RBI has encouraged the banks to adopt a structured approach for
financial inclusion, the banking sector has done a good job. One can see the statistics
related to number of basic bank accounts opened, number of Kisan credit cards (KCCs) and
General credit cards(GCCs) issued, etc. These numbers are by no means small. But, if you
ask me whether we are satisfied with the progress, the answer would be an unqualified "NO."
We are not happy with the quality of Financial Inclusion that we have achieved over these
years. When we say quality, we mean that although a number of accounts have been
opened, many people have been issued KCCs and GCCs; the number of transactions in
these accounts continues to be minuscule. What really pains me is that contrary to the
potential that exists, the progress is quite unsatisfactory. The larger question, therefore, is
what is holding us back? Why are the banks not able to bring in meaningful financial
inclusion? To my mind, a fair share of the collective failure of the stakeholders can be
attributed to poor governance of our Financial Inclusion framework and lack of accountability
at the highest policy level i.e. Board and at the level of senior management.
2. I am, therefore, happy that SKOCH has chosen this theme, which is aimed at highlighting
this linkage between inclusion, growth and governance. As I mentioned a little while back, we
set in motion a structured framework for promoting financial inclusion some 5-6 years ago
and hence, this is an ideal time to take stock of our initiatives, reflect on our achievements
and initiate course correction, wherever necessary. In my address today, I intend to focus on
the progress made in our financial inclusion efforts, the attendant issues and challenges and
the improvements needed in the governance framework of the financial inclusion initiatives in
the banks in order to make it truly meaningful.
3. There is an inalienable link between growth and governance and this has been
established through several empirical studies. The concept of good governance emerged at
the end of the 1980s, first at the World Bank which was further developed upon by
international development aid agencies and organizations such as UNDP and OECD.
According to the World Bank, good governance entails sound public sector management
(efficiency, effectiveness and economy), accountability, exchange and free flow of
information (transparency), and a legal framework for development (justice, respect for
human rights and liberties)(World Bank, 1994). UNDP states 9 major characteristics of good
governance: Participation, Rule of law, Transparency, Responsiveness, Consensus
orientation, Equity, Effectiveness and Efficiency, Accountability and Strategic Vision. Good
governance can spur the process of economic growth and lead to gains which are tangible,
equitable and inclusive.
4. Similarly, there is an equally compelling link between growth and financial inclusion
especially in the emerging market economies. This is on account of the pivotal role that the
banks play as financial intermediaries in these economies, both at a macro and a micro level.
At a macro level, banks contribute to growth through mobilization of savings and allocation of
credit towards the most optimal deployment avenues available in the economy; while at a
micro level, banks provide households and businesses an opportunity to realize their
economic goals and improve their financial position by providing a range of financial
services, thereby contributing to overall growth. However, the ability of banks to play this vital
role is constrained by their lack of reach across a large segment of the population on account
of financial exclusion. Financial inclusion and the consequent increased penetration of banks
to the hitherto unbanked segments, thus, have strong linkages to economic growth.
Growth through financial inclusion: historical perspective
5. The criticality of the financial sector in ensuring equitable and sustainable development
was realized quite early in the post-independence period and there was a focus on
channeling credit to the neglected sectors of the economy and weaker sections of the
population. Increasing access to credit for the poor has remained a core concern for India's
planning architecture, in its fight against poverty. Having recognized the social and economic
imperatives of broader financial inclusion early, the policy makers set about finding
innovative ways to empower the poor. Starting with the nationalization of banks (1969/1980),
outlining priority sector lending requirements for banks, introduction of the Lead Bank
Scheme, establishment of Regional Rural Banks (RRBs-1975-76), Service Area Approach
(1989) and Self-Help Group-Bank Linkage Programme (1989-90), all these initiatives were
taken with an underlying objective of taking banking services to the masses and making
them participate in the developmental process of the economy. The financial sector reforms,
set in motion in the 1990s, saw the focus shift to strengthening financial institutions and
bringing in new players to infuse competitiveness, with the ultimate objective of achieving
enhanced financial access, greater efficiency and improved consumer satisfaction. These
initiatives, undoubtedly, had a positive impact and resulted in some improvement in access
of banking services to remote parts of the country. However, since these initiatives lacked a
structured and coordinated approach, the developments were rather skewed with few
regions witnessing better financial access and inclusion than others. The skewness in
financial development across regions could mainly be attributed to poor polices as well as
inadequacy of Governance framework. The lack of formal structure and effective
coordination in the financial inclusion initiatives, thus, contributed to regional disparities in
growth and economic prosperity.
Good governance: an essential pre-requisite
6. The vision of inclusive growth and governance dictates the need to broaden and deepen
access to development finance for all. Only well functioning and efficiently governed financial
institutions can provide financial services to meet the growing needs of the economy. Despite
early recognition of the need for universal financial inclusion, a large cross-section of the
population remained financially excluded. As I mentioned before, though various measures
initiated by the regulator/Government in the post-independent period resulted in impressive
gains in rural outreach and volume of credit, the structure suffered from inherently weak
governance. The achievements were "quantitatively impressive, but qualitatively weak". Due
to the target driven approach to social banking, the initiatives were not part of the business
strategy of banks. The effort on the part of the banks was always aimed at somehow meeting
the lending targets, mostly at subsidized rates of interest, or with subsidy from the
Government under various government directed schemes.
7. Overtime and especially, in the wake of the adoption of the RBI encouraged structured
Financial Inclusion Framework adopted by banks over the last few years, there has been
substantive development in the architecture and thinking on financial inclusion. There has
been a growing realization that there is no "one-size-fits-all" financial inclusion strategy which
can be cloned over the length and breadth of our country, although few core conditions are
essential to maximize the benefits derived from such a strategy. Effective Governance is the
most predominant of these conditions and is, in fact, a sine qua non for achieving financial
inclusion.
8. Effective financial inclusion cannot be achieved until the entire structure of the financial
inclusion programme is supported by good governance. Good governance in our financial
inclusion programme is supposed to be achieved by having a planned and structurally
integrated framework, supported by a policy vision. As a first step towards creating this
governance structure, effort has been made to precisely define financial inclusion and all
ingredients associated with it. In the subsequent paragraphs we shall be presenting the
entire governance structure of our financial inclusion programme, the progress achieved so
far and issues and challenges that need to be tackled to make it a success.
(A) Definition of financial inclusion
9. Financial Inclusion is the process of ensuring access to appropriate financial products and
services needed by all sections of the society in general and vulnerable groups such as
weaker sections and low income groups in particular, at an affordable cost, in a fair and
transparent manner, by regulated, mainstream institutional players.
Approach to financial inclusion
(a) A bank led model
10. We have adopted a bank- led model for financial inclusion, which seeks to leverage on
technology. Our belief has been that in view of the geographic expanse of our country, the
success of Financial Inclusion initiatives would depend on the solution being ICT- enabled,
with the market participants developing new delivery models to best suit their individual
requirements.
11. Our experience has shown that the goal of financial inclusion can be best served through
mainstream banking institutions as only they have the ability to offer the entire suite of
products necessary for effective financial inclusion. There has been criticism of our approach
in not recognizing mono product offerings from service providers like telcos (remittance) and
MFIs/SHGs (credit) as part of the mainstream financial inclusion process. As I said before,
unless the players can offer the entire suite of products, it cannot be considered financial
inclusion as it will only cater to a small chunk of the financial needs of the population and
would, hence, not be complete financial inclusion. In fact, the mainstream financial players
i.e. banks have the ability to cross-subsidize across various product/services and offer the FI
products in most efficient and cost-effective manner. This does not, however, mean that we
have entirely excluded other players. We have suggested that other entities, such as mobile
service providers, can synergistically collaborate with banks in offering services. Our belief is
that such partnerships with banks could be a game changer as far as financial inclusion is
concerned.
(b) An integrated approach - financial inclusion & financial literacy
12. We have adopted a structured, planned and integrated approach towards Financial
Inclusion which is focusing on improving access to financial services and also encouraging
demand for financial services through Financial Literacy initiatives. We recognize that the
success of the financial inclusion efforts depend not just on the extent to which the reach of
the formal financial sector is improved, but also on whether the target population is aware
about the benefits of moving on to the formal financial system and is inclined to make this
transition.
(c) Building a robust institutional mechanism for FI
13. Let me now dwell upon the institutional mechanism that has been built for ensuring
success of financial inclusion across the country.
i. The Financial Stability and Development Council (FSDC) headed by the Finance
Minister is at the apex. Under the aegis of the FSDC, we have a Sub-Group of
FSDC headed by the Governor, RBI and within that is a Technical Group, headed
by a Deputy Governor, RBI exclusively mandated to focus on financial inclusion and
financial literacy. The membership of these groups comprises of representatives of
all financial sector regulators, which makes the structure of the group very strong.
ii. In order to gauge the performance of banks and to continuously review the various
models adopted under Financial Inclusion, RBI has constituted a Financial Inclusion
Advisory Committee (FIAC), headed by a Deputy Governor from RBI, which has
members comprising of few Directors from the Central Board of RBI as also experts
drawn from various NGOs/other civil society representatives, etc. The collective
expertise and experience of these members is expected to be leveraged towards
developing viable and sustainable banking services delivery models for meeting the
objective of total financial inclusion.
iii. Further, we also leverage upon the infrastructure created at the state level, wherein
we have the State Level Bankers Committee (SLBC) at the Apex which is ably
supported by the Lead District Managers (LDMs) at the District level.
iv. In order to ensure that the initiatives on the supply side are ably supported by
initiatives on the demand side, we have around 896 financial literacy centres set up
by banks. Banks have been advised to educate, train and counsel people in the
rural areas regarding the benefits of getting linked to the mainstream financial
system and also to take all out efforts to ensure that such people get converted into
long term customers of the banks.
(d) Bouquet of financial products
14. In the absence of banks, a large number of informal financial market intermediaries
mushroomed, particularly in the rural areas, which were acting as proxy to the banks. Many
of these entities were in the business of extending only credit products, that too at exorbitant
rates of interest, mostly to the illiterate section of the population. This led to huge
indebtedness amongst the poor people and their deteriorating financial health. Under our
financial inclusion framework, we expect the banks to ensure that all the financial needs of
the customers are met by offering them, at a minimum, the following four basic products:
 A savings cum overdraft account
 A pure savings account, ideally a recurring or variable recurring deposit
 A remittance product to facilitate EBT and other remittances, and
 Entrepreneurial credit products like a GCC or a KCC
15. The objective is to ensure that customers who are linked to the banking system are
provided with all the basic financial products that are required to enhance their income
generation capacity, thereby, helping them to come out of poverty.
(e) Leveraging on technology
16. We realize that the task of Financial Inclusion is gigantic and it would not be possible
without leveraging technology. Recognizing that banking services through the traditional
brick and mortar model is expensive for banks, we have encouraged them to adopt and
leverage technology to attain greater reach and penetration while keeping the cost of
providing financial services to the minimum. While we remain technology neutral, we require
banks to seamlessly integrate whatever technology they choose, with their CBS architecture.
This approach is expected to enable banks to minimize the cost of providing financial
services in far flung areas of the country, which is the key for success of our financial
inclusion initiatives.
(f) Combination of branch and BC outlets
17. We have been advocating a combination of Brick and Mortar structure i.e. Branch with
Click and Mouse technology (BC outlets) for extending financial inclusion, especially in
geographically dispersed areas. However, for the BC model to succeed there is need for
strong support from the base branch. Banks have, therefore, been advised to open small
intermediary brick and mortar structures between the base branch and the BC outlets. The
whole purpose of the exercise is to create an entire ecosystem for ensuring efficient delivery
of services, efficiency in cash management, redress of customer grievances and closer
supervision of BC operations for better credit administration.
(B) Regulatory initiatives
(i) Enhancing reach
(a) Agent banking model - use of business correspondents
18. In January 2006, the Reserve Bank permitted banks to utilise the services of
intermediaries such as business facilitators and business correspondents in providing
banking services. The BC model allows banks to do "cash in - cash out" transactions at a
location closer to the rural population, with the help of technology. This innovative model
aimed at addressing the last mile problem.
(b) Branch expansion
19. RBI has considerably relaxed the branch opening norms for banks. Branch authorisation
has been relaxed to the extent that banks do not require prior permission to open branches
in centres with population less than 1 lakh, they have only to report having done so.
20. To further step up the opening of branches in rural areas, banks have been mandated to
open at least 25 per cent of their new branches in unbanked rural centres. To further
encourage the banks towards pursuing this mandate, banks have been advised to consider
frontloading (prioritizing) the opening of branches in unbanked rural centres over a three year
cycle co-terminus with their Financial Inclusion Plans. This is expected to facilitate quicker
branch expansion in unbanked rural centres.
21. Along with increasing brick and mortar presence through branch expansion, we have
also encouraged banks to adopt modes such as ICT-BC outlets, Kiosks, off-site Rural ATMs,
mobile vans, etc.
(ii) Enhancing access
(a) Relaxed KYC norms
22. One of the major constraints faced by the people in getting linked to the formal banking
system was the strict Know Your Customer (KYC) norms. To facilitate easy opening of
accounts especially for small customers, the KYC guidelines have been simplified so that
these accounts can be opened by means of self-certification in the presence of bank officials.
Further, in order to leverage upon the initiative of UIDAI, RBI has recently allowed "Aadhaar",
the unique identification number to be used as one of the eligible documents for meeting the
KYC requirement for opening a bank account. Very recently, RBI has also allowed banks to
use the E-Aadhaar facility provided by UIDAI for KYC purposes.
(b) Basic Savings Bank Deposit Accounts (BSBDAs)
23. Banks have been advised to make available Basic Savings Bank Deposit Accounts
(BSBDAs) for all individuals with zero minimum balance and facility of ATM card/ Debit card.
Existing impediments of minimum balance maintenance, bank charges, etc. are being
addressed through the same. With this it has become a right for every eligible Indian citizen
to open basic savings account with banks. Further, banks have also been advised to provide
in-built overdrafts in such basic savings accounts so as to meet the emergency credit needs
of the customer and prevent them from having to approach money lenders in distress
situation. The entrepreneurial credit has also been simplified in the form of KCC for farm
sector household and GCC for non-farm sector households.
(c) Leveraging the banking network for extending social benefits - direct benefit
transfers
24. The recent introduction of direct benefit transfer, based on validation of the identity of the
beneficiary through Aadhaar, will help facilitate delivery of social welfare benefits by direct
credit to the bank accounts of beneficiaries, thereby preventing leakages and wastages in
the system. The government, in future, has plans of routing all social security payments
through the banking network using the Aadhaar based platform as a unique financial address
of beneficiaries. In order to ensure smooth roll out of the Government's Direct Benefit
Transfer (DBT) initiative, banks have been advised to:
 Open accounts of all eligible individuals in camp mode with the support of local
Government authorities.
 Seed the existing and new accounts with Aadhaar numbers.
 Put in place an effective mechanism to monitor and review the progress in
implementation of DBT (G2P - Government to Personal Payments).
(C) Financial inclusion: a viable business proposition
Financial inclusion plan of banks
25. Contrary to common perception, financial inclusion can, with better governance, be a
viable business proposition because of the huge untapped market, which can be brought into
the fold of banking services. Financial Inclusion, prima facie, needs to be viewed as "money
at the bottom of the pyramid". With the banks being free to charge reasonable interest rates
on the advances as also to internally fix charges for various service offerings, what banks
actually need is to develop an appropriate business and delivery model in line with their
business strategy and comparative advantage and align the same to their business plan.
This will create an environment of competitiveness amongst banks and in the process will
benefit the unbanked population.
26. As I have mentioned above, we have encouraged banks to adopt a structured and
planned approach to financial inclusion with commitment at the highest levels. Towards this
end, the banks have been advised to prepare Financial Inclusion Plans (FIPs) containing
self-determined targets on various parameters to be achieved during the FIP period, with the
approval from their respective Boards,. The first phase of FIPs was implemented over the
period 2010-2013 and the second phase of FIPs has been finalized and is under
implementation. The Reserve Bank has used the FIPs to gauge the performance of banks
under their FI initiatives. For this purpose, a structured and comprehensive monitoring
mechanism has been put in place for evaluating banks' performance vis-à-vis their planned
targets. To ensure engagement of the Top Management/senior functionaries of the Bank in
the FI process, a system of annual review meetings between CMDs/CEOs of banks and
Deputy Governor of RBI has also been institutionalized.
Performance of banks under the financial inclusion plan
27. The achievements of the banking system under the FIP can be accessed from the
following monitoring data (for the period up to December 2013):-
i. Banking connectivity has been extended to nearly 328679 villages from 67,694
villages in March 2010.
ii. The total no of BSBDAs have gone up to 229 million of which 108 million are ICT
based accounts.
iii. Credit to farm sector households have touched 39 million households while credit
to non farm sector households have touched more than 6 million households
iv. About 238 million transactions have already been carried out in ICT based accounts
through BCs during the nine month period ended December 2013 as against 250
million transactions recorded during the year 2012-2013.
28. After completion of the first FIP period, it was realized that although a large banking
network had been created along with the opening of large number of bank accounts, simply
creating the banking infrastructure and opening banking accounts would not fulfill the
objectives of achieving meaningful financial inclusion. As an improved governance measure,
with an underlying objective of ensuring involvement of all stakeholders in the Financial
Inclusion efforts and in order to ensure uniformity in the reporting structure under the
Financial Inclusion Plan, banks were advised to ensure that their FIPs are disaggregated and
that they percolate down up to the branch level. The focus under the new plan is to ensure
that the newly created banking network is utilized not just for offering deposit and remittance
products, but also for extending other products viz. credit, which can help make the business
more viable for banks. This would also ensure that not only the volume of transactions in the
newly opened accounts increase but the people also reap the benefits of getting linked to the
formal financial system.
Facilitating a balanced approach - roadmap for providing banking services in
unbanked villages
29. With the banks slowly realizing the potential business opportunity in financial inclusion
and gearing up to penetrate the rural areas, , RBI came up with the idea of notional allocation
of villages amongst banks, in order to ensure that the efforts of banks are not duplicated.
This was also with the objective of ensuring presence of at least one banking outlet in all the
unbanked villages of the country.
30. In this direction, a phase-wise approach was adopted wherein SLBCs/DCCs were
advised to identify unbanked villages with population more than 2000 and notionally allocate
them amongst banks operating in the region. While the first phase saw coverage of almost
74,000 unbanked villages (having a population above 2000), in the second phase, the
SLBCs/DCCs have identified approximately 4,90,000 remaining unbanked villages. These
villages have also been notionally allotted to banks and the target is to provide each of these
villages with a banking outlet by 2016.
Financial literacy and financial education
31. As I had mentioned earlier, we have adopted an integrated approach of promoting supply
of financial services through improved financial access and ensuring greater demand for
financial services through financial literacy initiatives. In the Indian context, the problem of
financial illiteracy is more acute with awareness levels of the rural population regarding the
benefits of linking with mainstream financial institutions, being extremely poor.
32. Therefore, we have ensured that our supply side initiatives are ably supported by
initiatives on the demand side. Our idea is to include financial education in the school
curriculum so as to educate children about the benefits of banks and banking services. In this
direction, the Technical Group of the FSDC has already come out with a National Strategy on
Financial Education, which has been approved by the FSDC.
33. RBI has advised banks to set up Financial Literacy Centres (FLCs) across the country.
Banks have so far set up around 896 FLCs as of December 2013. These FLCs have
reportedly educated more than 10 million people through various literacy programs. Banks
have been further advised to scale up financial literacy efforts through conduct of outdoor
Financial Literacy Camps, at least once a month, both by the FLCs and also by the rural
branches.
34. In order to standardize the literacy material, RBI has prepared a comprehensive Financial
Literacy Guide containing Guidance Note for Trainers, Operational Guidelines for conduct of
Financial Literacy Camps, Standard Financial Literacy Material, Financial Diary for use of
rural customers and a set of 16 posters. Banks have been advised to use the material as a
standard curriculum to impart basic conceptual understanding of financial products and
services.
(D) Issues & challenges
35. While several initiatives are being taken for ensuring widespread financial access, certain
factors continue to impede progress of financial inclusion. Let me come to these issues and
challenges one by one.
Governance deficit
36. The need for effective governance implies that the underpinning of all processes, through
norms that define our actions, allocate power and prescribe a matrix against which we can
calibrate our performance. Lack of effective governance has been one of the major reasons
for slow progress in implementing our Financial Inclusion initiatives.
Ownership and accountability
37. Why Financial Inclusion is not happening even after the infrastructure being in place? It is
clearly due to lack of accountability and a problem of attitude. Many of the banks still have
not developed an appropriate, cost-effective delivery model for Financial Inclusion and
therefore, they are still not thoroughly convinced about FI being a profitable business
opportunity. Resultantly, they still perceive this to be a social/ regulatory obligation and
consequently their efforts are half-hearted. The inadequacy of MIS creates further
complications. The sunken cost for setting up the intermediate brick and mortar structures
and developing the BC network has to be seen as future investment. Obviously, it cannot be
revenue accretive from day one. Still, if one were to logically work out the mathematics of
serving the customers in a brick and mortar branch and through a BC, keeping the fixed and
variable cost in mind, certainly the BC model would work out much cheaper in the
intermediate term. Therefore, for the FI model to work, the banks need to take ownership of
the model and ensure continuous and full support to the Business Correspondents at the
ground level. There is need to punish the non-performers in the system and the governance
system has to be improved for ensuring buy-in from the Top Management and commitment
and accountability from the rank and file of the bank.
Delivery model
38. One of the major challenges is that banks are yet to develop a sustainable and scalable
business delivery model to guide its Financial Inclusion initiatives. While several alternate
models have been tried out, the BC-ICT model has gained prominence amongst banks.
However, many banks are yet to settle upon on a BC model which is scalable and will help
them achieve their targets under financial inclusion.
Viability issues
39. While access to financial services has improved, the usage of the financial infrastructure
continues to be tardy. While more than 3 lakh banking outlets are available across the
country, the number of transactions in many accounts opened by the BCs, remains
unimpressive. This not only restricts the potential benefits that could accrue from increased
financial access but also reduces the viability of Financial Inclusion activities for banks and
BCs. The reduced viability, in turn, impacts the scalability of the model and, in the process,
hampers the Financial Inclusion efforts.
Hindrances constraining BC operations
40. We have identified certain deficiencies which are hampering the scaling up of the BC
model. These include restrictive Cash Management Systems followed by banks wherein BCs
are required to fully prefund their business operations in terms of cash limits and security
obtained from BCs; Non-insurance of cash held in transit by BCs; Low or untimely
remuneration paid to BCs/CSPs; allowing transactions only in limited products through the
BC channel. These have restricted the involvement and effectiveness of the BCs as a vital
peg in the financial inclusion jigsaw.
41. Our review has shown that different banks are adopting different practices. We feel that
the time has come for banks to come together and identify the best practices for the scaling
up of the BC model. We have asked banks to work under the aegis of IBA and come up with
"Best Self Regulatory Practices for BC Operations" based on industry best practices.RBI is
also considering issuing instructions to banks for standardizing operations under the BC
model.
Technology issues
42. While banks have innovated on technology, the same has not resulted in significant
reduction in the cost of providing financial services. Beneficiaries/ stakeholders often
complain of constraints in digital/ physical connectivity. This, coupled with delays in issuance
of smart cards, reliability issues in hardware infrastructure such as hand held devices, etc.
have impacted the quick roll out of financial services across the country. Over dependence
on vendors and the resultant problems is a serious governance deficit which needs to be
overcome for effective rollout of our Financial Inclusion initiatives.
Collaboration
43. Finally, the collective will powe