Tag: banks

Banks review settlement processes for deposit accounts of deceased customers in view of Covid-19

Banking & Finance

[ad_1]

Read More/Less


Banks are reviewing their processes relating to the settlement of deposit accounts of deceased customers in view of the adverse impact of the Covid-19 pandemic, which as per official figures has claimed about 4.18 lakh lives so far.

They are weighing the possibility of quick settlement of partial deposit amount to provide an immediate relief to family members of the deceased and extending a helping hand in filing insurance claims if the deceased was covered by a life insurance scheme sold through them, among others.

In an advisory, the Indian Banks’ Association emphasised that banks need to sensitise their staff at various levels and particularly at the branch level, to handle death settlement cases sympathetically in the light of the pandemic.

The Association said all possible steps should be taken to mitigate sufferings of survivors of the family of the deceased depositor.

Quick settlement

Through the review, banks are expected to make their processes flexible and smooth by stipulating shorter settlement time. This could accelerate the process of settlement of the deposit accounts of the deceased.

Banks may also consider higher delegation to the branch level managerial staff or the delegation power may be reviewed for enabling quick settlement of a partial/limited amount of, say, up to ₹1 lakh to provide immediate relief to the family members of the deceased in cases where all the required compliances are in place.

In cases where nomination is available and there are no challenges in KYC (know your customer) compliance of the nominee, banks can make the claim format brief and compact. As per the advisory, production of legal representation from nominee may not be insisted upon up to a limit of ₹2 lakh.

Banking expert V Viswanathan underscored that when a nominee is available, there should be no delay in the settlement of the deposit account.

“Only two documents — death certificate of depositor and KYC document of the nominee for identity verification — are needed to credit the amount,” he said.

Further, an evidence of the nominee maintaining an account with a bank — a cancelled cheque leaf or passbook (this is to avoid credit to the wrong account) — to credit the money to his/her account is required.

Minor survivors

In case of the unfortunate death of both the parents or account holder and the nominee, branch managers may make discreet enquiries to ensure genuineness of the claimants/natural guardian. This is aimed at helping the minor survivors.

In the aforementioned case, banks may devise Standard Operating Procedures for extending some immediate help within the legal framework depending on the degree of reliance on the circumstances.

Viswanathan observed that in cases where minors lose their parents, one of the relatives of one of the parents can step in as an administrator and receive the money as guardian for them. Legal heirship certificate will be the only requirement.

If there are other legal heirs to the deceased, they should give a no-objection certificate (NOC) for releasing the money to children, he added.

Insurance claim

While handling cases of settlement of deposit accounts of deceased customers, banks can check whether a customer was covered under any insurance policy facilitated by them so that the family members can be advised suitably and necessary help can be extended in filing of insurance claims.

Banks have facilitated insurance cover under the Pradhan Mantri Swasthya Bima Yojana/ Pradhan Mantri Jeven Jyoti Bima Yojana and also under many schemes launched by the respective State governments and annual premiums in such cases are paid by debiting savings accounts of customers.

Grievance redressal

Appointing grievance redressal officers at Administrative Offices (AOs) and displaying their contact details on website can help in reducing the visits of the claimants to the branches and AOs for knowing the status of their requests, as per the advisory.

Banks can also explore introduction of non face-to-face processes like ‘Video-based Customer Identification Process’ to accommodate claims made by nominees unable to visit the branch.

Further, they can consider putting in place digital applications for processing, monitoring and accelerating the process of settlement. This can help in keeping the claimants informed about the claim status.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Mallya/Nirav Modi fraud cases: Latest recovery of ₹1,850 cr redeems 58% of banks’ losses

Banking & Finance

[ad_1]

Read More/Less


Banks have now recovered 58 per cent of the amount they were defrauded by Vijay Mallya, Nirav Modi and Mehul Choksi. While the SBI-led consortium got another ₹792.11 crore from sale of shares held in Mallya’s Kingfisher airline, other banks have got ₹1,060-crore assets from the Fugitive Economic Offences Court in the PNB-Nirav Modi Case

Total amount

The Enforcement Directorate on Friday said while the public sector banks were defrauded of ₹22,585.83 crore, recovery and transfer of assets as of date total ₹12,762.25 crore. The ED has attached assets worth ₹18,217.27 crore under the provision of the Prevention of Money Laundering Act from the three fugitives.

“Today, the SBI-led consortium has realised ₹792.11 crore by sale of shares in Kingfisher Airlines/Vijay Mallya case. These shares were handed over by the ED to the consortium. Earlier, SBI led consortium had realised ₹7,181.50 crore by liquidating assets handed over to it,” said an ED statement.

Earlier recovery

A few days back, the ED had handed over ₹3,728.64-crore assets to the SBI-led consortium including shares of ₹3,644.74 crore, Demand Draft of ₹54.33 crore and immovable properties worth ₹29.57 crore.

Nirav Modi and his uncle Mehul Choksi are wanted by India for defrauding Punjab National Bank (PNB) of over ₹14,000 crore. They fled the country in January 2018 before their scam of using fake Letters of Undertakings (LoUs) to cheat the bank came to light.

Vijay Mallya had fled to the UK in 2016 after his Kingfisher Airlines collapsed. Mallya had borrowed to keep the consistently loss-making airline in air. By 2012, Kingfisher was declared an NPA by SBI. Accused of fraud and money laundering, Mallya owes 17 Indian banks about ₹9,000 crore.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Mastercard ban to hit banks’ card operations, income

Banking & Finance

[ad_1]

Read More/Less


India’s decision to ban Mastercard Inc for non-compliance with data storage rules has unsettled the country’s financial sector as it will disrupt banks’ card offerings and hit revenues, payments and banking industry executives told Reuters.

Wednesday’s central bank order followed similar action in April against American Express, but Mastercard is a much bigger player in the Indian market, where many lenders offer cards using the US firm’s payments network.

A Reuters analysis of online card listings of 11 domestic and foreign banks in India showed Mastercard accounted for about a third of roughly 100 debit cards on offer, and more than 75credit card variants used its network.

RBI action on Mastercard: SBI Card sees minimal impact on its new customer acquisitions

From July 22, the Reserve Bank of India (RBI) said, new issuance of such cards will stop as Mastercard did not comply with 2018 rules requiring foreign card networks to store Indian payments data locally for “unfettered supervisory access”.

Though existing customers will not be hit, business impact will be significant as banks need to sign new commercial deals with rival networks such as Visa, a process that can take months and involve weeks of back-end technology integration,five payment and banking executives said.

One banking executive said the switch to Visa could take as long as five months. And with American Express and Mastercard prohibited, Visa gets an unprecedented advantage in negotiations in a credit card market it already dominates.

“It will mean temporary disruption for banks, a lot of hectic negotiations and loss of business in the short term,” said one of the sources, a senior Indian banker.

“This is consistent with our considerable and continued investments in our customers and partners in India to advance the government’s Digital India vision,” Mastercard said in a statement on Thursday.

Bar on Mastercard: YES Bank, Bajaj Finserv, RBL to be most affected

The decision is a major setback for Mastercard, which counts India as a key market. In 2019, Mastercard said it was “bullish on India”, announcing $1 billion in investment over the next five years, after investing $1 billion from 2014 to 2019.

Mastercard also has research and technology centres in India, where its workforce of 4,000 is the second largest after the United States, having grown from 29 in 2013.

High card usage, income impact

Indians’ use of credit and debit cards has risen as digital payments have spread. By May, RBI data shows, there were more than 62 million credit cards and about 902 million debit cards,which together accounted for transactions worth $40.4 billion.

The delays in transition to Visa are also seen hitting bank fees and other incomes they generate from their cards business,the sources said.

In a research note on RBI’s decision, Macquarie flagged as a “key concern” the risk that banks could suffer as credit cards were a profitable product with a so-called post-tax return on assets of around 5-6 per cent.

Some banks, such as India’s RBL, lists 42 credit cards on its website, all using the Mastercard network, while Yes Bank lists seven using Mastercard, though none on Visa. The Citibank website offers four Mastercard credit cards.

RBL said in a statement on Thursday that it had reached a pact with Visa for its credit cards after the RBI order, but integration would take up to 10 weeks.

One of the sources said, however, that negotiations for the deal had taken six months.

RBL said it had a share of five per cent in the credit card market but its issuance of 100,000 new cards each month could potentially be affected. Its stock fell more than three per cent in early trade.

Yes Bank in a statement said it is “evaluating migration to other platforms for seamless transition” for issuing new credit cards. A Citibank spokesperson told Reuters it was working with its partner Mastercard “to evaluate any potential impact”.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Banks to invoke sureties given by promoters of 17 defaulting cos

Banking & Finance

[ad_1]

Read More/Less


Several banks, including State Bank of India and Bank of Baroda, are moving to invoke the personal guarantees given by promoters of 17 defaulting companies including Punj Lloyd, Amtek Auto, ABG Shipyard, Videocon, Varun Shipping, and Lanco. They have approached the National Company Law Tribunal.

“Banks have decided that for invoking the personal guarantees, only the lead lender in each case will go to the NCLT. Applications have been filed before NCLT Benches in Delhi, Ahmedabad, Kolkata and Mumbai,”said a source.

In May, the Supreme Court upheld the amendment to the Insolvency and Bankruptcy Code that allowed lenders to invoke the personal guarantees of promoters to recover their dues. This came as a major relief for lenders as under the corporate insolvency process, they are able to recover 35-40 per cent of the total debt in most cases. Now, in the absence of a credible repayment plan, creditors can initiate bankruptcy proceedings against the promoters. According to a PIL in the Supreme Court, lenders can recover ₹1.6-lakh crore from 40 defaulting promoters through this route.

Post SC order, banks move to assess value of promoters’ assets

However, one major hurdle is that many promoters are scam-tainted and are being investigated for fraud. DHFL’s former promoter Kapil Wadhawan, for example, is in prison for alleged fraud. “Most of these promoters in default are scam-tainted and their multi-billion rupee assets already attached by the Enforcement Directorate and the Economic Offences Wing of the Police. Getting the assets released from these agencies will take its own time,” said a lawyer on conditions of anonymity as he represents a defaulting promoter.

Nakul Sachdeva of L&L Partners, said though there is the Supreme Court judgment, the procedure for invoking personal guarantees is yet to be fully tested.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

More Indians trust banks with their personal data than US, UK and Australia: Report

Banking & Finance

[ad_1]

Read More/Less


According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data.

Data privacy has been questioned many times and it has been noted that many people have been reluctant to give out their personal details. In such times, it was found that more Indians trust their banks while handing out their personal data. The confidence among Indians with banks having their personal data is more than people in nations like the US, UK and Australia, said MoneyTransfers, taking in account data provided by YouGov. The survey was conducted across counties to establish which countries have the most and least trusted banking services.

According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data. Similar response (68 per cent) was received from Germany too where people trusted banks. Both countries were placed on the third rank in comparison to other countries as “they believe banks and financial service providers are competent and ethical in their management of personal data.”

The trust factor was found to be higher than in countries like Australia and the US, UK where 57 per cent, 45 per cent and 59 per cent people, respectively, had faith in their banks when it comes to providing personal data.

It is to note that Poland was the top country where 85 per cent of the people have put their trust in banks and financial service providers with their personal data. This was followed by Indonesia, where 70 per cent of people were confident that banks and financial service providers can diligently handle their personal data. Other countries surveyed included China, France, Denmark, Italy, Spain, Sweden, Mexico, United Arab Emirates, Hong Kong and Singapore.

While conducting the survey, people were simply asked if they trust banks and financial service providers with their personal data. More than 2,250 individuals from each country were given the survey questions and asked about their trust in banking services.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Cryptocurrency bank Cashaa looks to start operations in India

Banking & Finance

[ad_1]

Read More/Less


Cryptocurrency bank Cashaa is set to launch operations in India from August, which is expected to help investors and exchanges tide over the current banking problems that they are facing.

“We will be coming to India next month. We will be launching personal bank accounts so that personal traders can do Peer to Peer trading. Cryptocurrency traders will be able to transact without fear of their bank accounts being frozen,” said Kumar Gaurav, CEO and Founder, Cashaa.

Apart from personal bank accounts, Cashaa will also offer debit cards and loans against cryptocurrencies as well as loans for buying cryptocurrencies, Gaurav further said.

Operations will start in New Delhi, Gujarat and Rajasthan with plans to expand to Maharashtra, Uttar Pradesh and West Bengal gradually.

Banks’ crypto blockade: Exchanges try other modes to enable trade

Gaurav said that it is already in discussions with domestic cryptocurrency exchanges and has plans to acquire five million customers.

Cashaa is working in association with The United Multistate Credit Co. Operative Society. It is currently banking on its beta platform over 200 crypto businesses, including Nexo, Huobi, CoinDCX and Unocoin.

It also plans to open physical branches and has already opened up three branches. It is also working on a franchise model to expand to 100 branches.

Gaurav said all KYC norms will be followed as done by any other bank.

Banking troubles

Cryptocurrency investors continue to face challenges in banking transactions with almost all major banks not permitting such transactions.

Players say the recent circular by the Reserve Bank of India on May 31 asking regulated entities to not cite its April 2018 circular on “Prohibition on dealing in Virtual Currencies” as it is no longer valid following the Supreme Court ruling, has not helped ease concerns of banks.

“We are still in discussion with banks but there is no breakthrough yet in terms of any large banks servicing the industry,” said Nischal Shetty, CEO, WazirX.

Indian crypto exchanges flounder as banks cut ties after RBI frown

Banks continue to be wary of such transactions and say there is no clear regulation for them to follow.

Many exchanges are looking at various solutions to help customers. These include using UPI or are looking at their own gateway solutions.

Players say what is needed are the services of a major bank that can cater to a large scale of transactions and volumes. “Most payment gateways also use large private banks. So unless one of them is willing to work with cryptocurrency transactions, it is difficult to ensure seamless banking services,” noted a player.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Pressure on risk currencies subside, US inflation in focus

Banking & Finance

[ad_1]

Read More/Less


Risk currencies hovered above their recent lows against the dollar and the yen on Monday, as fears about slowdown in the global economic recovery appeared to have subsided for now.

The outlook for US inflation and the speed of the Federal Reserve‘s future policy tightening are back in focus ahead of Tuesday’s consumer price data and Fed Chair Jerome Powell’s testimony from Wednesday.

“If we see strong data, the Fed could bring forward their projection for their first rate hike further from their current forecast of 2023. That would also mean they have to finish tapering earlier,” said Shinichiro Kadota, senior FX strategist at Barclays.

The euro traded at $1.1873, edging back from its three-month low of $1.17815 set on Wednesday while against the yen the common currency stood at ¥130.87, off Thursday’s 2-1/2-month low of ¥129.63.

Sterling also ticked up to $1.3900, while the Australian dollar bounced back to $0.7487 from Friday’s seven-month low of $0.7410.

ALSO READ Rupee slides toward year’s low as India’s trade deficit widens

Risk currencies slipped earlier last week as investors curtailed their bets on them, in part as economic data from many countries fell short of the market’s expectations.

Concerns about the Delta variant of the novel coronavirus also added to the cautious mood although few investors thought the economic recovery would be derailed.

Chinese eonomy

Selling in risk currencies subsided by Friday, however, and sentiment was bolstered further after China cut banks’ reserve requirement ratio across the board, to underpin its economic recovery that is starting to lose momentum.

On Monday, the Chinese yuan was flat at 6.4785 per dollar, off Friday’s 2-1/2-month low of 6.5005.

A recovery in risk sentiment hampered the safe-haven yen on Monday. The Japanese currency stood at 110.17 yen per dollar, off Thursday’s one-month high of 109.535.

With the data calendar on Monday relatively bare, many investors are looking to Tuesday’s US consumer price data for June.

Economists polled by Reuters expect core CPI to have risen 0.4 per cent from May and 4 per cent from a year earlier after two straight months of sharp gains in prices.

Any signs that inflation could be more persistent than previously thought could fan expectations the Fed may exit from current stimulus earlier, supporting the dollar against other major currencies.

Conversely, more benign data could lead investors to think the US central bank can afford to maintain an easy policy framework for longer, encouraging more bets on risk assets,including risk-sensitive currencies.

Cryptocurrencies were little moved, with bitcoin at $34,267and ether at $2,137.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

RBI advises banks to shift away from LIBOR to alternative reference rates

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) has encouraged banks and financial institutions to cease entering into new financial contracts that reference LIBOR as a benchmark as soon as practicable and and in any case by December 31, 2021.

The central bank also advised banks and financial institutions to encourage their customers to cease entering into new London Interbank Offered Rate (LIBOR) referenced contracts.

Instead of LIBOR, the central bank asked them to use any widely accepted alternative reference rates (ARR).

This directive has been issued to ensure orderly, safe and sound LIBOR transition and considering customer protection, reputational and litigation risks involved, the RBI said in a circular.

LIBOR has been used in the global financial system as one of the benchmarks for a large volume and broad range of financial products and contracts.

According to a 2014 Financial Stability Board report, the cases of attempted market manipulation and false reporting of global reference rates, together with the post (global financial)-crisis decline in liquidity in interbank unsecured funding markets, have undermined confidence in the reliability and robustness of existing interbank benchmark interest rates.

The “Roadmap for LIBOR Transition” comes in the aforementioned context.

Comprehensive review

The RBI wants banks/financial institutions to undertake a comprehensive review of all direct and indirect LIBOR exposures and put in place a framework to mitigate risks arising from such exposures on account of transitional issues including valuation and contractual clauses.

They may also put in place the necessary infrastructure to be able to offer products referencing the ARR.

The central bank underscored that continued efforts to sensitise clients about the transition as well as the methodology and convention changes involved in the alternatives to LIBOR will be critical in this context.

While certain US dollar LIBOR settings will continue to be published till June 30, 2023, the RBI observed that the extension of the timeline for cessation is primarily aimed at ensuring roll-off of US dollar LIBOR-linked legacy contracts, and not to encourage continued reliance on LIBOR.

“It is, therefore, expected that contracts referencing LIBOR may generally be undertaken after December 31, 2021, only for the purpose of managing risks arising out of LIBOR contracts (e.g. hedging contracts, novation, market-making in support of client activity, etc.), contracted on or before December 31, 2021,” it added.

MIFOR

RBI said banks are also encouraged to cease using the Mumbai Interbank Forward Outright Rate (MIFOR), published by the Financial Benchmarks India (FBIL), which references the LIBOR as soon as practicable and in any event by December 31, 2021.

FBIL has started publishing daily adjusted MIFOR rates from June 15, 2021 and modified MIFOR rates from June 30, 2021 which can be used for legacy contracts and fresh contracts respectively.

Banks may trade in MIFOR after December 31, 2021 only for certain specific purposes such as transactions executed to support risk management activities such as hedging, required participation in central counterparty procedures (including transactions for hedging the consequent MIFOR exposure), market-making in support of client activities or novation of MIFOR transactions in respect of transactions executed on or before December 31, 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Q1FY22 results: Banks likely to report muted earnings, some stress in asset quality

Banking & Finance

[ad_1]

Read More/Less


Banks are likely to report muted earnings with pressure on asset quality for the first quarter of 2021-22, reflecting subdued economic activities due to localised lockdowns amidst the second wave of the pandemic.

A number of banks have already released provisional data on key business parameters for the quarter-ended June 30, 2021, that reflect muted growth in advances and robust increase in deposits.

Private sector banks are set to release their first quarter results in coming weeks. HDFC Bank will report its results on July 17, followed by others like Axis Bank and ICICI Bank.

Non-food bank credit growth slowed to 5.9 per cent in May compared with 6.1 per cent in the year-ago month, data from the Reserve Bank of India revealed.

Brokerage views

“We believe the first quarter of 2021-22 to be a quarter of consolidation as the momentum in recovery gained over the fourth quarter of 2020-21 was impacted by the second Covid wave, with the asset quality outlook deteriorating once again. Business activity was impacted over April and May 2021, and localised lockdowns were seen across most States. As a result, systemic growth moderated to 5.8 per cent as of June 18, 2021,” said a recent report by Motilal Oswal on first quarter earnings of banks.

“The second Covid wave, coupled with localised lockdowns, is likely to impact asset quality performances of banks,” it further said.

ICICI securities in a recent report noted that lead indicators point towards increased stress in the near term.

“…according to various management commentary, there has been a decline in collections by 2 per cent to 5 per cent range in April and May 2021 due to partial lockdowns,” it noted.

The RBI’s Financial Stability Report of July 2021 has noted that gross non-performing asset (GNPA) ratio of scheduled commercial banks may increase from 7.48 per cent in March 2021 to 9.80 per cent by March 2022 under the baseline scenario; and to 11.22 per cent under a severe stress scenario.

While the impact of the second wave of the pandemic is likely to be lower, restructuring requests are expected to be higher this year in the absence of a moratorium.

However, most experts believe that banks are in a better position to tide over the economic slowdown this time than last year.

“We believe that the banks are relatively better-placed to handle the stress from the second wave and hence we continue to maintain a stable outlook on the sector,” said Anil Gupta, Vice-President – Financial Sector Ratings, ICRA Ratings, in a recent report.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

RBI imposes monetary penalty on 14 banks for non-compliance

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) imposed monetary penalty aggregating ₹14.5 crore on 14 banks for non-compliance with certain provisions of its directions after a scrutiny in the accounts of the companies of a Group.

The central bank imposed ₹2 crore penalty on Bank of Baroda, ₹1 crore each on 12 other banks and ₹50 lakh on State Bank of India.

RBI imposed ₹1 crore penalty each on Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, The Jammu & Kashmir Bank and Utkarsh Small Finance Bank.

Bank of Baroda and Karnataka Bank, in their stock exchange disclosures, said the penalty has been imposed on them for non-compliance with the directions issued by the RBI with respect to advances sanctioned to Infrastructure Leasing and Financial Services (IL&FS), and its group companies.

Non-compliance

The central bank, in a statement, said the banks were non-compliant with certain provisions of its directions on ‘Lending to Non-Banking Financial Companies (NBFCs)’, ‘Bank Finance to NBFCs’, ‘Loans and Advances – Statutory and Other Restrictions.’

Further, they were also non-compliant with certain provisions of directions on on ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ read with the contents of Circular on ‘Reporting to Central Repository of Information on Large Credits’, ‘Operating Guidelines for Small Finance Banks’ and for contraventions of provisions of two Sections of Banking Regulation Act, 1949.

“A scrutiny in the accounts of the companies of a Group was carried out by RBI and it was observed that the banks had failed to comply with provisions of one or more of the aforesaid directions issued by RBI and/or contravened provisions of the Banking Regulation Act, 1949,” RBI said in a statement.

In furtherance to the same, the central bank issued notices to the banks advising them to show cause as to why penalty should not be imposed for non-compliance with the directions/contraventions of provisions of Banking Regulation Act, 1949.

“The replies received from the banks, oral submissions made in the personal hearings, wherever sought by the banks, and examination of additional submissions, where made, were duly considered, and to the extent the charges of non-compliance with RBI directions/contraventions of provisions of Banking Regulation Act, 1949 were sustained, RBI concluded that it warranted imposition of monetary penalty on aforementioned fourteen banks,” the statement said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,
1 … 11 12 13 14 15 … 24