{"product_id":"jiofinancialservices-business-model-canvas","title":"Jio Financial Services Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJio Financial: Digital-first BMC—platform partnerships, diverse revenues, MSME scale\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore Jio Financial Services’ strategic playbook in a concise Business Model Canvas preview—highlighting its digital-first value propositions, platform partnerships, diversified revenue streams, and scalable cost structure to win customers across retail and MSME segments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBlackRock Strategic Joint Venture\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe BlackRock joint venture gives Jio Financial Services access to BlackRock’s investment expertise and risk models, supporting a planned asset management lineup targeting retail and institutional clients; BlackRock managed $9.6 trillion AUM as of Dec 31, 2025, boosting credibility and product depth.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eReliance Industries Ecosystem\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eStrategic alignment with Reliance Industries Limited gives Jio Financial Services access to Reliance’s captive base of ~450 million Jio subscribers and ~200 million Retail customers (FY2024), enabling seamless data sharing and targeted cross-selling across telecom, retail and digital touchpoints. This integration cuts customer acquisition costs—estimated down 30–50% versus digital-only peers—and boosts stickiness via bundled offers and unified loyalty programs, driving higher lifetime value.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Insurance Partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eJio Financial Services partners with global insurers like Aviva and AIA to co-create life and non-life products, targeting a projected INR 50–70 billion premium pool in retail segments by 2025; these tie-ups leverage reinsurer scale and product expertise to match India's protection gap. By acting as a digital-first distributor across Jio's 420 million wireless and 150 million JioFiber users, Jio simplifies purchase, claims and renewals, lifting conversion and reducing acquisition cost per policy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBanking and NBFC Collaborators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePartnering with established banks and NBFCs lets Jio Financial Services run co-lending deals that diversify credit risk and tap partner liquidity; by FY2024 Jio reported co-lending tie-ups targeting MSME and consumer loans to reach an INR 10–15 billion pipeline.\u003c\/p\u003e\n\u003cp\u003eThese partners expand sectoral and regional reach and offer regulatory compliance support, enabling faster scale-up of the lending book with lower capital strain.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCo-lending: diversifies risk, shares capital\u003c\/li\u003e\n\u003cli\u003eLiquidity: partner funds reduce Jio’s capital needs\u003c\/li\u003e\n\u003cli\u003eReach: access to MSME, microloans, regional markets\u003c\/li\u003e\n\u003cli\u003eRegulatory: partners aid compliance and licensing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and Cloud Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePartnerships with top tech vendors and cloud providers keep Jio Financial Services' digital stack scalable and secure; in 2024 Jio Platforms reported a 20% YoY increase in cloud spend to support real-time payments and analytics.\u003c\/p\u003e\n\u003cp\u003eThese partners supply AI, data analytics, and cybersecurity tools that enable low-latency, 24\/7 services with SLA targets often under 50 ms for core APIs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 cloud spend +20% YoY\u003c\/li\u003e\n\u003cli\u003eAI\/analytics for fraud detection\u003c\/li\u003e\n\u003cli\u003eCybersecurity with enterprise-grade SLAs\u003c\/li\u003e\n\u003cli\u003eSub-50 ms API latency targets\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBlackRock JV supercharges Reliance: scale, lower CAC, INR growth in insurance \u0026amp; lending\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBlackRock JV adds asset-management credibility (BlackRock AUM $9.6T as of Dec 31, 2025) and risk models; Reliance linkage grants access to ~450M Jio subscribers and ~200M retail customers (FY2024), cutting CAC ~30–50%; insurer ties (Aviva, AIA) target INR 50–70B retail premiums by 2025; co-lending pipeline INR 10–15B (FY2024); 2024 cloud spend +20% YoY.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner\u003c\/th\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024–25 figure\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBlackRock\u003c\/td\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003ctd\u003e$9.6T (Dec 31, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReliance\/Jio\u003c\/td\u003e\n\u003ctd\u003eSubscribers \/ Retail customers\u003c\/td\u003e\n\u003ctd\u003e~450M \/ ~200M (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInsurers\u003c\/td\u003e\n\u003ctd\u003eTarget premium pool\u003c\/td\u003e\n\u003ctd\u003eINR 50–70B (by 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBanks\/NBFCs\u003c\/td\u003e\n\u003ctd\u003eCo-lending pipeline\u003c\/td\u003e\n\u003ctd\u003eINR 10–15B (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech vendors\u003c\/td\u003e\n\u003ctd\u003eCloud spend YoY\u003c\/td\u003e\n\u003ctd\u003e+20% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Business Model Canvas for Jio Financial Services outlining customer segments, channels, value propositions, revenue streams, key resources, partners, activities, cost structure, and customer relationships tied to its fintech, insurance, and wealth-management offerings—suitable for investor presentations and strategic analysis.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eHigh-level view of Jio Financial Services' business model with editable cells to quickly map how its digital payments, lending, and insurance offerings relieve customer pain points and streamline partner integrations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Lending and Credit Scoring\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eJio Financial builds proprietary credit-scoring models using alternative data from the Reliance ecosystem (Jio, retail, payments), enabling lending to underserved customers without formal credit files; by 2024 JFS reported over 1.2 million digital loans disbursed, highlighting scale.\u003c\/p\u003e\n\u003cp\u003eThey continuously refine algorithms to keep NPAs low—targeting sub-2% gross NPA—and to grow the loan book while monitoring vintage performance, default clustering, and recovery rates monthly.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProduct Innovation and Development\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eJio Financial Services constantly designs and deploys digital-first products—micro-insurance and SIPs—aimed at mass India; by 2024 Jio Financial reported ~5 million app registrations driving higher digital uptake. The product team prioritizes mobile UX so complex tools work in a few taps, using rapid prototyping and A\/B tests to iterate weekly and match fast-evolving preferences of tech-savvy consumers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRisk Management and Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eA core activity is implementing rigorous risk-management protocols to protect capital and customer data, including real-time monitoring of 1.2 billion monthly transactions across Jio Financial’s platforms to detect fraud and meet Reserve Bank of India (RBI) rules. Maintaining high compliance—evidenced by zero major regulatory penalties in 2024 and 98% KYC completion—builds trust and supports long-term operational stability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarketing and Customer Acquisition\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe company runs large-scale digital campaigns driving traffic to JioFinance and MyJio, converting Reliance Jio’s ~430 million wireless subscribers (FY2024) into financial customers via targeted offers and in-app journeys, boosting acquisition cost-efficiency.\u003c\/p\u003e\n\u003cp\u003eMarketing also includes financial-literacy programs—webinars, short videos, and in-app nudges—aimed at lifting uptake of investments and insurance; Jio Financial reported 18% QoQ growth in retail financial customers in Q3 2025.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReach: ~430M Jio subscribers (FY2024)\u003c\/li\u003e\n\u003cli\u003eReported retail customer growth: 18% QoQ (Q3 2025)\u003c\/li\u003e\n\u003cli\u003eChannels: JioFinance app, MyJio, social, video, in-store prompts\u003c\/li\u003e\n\u003cli\u003eFocus: targeted offers + financial-literacy content\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlatform Maintenance and Cybersecurity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOngoing platform maintenance keeps Jio Financials app responsive during peak loads—India digital payments topped 6.3 billion transactions in Oct 2024, so scalability work prevents outages and latency for millions of users.\u003c\/p\u003e\n\u003cp\u003eCybersecurity uses AES-256\/TLS, multi-layer threat detection and annual red-team testing; in 2024 Indian fintech breaches dropped 12% where such controls were adopted, supporting Jio’s trust proposition.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eScalability: handle millions concurrent users\u003c\/li\u003e\n\u003cli\u003eEncryption: AES-256\/TLS\u003c\/li\u003e\n\u003cli\u003eThreat detection: real-time SIEM\/IDS\u003c\/li\u003e\n\u003cli\u003eTesting: annual red-team and audits\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJio-backed fintech: 1.2M loans, 430M reach, real-time risk on 1.2B txns—18% QoQ growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBuilds proprietary credit models using Jio ecosystem data; 1.2M+ loans disbursed by 2024 and target sub-2% gross NPA; designs digital-first products (micro-insurance, SIPs) with ~5M app registrations by 2024; real-time risk monitoring of 1.2B monthly transactions, 98% KYC; leverages 430M Jio subscribers for acquisition and reports 18% QoQ retail customer growth (Q3 2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoans disbursed (2024)\u003c\/td\u003e\n\u003ctd\u003e1.2M+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eApp registrations (2024)\u003c\/td\u003e\n\u003ctd\u003e~5M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJio subscribers (FY2024)\u003c\/td\u003e\n\u003ctd\u003e430M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMonthly transactions monitored\u003c\/td\u003e\n\u003ctd\u003e1.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eKYC completion (2024)\u003c\/td\u003e\n\u003ctd\u003e98%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail growth (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e18% QoQ\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document you're previewing is the actual Jio Financial Services Business Model Canvas—not a sample or mockup—and it reflects the exact structure and content you will receive after purchase.\u003c\/p\u003e\n\u003cp\u003eUpon completing your order you'll get this same professional, ready-to-edit file in full, formatted for immediate use in Word and Excel with all sections and details included.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56748660851065,"sku":"jiofinancialservices-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/jiofinancialservices-business-model-canvas.png?v=1772210312","url":"https:\/\/growthsharematrix.com\/products\/jiofinancialservices-business-model-canvas","provider":"Growth Share Matrix","version":"1.0","type":"link"}