2) NEED FOR BANKING SECTOR REGULATION.pptx

8/19/2019 2) NEED FOR BANKING SECTOR REGULATION.pptx

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BANKING REGULATION

R B RASWALKAR


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BANKING REGULATIONCoverage-

i)What is Regulation?

ii)Is there a need for Regulatory Intervention?

iii)Lessons from Financial Crisis,iv)Role of Financial Sector Regulation-O!ectives

v)"odes of Financial Sector Regulation

vi)Regulatory Structure of Financial Sector Regulation in India

vii)#an$ing Regulator-Reserve #an$ of India

i) Role of #an$s % need for Regulation

ii) &volution % Forms of #an$ing Regulation

iii) "icro 'rudential % "acro 'rudential Regulation

viii) Financial Regulation % Financial Innovation


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#(*I+ R&+L(IOWhat is Regulation?

.)+eneral /e0nition-

'rinci2le or rule em2loyed in controlling, directingmanaging an activity, organi3ation, or system4

5)La67

Rule ased on and meant to carry out a s2eci0c 2ilegislation 8such as for the 2rotection of environm

Consumers etc)4Regulations are enforced usually y a Regulatory formed or mandated to carry out the 2ur2ose or 2 of a legislation, called regulatory re9uirements4

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#(*I+ R&+L(IO Is there a nee !or Regulator" Intervention?

• Ideally mar$et forces-'erfect Com2etition situation 6ith i:(/S of the "ar$et i4e4 /emand % Su22ly forces should

and there is no need of any Regulatory intervention4

• :o6ever, in reality 'erfect Com2etition li$e situation havinof resources % information does O e;ist4 here are Infor6hich creates ostacles in free


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#(*I+ R&+L(IO

Lessons o! #inan$ial Crisis %Nee !or Regulator" Interven

• hat mar$ets are not self-correcting and are 2rone to e;cesses

• hat regulating individual institutions is not enough, there is a nregulate the s"ste&'

• hat gloal integration of mar$ets and interconnectedness in the sector im2lies huge $ontagion ris( that casts res2onsiility on tleaders to thin$ gloally as o22osed to nationally4

• hat over reliance on ratings has 2roved to have disastrous cons

• hat e;cessive leverage, 6herever it e;ists, 6ill inevitaly come tthe system 6ill then re9uire ailing out in the event of a systemic

• hat =too ig > to > fail institutions 2roved to e e;actly that and ailing out im2lied huge moral ha3ard

• hat untamed greed can conveniently free ride on im2licit sovereunder6riting of the 0nancial system


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#(*I+ R&+L(IOLessons o! #inan$ial Crisis %Nee !or Regulator" Interven

• hat 2rolonged easy monetary 2olicy can create asset ules avolatility in 0nancial mar$ets 6hich then feeds into commodity m

the real economy4• hat large and volatile ca2ital


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#(*I+ R&+L(IORole o! #inan$ial Se$tor Regulation?

• The rationale !or #inan$ial se$tor Regulation rests ulton T)o o*+e$tives-

, To .rote$t Interest o! Consu&ers/ Interest

0 To &itigate s"ste&i$ ris(

.)To .rote$t Interest o! Consu&ers/ Interest-

•) 'rotection of Consumers in Financial "ar$et is needed ecause"ar$ets are su!ect to In!or&ational .ro*le&s that may 2ut

Financial 2roducts at an avantage1 relative to #uyers of suc•) Information +a2 is true oth in Wholesale as 6ell as Retail "ar

•) It therefore, calls for the rules on the is$losure o! In!or&atiregarding the 'roduct features4

•) #esides, there is a need to have in!or&ation on the 2nan$iaof the 2rovider of the 0nancial 2roducts, in 2articular 6hen thethe Customer is contingent on the continued health of the selle


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#(*I+ R&+L(IO

Consu&er 3rote$tion-Wh" Consu&er n.rote$tion-


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BANKING REGULATION

Role o! #inan$ial Se$tor Regulation- $ont-

5) To &itigate s"ste&i$ ris(-

• Systemic Ris$ is de0ned as a Ris( o! isru.tion to #inan$ial serv

i) Caused *" an i&.air&ents o! .arts or entire #inan$ial S"ste&

ii) :as the 2otential to have serious negative $onse4uen$es !or the

• Systemic Ris$ is the ris$ that a default y one Financial Institution 6i5ri..le e6e$t/ that leads to defaults y other Financial Institutions astaility of the Financial System4

• "aintaining Systemic Staility is im2ortant ecause so$ial $osts of

are high in the form of contagion eAect4

B) #esides, there are other ancillary 2ur2oses of Financial Sector Regula

a) o ensure mar$et staility,

) o 0ght Financial crimes,

c) o have directed credit to 2referred sectors of the &conomy,

d) o develo2 the mar$et- this is 9uite uni9ue for our Country4


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BANKING REGULATION

7oes o! #inan$ial Se$tor Regulation-

i Authori8ation- iv En!or$e

a) &ntry orms, a) 'rivate cen

) #usiness Licenses ) 'ulic cen

ii Stanars- c) Fines,

a) 'rudential re9uirements d) Remedial (c

) +uidance e) Cancellat

c) Code of conduct and Rules4

iii) Su.ervision-

d) Ris$ #ased,

e) On sight,

f) OA sight


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Regulatory structure of Indian Financial system

Reserve Ban( o!Inia- Regulator!or the Ban(ingInustr"'

RBI-3rote$tion o!e.ositor/s interest

Se$urities anE9$hange Boar o!Inia-SEBI-

Ca.ital &ar(et :

3rote$tion o! investor/sinterests'

Insuran$e Regulator"% ;evelo.&entAuthorit"-

i3rote$tion o!

insure


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BANKING REGULATION

Banking Regulation

For Banking Sector, RESERVE BANK IS THE REG


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BANKING REGULATION

-Role o! Ban(s-

• #an$s are 0nancial Intermediaries and constituents of the Settlement System ma$ing #an$ing more than a #usiness

• #an$s oAer many Channels to access their #an$ing 'roducServices4

• Co&&er$ial *an(s $ontri*ute &u$h to the gro)th o!e$ono&" through 2nan$ial inter&eiation *" .ro&osavings an e9tening loans to agri$ulture1 trae an*" hel.ing in .h"si$al an hu&an $a.ital !or&ation

trans&itting the &onetar" .oli$" signals !or&ulateCentral *an( o! the $ountr"'

• The process of financial intermediation supports increasing capitalthrough the institutionalization of savings and investments and as economic growth.

•Te gain! to te real !ector o" te econo#$ tere"ore %e&en% e""icientl$ te "inancial !ector &er"or#! ti! (a!ic "unction o"


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BANKING REGULATION

-Role o! Ban(s an Nee !or Regulation-

• #an$s form the core of a nations 0nancial system,2erforming the vital function of 0nancial intermedia

through li9uidity, maturity and ris$ transformation4is the li!eline o! an" $o&&er$ial a$tivit" an as a lin( *et)een the savers an the *orro)e2roductivity and eciency of an$s, thus, criticallythe 2roductivity and eciency of all economic activ

• Banking y its very nature is igl$ le)erage% (u!ine!! an% a

igl$ regulate%.• Banks perform asic economic function of intermediation essen

four transformation mechanisms!

i) "iaility!#sset Transformation

ii) $ize Transformation

iii) Maturity Transformation


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BANKING REGULATION


• &n the process' Banks take various %isks like i) (redit perational %isk' iii) "i*uidity %isk and iv) Market %isk

%isk %egulation.

• Banks have to maintain #de*uate (apital to mitigate %for (apital %egulation.+ Basel (apital %egulation)

• ,urther #an$ing regulations also aim at uildingand resilience of the an$ing system on the one

address the concerns that arise from the functiothe 0nancial system4 Financial ris$s are more dythan static and assume more intre2id forms 6itevolution of the an$ing functions, 2roducts aninnovation, increased functional integration and

decentralisation4


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BANKING REGULATION


• Contagion and systemic ris$, moral ha3ard, too 2henomenon, 2ulic ailouts of an$s are some

issues that came under shar2 scrutiny follo6ing0nancial crisis that eru2ted in 5MMK4

• (s such an$ing regulation assumes critical sigto retain the resilience and soundness of the aentities on the one hand and the macro-2ruden

staility of the 0nancial system as a 6hole on thand therey also 2revents volatility and disru2treal sector and the overall economy4


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BANKING REGULATION


-Regulation : O*+e$tive=

> Regulation ai& to =

8i) safeguard the interest of de2ositors

8ii) oversee the im2lementation of the national socio eco2olicies through the regulated entities

8iii) ado2t the international est 2ractices

> A$$oringl"1 regulators tr" to ensure =8i) solvency of the an$ing system

8ii) 9uality of assets

8iii) ade9uacy of li9uidity

8iv) 2ro0taility

v com etence of mana ement


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BANKING REGULATION

-Evolution an !or&s o! Ban(ing Regulation-

• #an$ing regulation can ta$e the form of formali3ed i% statutory 2rovisions,#an$ing Regulation (ct, R#I

Regulatory directions and guidelines,Income RecogClassi0cation, and 'rovisioning normsD moral suasio

• /iAerent times, evolutionary stages in an$ing and 0nancial and an$ing crisis have all in


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BANKING REGULATION

-Evolution an !or&s o! Ban(ing Regulation- contd

• (s the eAectiveness of traditional control ased rules d6ith increasing com2etition, lierali3ation, gloali3atio

innovation, ongoing regulatory reform assumes great s• he recent gloal 0nancial crisis demonstrated the ove

need for evolving commensurate an$ing regulation asneed for the regulatory reform 2rocess to remain aheadevelo2ments in the an$ing functions, 2roducts and s


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BANKING REGULATION


A@ #an$ing regulation in the form of formalised legis

and statutory 2rovisions7• #asically t6o main (cts i4e4

i) #an$ing Regulation (ct, and

ii) Reserve #an$ Of India (ct

BANKING REGULATION ACT ,


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BANKING REGULATION ACT ,

La6 enacted in .EE to $onsoliate the la) relating $o&.anies to sa!eguar the interest o! e.oe$ono&i$ interest o! the $ountr"' It 6as originaCom2anies (ct .EE, nomenclature changed to #an$ing Re

in "arch .EHH4Se$tion 3rovisions

G 8#)-/e0nition

#an$ing > (cce2tance of de2osit for the 2lending or investment , the de2osits of mone2ulic , re2ayale on demand or othe6ithdra6 ale y che9ue , draft , order or oth

se of 6ords > #an$ , #an$er , #an$ing o

com2any > a #an$ing com2any carrying ousiness in India must use the 6ord #an$ #an$ing com2any in its name4 o other or2ermitted to use these names4

.. 'aid > u2 ca2ital and Reserve re9uirement

#an$ > min4 2aid u2 ca2ital and reserves

#(*I+ R&+L(IO (C .EE


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+ + O C E ESe$tion

3rovisions

.8.) Reserve funds > #an$ must create reserve fe9uivalent to not less than 5MN of 2ro0ts outhe alance of 2ro0ts each year , efore dividend is declared4

.E85) o #an$ing com2any shall hold shares in com2any 6hether as 2ledgee , mortgageeasolute o6ner of an amount e;ceeding BM2aid u2 share ca2ital of that com2any or BM

its o6n 2aid u2 ca2ital and reserves 6hichevless

5M Restrictions on advance against o6n share #an$ing com2any can grant loans and advaagainst the securities of its o6n shares

5B Restrictions on o2ening of ne6 and transfe

e;isting 2lace of usiness > 2rior 2ermissio



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Se$tion

3rovisions

5 "aintenance of SLR > ( #an$ing com2anre9uired to maintain at the close of usinesany day a certain 2ercentage of its total demand time liailities in India in the form of cagold and encumered a22roved securities reference to its demand and time liailities alast Friday of second 2receding fortnig"inimum return on deaccount 6hich have not een o2erated foyears

5E (ccounts and alance sheet > format of alsheet and 2ro0t and loss account as give

schedule III of that



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Se$tion

3rovisions

BG Ins2ection > em2o6ers R#I to underta$e insof #an$s

BG8() E&.o)ers RBI to give ire$tions to the *the .u*li$ interest or in the interest o! .oli$" '

G Issuing guidelines for return of 2aid instrucustomers y $ee2ing a true co2y4

G (,C, &

omination in de2osit accounts , safe accounts , loc$er accounts4

H 'enalties > 6hoever in any return P statalance sheet or other documents 6illfully statement 6hich is false , or 6illfully omits to

material statement , shall e 2unisha

RBI ACT ,D


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RBI ACT ,D

R#I 6as estalished on the recommendationCommission on Indian currency and 0nance 8.E52assed in .EB and R#I 6as estalished on M.P2rivate sector an$4

It )as originall" $onstitute as a share hole

It 6as authori3ed to assu&e $ontrol o! $ur.rovision o! $reit from the +ovt4 and has the e;tend the reach of an$ing facilities throu

country4RBI )as nationali8e in , uner RBI A$t ,

R#I nationali3ation aimed at aligning $o*et)een the .oli$ies o! the Govt' an thCentral Ban('

R#I (C .EB contd


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Regulator of the #an$ing system

The .ur.ose o! regulating *an(s is to asta*le an eF$ient 2nan$ial s"ste&'

#roadly an$s are regulated to sa!eguar .u*li

to $ontain s"ste&i$ ris( an to $ontrol &ora

he function of R#I evolved over a 2eriod of timsummed u2 as under 7

it acts as currency issuing an$

It acts as a an$er to central and state govt4

It acts as an$er to an$s

It 6or$s for the 2romotion and develo2magriculture, trade and industry4

It collects and communicate im2ortant informatio

R#Is role as regard monetary 2olicy4

RBI ACT ,D $ont


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RBI ACT ,D $ont Im2ortant 2rovisions of R#I (ct >

Se$tion

3rovision

5 8e) Scheduled #an$ > means a an$ 6hose namis included in the 5nd schedule of R#I (.EB4 the essential condition is that suan$s have 2aid ca2ital and reserves of nless than Rs4 G lac

. y2e of usiness > It includes acce2tance

de2osits 6ithout interest from central P stagovt4 , 2urchase P sale of fore; , securitetc4

5. Right to transact govt4 usiness

55 #an$ notes > sole right to issue an$ notes

5 /enomination of notes > R#I issues currenc notes for denomination

R#I (C .EB contd


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R#I (C .EB contd Im2ortant 2rovisions of R#I (ct >

Se$tion

3rovision

5K ote refund rules > Rules for refunding va

of mutilated, soiled, im2erfect notes asmatter of grace4

B. 'rohiits issue of earer ill of e;chan2romissory note 2ayale to the earer4 2erson in India other than R#I or central gois authori3ed to dra6 , acce2t , ma$e or is#P& or 'P 2ayale to earer4

58.) Cash reserve ratio > minimum and ma;imlimits removed 4 o interest is 2ayale CRR #alances4 CRR maintained on fortnighasis4

G-(-F Collecting and furnishing of credit informat

BANKING REGULATION


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BANKING REGULATION


B@ #an$ing regulation in the form regulatory directions and guid

R#Is regulatory guidelines are on t6o counts i4e4 mon2rudential4 It roadly covers #an$ licensing

Cor2orate governance

Statutory 2re-em2tions - CRR , SLR

'rudential norms > Income recognition and asset classi0cation andand ca2ital ade9uacy , investment 2ortfolio, ca2ital mar$et e;2osur

Ris$ management

/isclosure norms

*QC guideline

'rotection of small de2ositors

'ara an$ing activities

"onetary 2olicy

Certain (e" Regulator" guielines are is$usse in tsu*se4uent slies'

Ban(ing Regulation


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g g


B@ #an$ing regulation in the form regulatory directioguidelines, -

R#Is $ey 2rudential regulatory guidelines-

-3ruential Nor&s-In order to strengthen the alaof an$s, the Reserve #an$ has een 2rescriing a222rudential norms for them in regard to income recogasset classi0cation and 2rovisioning, ca2ital ade9uac

investments 2ortfolio and ca2ital mar$et e;2osures, fe64

,Ca.ital Ae4ua$"-R#I has instructed an$s to made9uate ca2ital on a continuous asis4 he ade9uaca2ital is measured in terms of Ca2ital to Ris$-WeighRatio CR(R 4 nder the recentl revised frame6or$

Ban(ing Regulation


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B@ #an$ing regulation in the form regulatory directions aguidelines, -

-3ruential Nor&s-$ont

0Loans an Avan$es- IRAC guielines- Broal" Istans !or-

@ Income recognition- on the asis of record of recovery

@ (sset Classi0cation- In order to maintain the 9uality of

loans and advances, the R#I re9uires an$s to classify thloan assets as 2erforming and non-2erforming assets 8'2rimarily ased on the o!ective criterion of record of recfrom the orro6ers4 '(s are further categorised into Sustandard, /outful and Loss (ssets de2ending u2on age '(s and value of availale securities4

@ 3rovision >on the asis of classi0cation of assets into

7ain #un$tions o! RBI Regulation an Su.ervision


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7ain #un$tions o! RBI--Regulation an Su.ervision

• The RBI/s Regulator" Guielines-$ont -3ruenti

D Invest&ents

he Reserve #an$ re9uires an$s to classify their invest2ortfolios into three categories for the 2ur2ose of valuat"aturity 8:"), (vailale for Sale 8(FS) and :eld for ra he securities held under :F and (FS categories have mar$ed-to-mar$et 2eriodically and de2reciation, if any, a22ro2riate 2rovisions y an$s4 Securities under :" c

must e carried at ac9uisition P amortised cost, su!ect conditions4

)Ris( 7anage&ent

#an$s, in their daily usiness, face various $inds of ris$sRis$, O2erational Ris$, Li9uidity Ris$, "ar$et Ris$4 he R

#an$ re uires an$s to have eAective ris$ mana ement

Ban(ing Regulation


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• The RBI/s Regulator" Guielines- $ont

;is$losure Nor&s - 'ulic disclosure of relevant inan im2ortant tool for enforcing mar$et disci2line4 :enceyears, the Reserve #an$ has strengthened the disclosu

an$s4 #an$s are no6 re9uired to ma$e disclosures in tre2ort, among others, aout ca2ital ade9uacy, asset 9uli9uidity, earnings as2ects and 2enalties, if any, im2osey the regulator4

H Kno) our Custo&er Nor&s- o 2revent money la

through the an$ing system, the Reserve #an$ has issu Qour Customer 8*QC), (nti-"oney Laundering 8("L) anComating Financing of errorism 8CF) guidelines4 #anre9uired to carry out *QC e;ercise for all their customerestalish their identity and re2ort sus2icious transactioauthorities4

J 3rote$tion o! S&all ;e.ositors- he Reserve #an

Ban(ing Regulation


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• The RBI/s Regulator" Guielines- $ont

-(ll these Regulatory measures are &erel" 7IC3RU;ENTIAL REGULATIONS aimed to raise

resilien$e o! iniviual *an(ing institution- #ut +loal &conomic crisis has 2roved that "'R/&I(L R&+L(IOS are not merely suand it should e cou2led 6ith "(CRO 'R/&R&+L(IOS aimed at s"ste& )ie regulat

avert S"ste&i$ Ris('

- hese 5 a22roaches are $o&.le&entar" as resilience at the individual an$ level reduces t

of system 6ide shoc$s4

Ban(ing Regulation


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Ban(ing Regulation

-The RBI/s Regulator" Guielines- $ont

• Shi!t to)ars 7a$ro .ruential Regulation

• he most signi0cant and much a22lauded in thof the 0nancial crisis have een the &a$ro .ru.oli$ies'

• +loally, the 0nancial crisis rought to the fore, recently, the conce2t of &a$ro .ruential regthe 0nancial system4

• :o6ever, in India along 6ith the various normal there 6as a gradual shift to6ards macro 2rudentregulation as early as 5MM itself4

• he Reserve #an$ made use of the $ounter$"$l.oli$ies sin$e 0 as a tool(it !or aress

s"ste&i$ ris( and ensuring 0nancial staility th

Ban(ing Regulation


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Ban(ing Regulation


• Shi!t to)ars 7a$ro .ruential Regulation

• he instruments used to address the ti&e i&ethe s"ste&i$ ris( have een ti&e var"ing risan .rovisioning nor&s on stanar assets$ertain s.e$i2$ se$tors )herein e9$essive gro)th1 in $on+un$tion )ith shar. rise in as.ri$es1 has $ause a..rehension o! .otent

u. o! s"ste&i$ ris( an asset *u**les'• In the 2rocess, the 2olicies have leaneM aga)in and have had the desired eAect of moderacredit oom in the s2eci0ed sectors oth througeAect and aAecting the cost of credit4

Ban(ing Regulation


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Ban(ing Regulation

The RBI/s Regulator" Guielines- $ont

• Shi!t to)ars 7a$ro .ruential Regulation co

• (s regards the cross sectional dimension of the sys

6hich deals 6ith the interconnectedness issues, vameasures have een underta$en such as,

- 2rudential limits on aggregate interan$ liailities the access of uncollaterali3ed funding mar$ets only tand '/s and sti2ulating ca2s on lending and orro6i

-restricting the an$s investments in the ca2ital instother an$s sti2ulation on an$s e;2osure to #FCand close monitoring of systemically im2ortant #FC0nancial conglomerates

- restrictions on unridled innovation in 0nancial 2ro

enhancing trans2arency and addressing ris$s in OC

Ban(ing Regulation


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Ban(ing Regulation


Regulatory +uidelines on #asel III, currently undim2lementation is the Classic mi; of "icro 'rude

"acro 'rudential Regulatory measures4

Ban(ing Regulation


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Ban(ing Regulation

Follo6ing are micro 2rudential 2ro2osals ai&ing toresilien$e o! iniviual *an(ing institutions uBasel III

• Leverage ratioit is oth "acro 2rudential % "icro2rudential4

• Ca2ital conservation uAer

• Counter cyclical uAer

• (ddressing 2ro cyclicality of 2rovisioning re9uirem• (ddressing interconnectedness4

• (ddressing the too ig to fail 2rolem4

• (ddressing reliance on e;ternal credit rating agen

•/isclosures

Ban(ing Regulation


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Ban(ing Regulation#inan$ial Regulation % #inan$ial Innovation-)hether regulastie innovation?

• From the discovery of 0re to the invention of the I-'ad, innovatiothe )ells.ring o! hu&an .rogress' &veryody 6ill ac$no6led

innovation est 2ros2ers in a laissez faire regime 6here innovatoe;2ect to a22ro2riate the ene0ts of their eAorts4

• &9ually, it is also recogni3ed the nee !or regulation o! innovorer to $orre$t !or &ar(et !ailure 6hich could occur for a vareasons - e;ternalities, information asymmetries, moral ha3ard, aselection etc4 For e;am2le, ne6 drugs should e tested efore thon the mar$et and that ne6 models of aircrafts and automoiles

regulated for safety standards4 he case for 0nancial regulation rsame logic although it is not as 6ell a22reciated4

• &ven as the logic for regulation is 9uite roust, the fre9uent criticit is that ina22ro2riate or in!udicious regulation 6ould sti


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#inan$ial Regulation % #inan$ial Innovation-)hether regulation )innovation?•Is 2nan$ial innovation goo or *a?

!5All innovation is goo' It is not innovation per se1 *ut ho) that inuse that &a(es it goo or *a/' This is true ever")here1 in$luin2nan$ial se$tor'

! Innovations $an *e &isa..lie or $arrie to e9$esses for a variety greed, 6rong eliefs or sheer inaility to antici2ate conse9uences4

!For e;am2le- se of 9uantitative techni9ues in 0nance has een a game innovation4 It contriuted enormously to the gro6th of the 0nancial sectordemonstrated that a more scienti0c a22roach to s2eculation is 2ossile a0nancial mar$ets from ull rings to 9uantitative 2o6er houses4

!#ut there 6ere oviously limitations to the a22licaility of 9uantitative tecall involved some sim2li0cation of the real 6orld and they 6ere all ased oassum2tions4 When the astraction of the model does not ca2ture the essof the real 6orld or 6hen the assum2tions do not hold, the 9uantitative mig failure in using 9uantitative techni9ues 6as not so much that the tech6ere ad innovations, ut that 6e had misused them y forgetting to as$model re2resent the real 6orld? /o the assum2tions underlying the mode

Ban(ing Regulation


42/42

g g#inan$ial Regulation % #inan$ial Innovation-)hetregulation )oul stie innovation?

• Is 2nan$ial innovation goo or *a? Contd4

-#ut there 6ere oviously limitations to the a22licaility9uantitative techni9ues4 hey all involved some sim2li0the real 6orld and they 6ere all ased on some assum2When the astraction of the model does not ca2ture thas2ects of the real 6orld or 6hen the assum2tions do nthe 9uantitative model fails4 /oes the model re2resent 6orld? /o the assum2tions underlying the model still h

-So1 si&.le ans)er to the 4uestion1 5is 2nan$ialinnovation goo or *a?/ is that it is goo onl" asit as value to e$ono&i$ gro)th an so$ietal )e

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2) NEED FOR BANKING SECTOR REGULATION.pptx

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