{"id":2669,"date":"2021-02-04T19:07:46","date_gmt":"2021-02-04T13:37:46","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=2669"},"modified":"2023-01-04T14:08:55","modified_gmt":"2023-01-04T08:38:55","slug":"payments-digest-by-cashfree-jan-2021","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/","title":{"rendered":"Payments Digest by Cashfree: Jan 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8ef6e594f59\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8ef6e594f59\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Indias_digital_payments_policy_updates_for_January_2021-_Digital_lending_the_PIDF_and_the_DPI\" >India\u2019s digital payments policy updates for January 2021-&nbsp; Digital lending, the PIDF, and the DPI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Tackling_illegal_instant_loans-_the_RBIs_Working_Group_on_Digital_Lending\" >Tackling illegal instant loans- the RBI\u2019s Working Group on Digital Lending<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Zero_MDR-_Operationalization_of_the_Payments_Infrastructure_Development_Fund_%E2%80%98PIDF\" >Zero MDR- Operationalization of the Payments Infrastructure Development Fund (\u2018PIDF\u2019)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#A_Legal_Entity_Identifier_LEI_for_Large_Value_Transactions_in_Centralised_Payment_Systems\" >A Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Digital_Payments_Index_%E2%80%98DPI\" >Digital Payments Index (\u2018DPI\u2019)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Digital_payment_policies_which_came_into_effect_in_January\" >Digital payment policies which came into effect in January<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-digest-by-cashfree-jan-2021\/#Bibliography\" >Bibliography<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"h-india-s-digital-payments-policy-updates-for-january-2021-digital-lending-the-pidf-and-the-dpi\"><span class=\"ez-toc-section\" id=\"Indias_digital_payments_policy_updates_for_January_2021-_Digital_lending_the_PIDF_and_the_DPI\"><\/span><strong>India\u2019s digital payments policy updates for January 2021-&nbsp; Digital lending, the PIDF, and the DPI<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The last decade has seen exponential growth in digital payments and a significant shift in payments preferences, recording, as per the Reserve Bank of India (\u2018RBI\u2019), a compounded annual growth rate of 12.54% and 43.01% in volume and value of digital payments from 2010-2020. The myriad efficient and real-time payment options made available, the increase in mobile and internet penetration, the introduction of lightweight acceptance infrastructure like QR codes, to name a few, have all played their part. With 2021 marking the onset of the new decade and the journey towards the next goals and challenges to address, the Payments Digest aims to provide a quick view of key payments policy initiatives taken each month.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>For January, 2021, Edition 1:<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tackling-illegal-instant-loans-the-rbi-s-working-group-on-digital-lending\"><span class=\"ez-toc-section\" id=\"Tackling_illegal_instant_loans-_the_RBIs_Working_Group_on_Digital_Lending\"><\/span><strong>Tackling illegal instant loans- the RBI\u2019s Working Group on Digital Lending<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The recent spurt of unregulated online\/mobile lending platforms (digital lending platforms or \u2018DLPs\u2019) and related illegal activities has led to the RBI\u2019s Working Group on Digital Lending.&nbsp; This is to provide its report within 3 months, discussing issues like standards and risks of outsourced lending activities, suggested regulatory changes for orderly growth including a Fair Practices Code for DLPs, and measures for consumer protection, privacy, etc. The RBI is also simultaneously aiming to revamp the regulatory framework for Non-Banking Finance Companies (\u2018NBFCs\u2019), via its Discussion Paper on the subject.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Takeaways For the Fintech Industry<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>For the Payments Industry<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>For the Fintech Industry<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">For the payments industry or any other player servicing such apps, this could result in clearer means of identifying legitimate DLPs which can be serviced, allowing strengthened KYC and due diligence measures. Current payment aggregator (\u2018PA\u2019) checks for instance include verifying the NBFC-DLP agreements and authorization letters; the NBFC\u2019s license, Fair Practices Code and bank account, etc. pre-onboarding, and periodic license verifications, capping monthly beneficiary payouts, etc. post activation. The recent events also led to strengthening these checks further, like requiring lending collections deposits only in the NBFC\u2019s bank account, or new checks like verifying disclosure of backing NBFC\/bank by the DLP to customers and listing of the DLP\u2019s name on the NBFC\u2019s website (as required by the RBI in June), et<\/td><td class=\"has-text-align-center\" data-align=\"center\">The approach taken by the RBI will bring in one indicator of the Indian regulatory stance and future relationship between regulated entities and unregulated disruptors like fintechs and as-a-service services, specifically lending-as-a-service or a proposal like OCEN here. The RBI has a challenge in achieving a balance between preventing abuse while promoting innovation.<br><br>The events also demonstrate the blurring lines between tech and fintech disruption, with technology allowing easy availability of traditionally regulated services outside of the regulatory ambit, app stores forced to take action beyond their traditional role as intermediaries, and the Working Group\u2019s mandates leading to new sector-specific privacy regulation to safeguard consumers.&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(Related Read: <\/strong><a href=\"https:\/\/cashfree.com\/blog\/what-are-the-kyc-procedures-for-merchant-onboarding\/\"><strong>What are the KYC procedures for merchant onboarding?<\/strong><\/a><strong>)<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-zero-mdr-operationalization-of-the-payments-infrastructure-development-fund-pidf\"><span class=\"ez-toc-section\" id=\"Zero_MDR-_Operationalization_of_the_Payments_Infrastructure_Development_Fund_%E2%80%98PIDF\"><\/span><strong>Zero MDR- Operationalization of the Payments Infrastructure Development Fund (\u2018PIDF\u2019)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI operationalized the PIDF in January, which aims to subsidise deployment of payments acceptance infrastructure. This will initially be operational for 3 years, with an initial corpus of Rs. 345 crores and targeting 30 Lakh new payments touch points each year. The notification also specifies the target geographies (tier 3-6 centers, north-eastern states), merchant categories (essential services, govt payments, fuel pumps, PDS, etc.) and the acceptance device types (physical PoS, mPoS, QR code payments, etc.).<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Takeaways<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>For Merchants<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>For Banks and the Payments Industry<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">The targets set by the scheme focus on increased digital payments penetration in rural India and eligible merchants will gain subsidies of 30-50% physical Point of Sale terminal (PoS) costs, and 50-75% of digital PoS costs.&nbsp;Increased PoS penetration and digital payments will also encourage customers to make payments despite the pandemic, by reducing cash payment risks. Merchants in turn can additionally turn to digitized and more efficient account keeping, etc.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Banks and the payments industry have been hard hit by revenue losses due to the zero MDR rule last year, and are continuing efforts for MDR\u2019s reintroduction. A key concern for the industry, particularly with the Budget in February, is with the PIDF being seen or cited as an adequate substitute.<br>&nbsp;<br>An additional issue for card-issuing banks is that they need to mandatorily contribute annually to the PIDF, despite there being no respite on the horizon from the revenue losses from zero MDR.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-legal-entity-identifier-lei-for-large-value-transactions-in-centralised-payment-systems\"><span class=\"ez-toc-section\" id=\"A_Legal_Entity_Identifier_LEI_for_Large_Value_Transactions_in_Centralised_Payment_Systems\"><\/span><strong>A Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI has introduced an LEI for transaction of Rs. 50 Crores and above undertaken by entities (non-individuals) via RTGS and NEFT. The LEI is a code to identify distinct legal entities and improve financial data and risk management. In India, it is so far mandated for OTC derivative markets, non-derivative markets and large corporate borrowers. The RBI, in its Booklet on Payment Systems (see below), has also discussed exploring the use of the LEI for payment system participants, agents and distributors for large value cross-border payments.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Takeaways<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>For Merchants<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>For Banks<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Any entities undertaking transactions of this value need to obtain an LEI if they don\u2019t already have one, available from the RBI recognized LEI issuer- Legal Entity Identifier India Ltd.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Banks need to include remitter and beneficiary LEI information in RTGS and NEFT payment messages and maintain records of all such transactions.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-digital-payments-index-dpi\"><span class=\"ez-toc-section\" id=\"Digital_Payments_Index_%E2%80%98DPI\"><\/span><strong>Digital Payments Index (\u2018DPI\u2019)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI introduced the DPI this January. This aims to capture the extent of digitization of payments in the country, based on 5 broad parameters- (i) Payment Enablers (weight 25%), (ii) Payment Infrastructure \u2013 Demand-side factors (10%), (iii) Payment Infrastructure \u2013 Supply-side factors (15%), (iv) Payment Performance (45%) and (v) Consumer Centricity (5%). Taking March 2018 as the base period, i.e., 100, the DPIs are:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>March 2018-<\/strong> 100<\/li>\n\n\n\n<li><strong>March 2019-<\/strong> 153.47<\/li>\n\n\n\n<li><strong>March 2020- <\/strong>207.84<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Going forward, the RBI will publish the DPI on a semi-annual basis.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-digital-payment-policies-which-came-into-effect-in-january\"><span class=\"ez-toc-section\" id=\"Digital_payment_policies_which_came_into_effect_in_January\"><\/span><strong>Digital payment policies which came into effect in January<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The following policies were issued previously and came into effect from January:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>RBI\u2019s additional factor of authentication relaxations for UPI and card-based e-mandates, and for contactless card transactions to Rs. 5000\/- from the erstwhile Rs. 2000\/- easing digital payments particularly in the pandemic.&nbsp;<\/li>\n\n\n\n<li>NPCI\u2019s 30% volume cap on UPI based transactions for all Third-Party App Providers potentially changing the UPI playing field.&nbsp;&nbsp;<\/li>\n\n\n\n<li>SEBI\u2019s UPI facility for public issues of specified debt securities furthering UPI and customer convenience.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(Related Read: <\/strong><a href=\"https:\/\/cashfree.com\/blog\/2020-in-review-digital-payments-policy-initiatives-in-2020-that-could-have-a-lasting-impact\/\"><strong>2020 in review: Digital Payments policy initiatives in 2020 that could have a lasting impact<\/strong><\/a><strong>)<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bibliography\"><span class=\"ez-toc-section\" id=\"Bibliography\"><\/span><strong><span class=\"has-inline-color has-cyan-bluish-gray-color\">Bibliography<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">NPCI Press Release: <em>UPI balances consumer experience with growth outlook with a 30% volume cap for Third-Party<\/em> App Providers (TPAPs), dated November 05, 2020.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Notification: Loans Sourced by Banks and NBFCs over Digital Lending Platforms: Adherence to Fair Practices Code and Outsourcing Guidelines, RBI\/2019-20\/258, dated June 24, 2020.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Notification: Card transactions in Contactless mode &#8211; Relaxation in requirement of Additional Factor of Authentication, RBI\/2020-21\/71. Dated December 04, 2020.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Notification: Processing of e-mandates for recurring transactions, RBI\/2020-21\/74, dated December 04, 2020.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Publication: Payment and Settlement Systems in India- Booklet, dated January 01, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Press Release: Reserve Bank of India introduces the RBI-Digital Payments Index, dated January 01, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Notifications: Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems, RBI\/2020-21\/82, dated January 05, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Notification: Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme, RBI\/2020-21\/81, dated January 05, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Press Releases: Reserve Bank constitutes a Working Group on digital lending including lending through online platforms and mobile apps, dated January 13, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">RBI Press Releases: RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach, dated January 22, 2021.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">SEBI Circular: Introduction of Unified Payments Interface (UPI) mechanism and Application through Online interface and Streamlining the process of Public issues of securities under &#8211; SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations), SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations), SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (SDI Regulations) and SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILDM Regulations), SEBI\/HO\/DDHS\/CIR\/P\/2020\/233, dated November 23, 2020.\u00a0<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">Section 10A, Payments and Settlement Systems Act, 2007, The Gazette of India (2019), Ministry of Law and Justice (Legislative Department), The Finance (No. 2) Act, 2019.<\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">Media Report: <em>Zero MDR: FinMin says no to banks\u2019 compensation plea<\/em>, The Hindu Business Line, dated January 07, 2020.<\/mark><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s digital payments policy updates for January 2021-  Digital lending, the PIDF, and the DPI.<\/p>\n","protected":false},"author":11,"featured_media":6962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1412],"tags":[2107,2190],"class_list":["post-2669","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-policy","tag-experts-speak","tag-payment-policies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Payments Digest by Cashfree: Jan 2021 - Cashfree Payments Blog<\/title>\n<meta name=\"description\" content=\"Want to know all about digital payments policy updates for Jan 2021? 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