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GREEN BANKING: A TIMELY IMPERATIVE
Dr. Belur Baxi
Asst. Professor, Faculty of Business Admisnistration
GLS University-Ahmedabad
Dr. Harikrishan Chaurasiya
Asst. Professor, Faculty of Management
GLS University-Ahmedabad
Dr. Shailja Tiwari
Asst. Professor,
Smt. R D Shah Arts & Smt.V D Shah Commerce College-Dholka
ABSTRACT
Purpose: This study explores the adoption of green retail banking practices, focusing on
sustainable branch operations and consumer-oriented digital solutions, aiming to assess their
environmental and operational benefits. Design/Methodology/Approach: The research uses a
qualitative approach, reviewing literature and case studies of green banking initiatives,
including paperless transactions, mobile banking, and energy-efficient systems, to analyse their
environmental and financial impacts. Findings: Sustainable practices like paperless
withdrawals, mobile apps for account opening, and energy-efficient technologies reduce costs
and environmental impact. Promoting digital banking services also lowers the carbon footprint
while enhancing customer convenience and satisfaction.Originality/Value: This study provides
valuable insights into sustainable banking practices and their effects on efficiency and customer
loyalty, offering actionable recommendations for banks to enhance their green initiatives.
Keywords: Green Banking, Sustainability, Digital Banking, Environmental Impact, Paperless
Transactions, Retail Banking.
INTRODUCTION TO GREEN BANKING
Green banking refers to the environmentally conscious practices by banks aimed at supporting
sustainable growth. Green banking focuses on supporting environmentally friendly initiatives,
fostering sustainable practices, and minimizing carbon emissions. It incorporates
environmental, social, and governance (ESG) factors into financial decisions, encourages
digital transactions to cut down on paper consumption, and provides funding for businesses
with a green focus. The shift from traditional to green banking ensures both environmental
protection and profitability.
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Green banking is essential due to climate change, regulatory pressures, and the need for
responsible investment. It helps mitigate risks associated with environmental harm, supports
sustainable economic growth, and fosters customer trust. Public Sector Undertaking (PSU)
banks, with their vast network, can make a significant impact by offering green credit for
sustainable agriculture, financing green infrastructure, implementing eco-friendly banking
operations, and promoting public awareness. Through collaboration with government agencies,
PSU banks can drive nationwide environmental sustainability.
UNITED NATIONS SDG AND GREEN BANKING
Green banking plays a vital role in promoting the United Nations Sustainable Development
Goals (SDGs) by incorporating environmental sustainability into financial operations. It
contributes to:
• SDG 7 (Affordable and Clean Energy): Providing financial support for renewable
energy initiatives to expand access to sustainable energy sources.
• SDG 9 (Industry, Innovation, and Infrastructure): Encouraging the development of
sustainable infrastructure and advancements in eco-friendly technologies.
• SDG 11 (Sustainable Cities and Communities): Investing in environmentally friendly
housing and sustainable transportation systems to foster greener urban development.
• SDG 12 (Responsible Consumption and Production): Funding enterprises that prioritize
sustainable practices and efficient resource utilization.
• SDG 13 (Climate Action): Supporting projects aimed at reducing carbon emissions and
enhancing climate resilience.
Green banking directs financial resources towards sustainable initiatives, helping achieve
global sustainability goals while fostering inclusive and environmentally responsible
economic growth.
CONCEPT EVOLUTION OF GREEN RETAIL BANKING IN INDIA
The evolution of Green Retail Banking in India highlights the sector's increasing commitment
to sustainability:
Early Initiatives and Regulatory Encouragement (2007-2010): In 2007, the RBI encouraged
banks to adopt environmentally responsible practices. In 2010, SBI became the first bank to
introduce a green banking policy, focusing on financing renewable energy projects and offering
concessional rates for such ventures.
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Expansion of Green Financial Products (2015-2020): Between 2015 and 2020, SBI committed
₹816 billion to renewable energy projects, further embedding sustainability in its financial
decisions.
Integration of ESG Frameworks (2020-Present): By 2022, Indian banks began integrating
environmental, social, and governance (ESG) frameworks into credit assessments. In 2024,
SBI issued $250 million in green floating rate notes, supporting sustainable projects aligned
with its ESG financing framework.
These milestones reflect the growing role of sustainability in India's banking sector.
GREEN BANKING AND SUSTAINABLE DEVELOPMENT GOALS (SDGS)
Green Banking plays a crucial role in advancing the United Nations Sustainable Development
Goals (SDGs) by encouraging environmentally conscious financial practices and sustainable
investments. It directly supports SDG 7 (Affordable and Clean Energy) by funding renewable
energy initiatives and offering green loans for clean energy transitions. A notable example is
the issuance of Green Bonds by financial institutions like SBI and Yes Bank to promote
sustainable energy projects.
Additionally, Green Banking contributes to SDG 9 (Industry, Innovation, and Infrastructure)
by financing eco-friendly infrastructure and climate-resilient technologies, ensuring
sustainable industrial growth. It also aids in achieving SDG 11 (Sustainable Cities and
Communities) by supporting investments in green real estate and low-emission transportation.
NABARD’s refinancing programs for climate-resilient agricultural practices further exemplify
such efforts.
Furthermore, Green Banking fosters SDG 12 (Responsible Consumption and Production)
through initiatives like paperless banking and eco-friendly financial products. SBI’s Green
Channel Counter is one such initiative aimed at reducing resource consumption. In alignment
with SDG 13 (Climate Action), banks integrate climate risk into their financial strategies and
encourage carbon trading mechanisms, with RBI’s Sustainable Finance Group playing a pivotal
role in this direction.
By adopting these sustainable financial practices, Indian banks contribute to global
environmental goals and help transition the economy toward a greener future.
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GREEN RETAIL BANKING PRACTICES BY VARIOUS PSU BANKS IN INDIA
Public Sector Undertaking (PSU) banks in India have increasingly adopted green retail banking
practices to promote environmental sustainability. A study by Mir and Bhat (2021) highlighted
efforts such as promoting digital banking, financing renewable energy projects, and
incorporating energy-efficient technologies. PSU banks have introduced green financial
products like green loans and mortgages, supporting sustainability while enhancing their green
brand image. Additionally, they engage in green CSR initiatives, including tree plantation
drives and environmental awareness campaigns (PMID, 2021).
Internally, PSU banks have focused on reducing energy consumption, promoting digital
communication, and conducting energy audits to lower their carbon footprint. However,
challenges such as the need for a robust regulatory framework, customer and employee
awareness, and high investments in green technologies remain (Goel, 2011). Despite these
challenges, PSU banks are committed to enhancing their environmental performance and
contributing to sustainable
LITERATURE REVIEW
Green Finance
Green finance has gained attention for its role in environmental sustainability. Clapp and
Dauvergne (2011) highlighted its emergence in response to global crises, while Weber and
Feltmate (2016) emphasized the integration of ESG factors and the need for stronger
regulations. Scholtens (2021) noted challenges in defining and measuring green finance due to
a lack of standardization. Mazzucato and Semieniuk (2018) stressed the importance of public
policies in promoting green investments, especially in renewable energy.
Investor preferences also drive green finance, with Friede, Busch, and Bassen (2015) finding a
positive link between ESG factors and financial performance. Green bonds, as shown by
Flammer (2020) and Tang and Zhang (2020), lower capital costs and boost company reputation,
with positive stock reactions. D'Orazio and Popoyan (2019) argued central banks' role in
managing climate risks. Challenges such as greenwashing (Lyon & Montgomery, 2015) and
the financing gap (Zenghelis & Stern, 2020) persist.
The literature provides a thorough overview of green finance, addressing its drivers, challenges,
and instruments, with contributions from Mazzucato and Semieniuk (2018), Campiglio (2016),
and Buchner et al. (2011) shaping the climate finance discourse.
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CONCEPT OF GREEN BANKING
Green banking, concept concentrate on environmentally sustainable banking practices, with
aim to minimise the carbon footprints, and to promote eco-friendly initiatives. Bihari (2011)
defines it as a blend of social, ethical, and environmental factors that support responsible
banking. Mandal (2012) views it as a tool for managing environmental risks, directing funds
toward sustainable projects, and avoiding harmful investments. Jha and Bhome (2013)
highlight its role in reducing the environmental impact of banks by promoting green products
like paperless transactions and energy-efficient branches. Tyagi (2014) emphasizes green
banking’s potential to support sustainable development and address environmental challenges.
Meena (2013) acknowledges challenges such as regulatory issues and customer awareness but
stresses the long-term benefits. In India, Bahl (2012) observes that while green banking is
gaining traction, it still faces challenges in comparison to developed nations, with regulatory
support from the Reserve Bank of India being crucial for progress.
REGULATORY FRAMEWORK AND PROGRESSION OF GREEN BANKING IN
INDIA
Green banking in India has evolved through regulatory frameworks and growing environmental
awareness. Initially, the concept emerged globally in the early 1990s (Biswas, 2011), but Indian
banks adopted green banking practices after 2007 with the RBI’s CSR guidelines (Bihari,
2011). In 2008, the National Action Plan on Climate Change (Mishra & Sharma, 2015) further
steered banks towards sustainable lending. SEBI introduced Business Responsibility Reporting
(BRR) in 2012, making it mandatory for top listed companies to disclose ESG practices (Goyal
& Joshi, 2011). In 2015, India launched the Green Bonds Market, with banks like SBI financing
renewable energy projects (Kumar, 2016). The adoption of the Equator Principles (Gupta,
2015) and the introduction of climate-related financial disclosures by the RBI in 2020 (Sharma,
2020) strengthened green finance. Despite these advances, challenges such as the lack of a
uniform green banking policy persist (Rajesh, S. (2022), highlighting the need for more
stringent regulations to encourage full adoption.
RESEARCH METHODOLOGY
The primary objective of this research is to explore Green Retail Banking practices that
promote environmental sustainability in India's banking sector. It aims to suggest green
practices in retail banking that align with sustainable development and growth within India's
financial framework.
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Given the significant role of retail banking in India, particularly in rural areas, this study uses
an exploratory research design to identify sustainable practices in Green Retail Banking.
Green initiatives explored in the research include:
• Promoting digital banking through online, mobile, and internet banking to minimize physical
visits and paper consumption.
• Introducing green credit cards with benefits for eco-friendly purchases and carbon offset
initiatives.
• Conducting environmental awareness programs via branch displays, websites, and social
media to educate customers on sustainability.
• Adopting sustainable practices in branch operations, such as energy-efficient systems,
recycled materials, and waste management initiatives.
The study will focus on these practices, evaluating their effectiveness in promoting
sustainability, with particular attention to the contributions of State Bank of India (SBI) and
other PSBs.
RESEARCH FRAMEWORK
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DEVELOPING GREEN RETAIL PRACTICES FOR SUSTAINABLE BANKING
Sustainability is becoming an increasingly important concern for businesses worldwide, and
the banking sector is no exception. Developing green retail practices within banking operations
not only contributes to environmental protection but also helps banks improve efficiency and
meet growing consumer demand for environmentally responsible services. Below are some
detailed insights into sustainable practices that can be implemented in banking operations and
promoted to consumers.
Sustainable Branch Operations
Sustainable branch operations involve integrating eco-friendly initiatives into the physical
functioning of a bank branch. These initiatives reduce resource consumption, minimize waste,
and contribute to the bank's overall environmental goals. The following are key green practices
that banks can adopt to create sustainable branch operations:
• Paperless Withdrawals (Machine): In an effort to minimize paper usage, many banks
have integrated paperless withdrawal features into their ATMs and other banking
machines. Customers are given the option to forgo printed receipts and instead receive
SUSTAINABLE BRANCH
OPERATIONS
Paperless Withdrawl
(Machine)
Cheque Deposit
Box/Machine
Use of Mobile App of
Bank to Open Bank
Account
Recycled Paper for
Operations
Energy Efficeint
Lighting
Use of Rainhavested
Water
SUSTAINABLE PRACTICES TO
BE PROMOTED TO
CONSUMERS
Use of Application for
Routine Transactions
(Digital Banking)
Online /Mobile banking for
transactions instead of physical
branch visits.
Providing paperless e-
statements instead of
printed statements.
Offering digital
payment options like
UPI and QR codes.
Balance Inquiry
Use of ATMs for
Banking Transaction
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electronic confirmations of their transactions. Not only does this reduce paper
consumption, but it also decreases the need for printing machinery, which can consume
a significant amount of energy. By promoting paperless transactions, banks can
drastically cut down on their paper waste, helping to conserve forests and reduce
landfill use.
• Cheque Deposit Box/Machine: The cheque deposit process is another area where banks
can improve efficiency and sustainability. Automated cheque deposit machines or
cheque deposit boxes allow customers to deposit cheques without the need for manual
processing by bank staff. These machines streamline the deposit process, eliminate
paperwork, and reduce the number of cheques that need to be physically handled. This
initiative cuts down on paper waste, and the increased automation leads to lower energy
consumption, as fewer staff are required to process each cheque.
• Use of Mobile App for Bank Account Opening: With the advent of mobile banking,
customers can now open bank accounts remotely using their smartphones. This process
eliminates the need for customers to visit branches and submit paper documentation,
reducing the amount of paperwork in the system. Digital account opening not only
enhances customer convenience but also decreases the carbon footprint associated with
physical paperwork, storage, and processing. By moving account opening to mobile
platforms, banks also reduce overhead costs and the amount of paper waste produced
in their branches.
• Recycled Paper for Operations: Paper waste remains one of the biggest challenges in
traditional banking operations. To tackle this, many banks are transitioning to recycled
paper for printing internal documents, forms, receipts, and customer correspondence.
Using recycled paper helps reduce the demand for virgin paper, cutting down on the
deforestation associated with paper production. It also saves energy and water, both of
which are typically required in large amounts to manufacture new paper. By opting for
recycled paper, banks can significantly reduce their environmental footprint and
promote responsible resource consumption.
• Energy-Efficient Lighting: One of the most cost-effective and impactful ways to reduce
energy consumption in bank branches is by adopting energy-efficient lighting systems.
The transition from traditional incandescent bulbs to LED lights and motion-sensor
lighting systems can greatly reduce electricity use. LED lights consume less power,
have a longer lifespan, and produce less heat, contributing to lower air-conditioning
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costs in the branch. These simple upgrades can significantly reduce a bank's carbon
footprint and energy bills, making them a crucial part of sustainable banking operations.
• Use of Rainwater Harvested Water: Many banks have begun integrating rainwater
harvesting systems to collect and store rainwater for non-potable uses such as
landscaping, cleaning, and cooling. Rainwater harvesting systems help banks reduce
their dependence on municipal water systems, conserve water resources, and reduce the
costs associated with water usage. By capturing and reusing rainwater, banks can
contribute to water conservation efforts, particularly in areas that experience frequent
droughts or water shortages.
SUSTAINABLE PRACTICES TO BE PROMOTED TO CONSUMERS
In addition to adopting sustainable practices within their own operations, banks can also
encourage their customers to adopt eco-friendly banking habits. Promoting green banking
practices to consumers can help reduce the overall environmental impact of banking, especially
when it comes to transaction-related activities and account management. Here are several
sustainable practices that banks should promote to their customers:
• Use of Application for Routine Transactions (Digital Banking): Encouraging customers
to adopt mobile and internet banking applications for routine transactions significantly
reduces the need for in-branch visits. Digital banking enables customers to perform a
wide range of transactions, such as fund transfers, bill payments, and checking
balances, without the need for paper forms or physical documentation. By promoting
digital banking services, banks can reduce paper usage, transportation-related
emissions, and the energy required to operate physical branches.
• Encouraging Online Banking, Mobile Banking, and Internet Banking for Transactions
Instead of Physical Branch Visits: Many customers still rely on physical branch visits
to conduct transactions. However, by actively encouraging online and mobile banking,
banks can reduce the environmental impact associated with branch visits. Internet
banking, mobile apps, and digital wallets allow customers to complete their banking
tasks without leaving their homes or offices, thus reducing the carbon footprint linked
to commuting. These digital services also reduce paper usage, as customers no longer
need to rely on printed receipts, statements, or forms.
• Providing Paperless E-Statements Instead of Printed Statements: One of the simplest
yet most effective ways for banks to promote sustainability is by offering paperless e-
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statements to customers. Paperless statements can be accessed online and provide
customers with all the details they would receive in a printed statement. By eliminating
printed statements and switching to electronic versions, banks can reduce the amount
of paper used for printing, mailing, and handling. Additionally, e-statements are often
more convenient for customers, as they can be easily stored, searched, and accessed
from anywhere.
• Offering Digital Payment Options Like UPI and QR Codes: The adoption of digital
payment systems such as UPI (Unified Payments Interface) and QR codes offers
consumers an environmentally friendly alternative to cash transactions. Digital
payments reduce the need for paper-based receipts and help cut down on the production
of paper currency and physical checks. They also reduce the environmental cost of
transporting physical cash. By promoting the use of digital payment methods, banks
can help reduce paper waste, energy consumption, and carbon emissions associated
with cash handling.
• Balance Inquiry via Digital Platforms: Encouraging customers to check their account
balances through mobile apps, online banking platforms, or ATMs is another way to
reduce paper waste. Rather than issuing paper-based balance statements, customers can
instantly check their account status digitally, thus avoiding the need for printed
documentation. This practice helps save paper, ink, and other resources associated with
traditional balance reporting methods.
• Use of ATMs for Banking Transactions: Automated Teller Machines (ATMs) have long
been an essential part of banking infrastructure. By encouraging customers to use ATMs
for various banking transactions—such as cash withdrawals, balance inquiries, and
deposits—banks can help reduce the volume of transactions that require human
intervention. This not only saves resources but also ensures faster, more efficient
service. Furthermore, ATMs can be configured to provide electronic receipts or no
receipts at all, further minimizing paper usage.
Developing green retail practices within the banking sector requires both internal operational
adjustments and customer engagement strategies. By adopting sustainable branch operations,
such as paperless transactions, recycled materials, and energy-efficient technologies, banks can
significantly reduce their environmental footprint. Additionally, by promoting digital banking,
paperless statements, and eco-friendly payment options, banks can encourage consumers to
adopt more sustainable practices in their everyday financial transactions. Through these
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collective efforts, the banking sector can contribute to a more sustainable future while
enhancing efficiency, reducing costs, and meeting the growing demand for environmentally
responsible services.
DISCUSSION AND FINDINGS
The integration of sustainable practices within retail banking operations has been shown to
offer both environmental and operational benefits. This research highlights several green
initiatives that banks are adopting to minimize their environmental footprint while enhancing
customer service. The shift towards paperless withdrawals through ATM and banking machines
has proven to be a significant step in reducing paper consumption, which is a major
environmental concern in the banking sector. By offering digital receipts or no receipts at all,
banks can drastically decrease the amount of paper waste generated, contributing to
environmental conservation. Similarly, the introduction of cheque deposit machines has
reduced the need for manual processing, streamlining the transaction process while
simultaneously minimizing paper handling.
The adoption of mobile apps for bank account opening is another notable finding. This
approach not only simplifies the customer experience but also significantly reduces paperwork,
helping banks cut back on resource usage. Furthermore, the use of recycled paper for internal
operations, rather than virgin paper, is a simple yet effective way for banks to contribute to
sustainability efforts by reducing deforestation and promoting the reuse of resources. The shift
to energy-efficient lighting systems within branches is an example of how banks are addressing
energy consumption, resulting in lower electricity bills and a reduced carbon footprint. Such
initiatives highlight the importance of adopting energy-efficient technologies to ensure long-
term sustainability.
Additionally, rainwater harvesting in bank branches has emerged as a promising practice,
particularly in regions where water scarcity is a concern. By reusing harvested rainwater for
non-potable uses, banks can reduce their dependence on municipal water supplies, conserve
natural resources, and lower operational costs.
On the consumer side, digital banking practices such as the use of mobile apps for transactions,
online banking, and the promotion of e-statements instead of printed ones play a significant
role in reducing paper consumption and minimizing the need for physical branch visits. These
practices contribute not only to environmental sustainability but also to greater operational
efficiency for both customers and banks. Digital payment methods, including UPI and QR
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codes, further encourage the reduction of cash transactions, which are associated with higher
environmental costs in terms of paper and ink for receipts, as well as the carbon footprint of
cash transportation.
Moreover, the use of ATMs for routine banking transactions, such as withdrawals and balance
inquiries, is a crucial development in reducing the physical footprint of banking operations. By
utilizing ATMs, customers can perform essential banking tasks without having to visit a branch,
which helps cut down on energy consumption and reduces the environmental impact of
commuting.
Overall, the findings from this study suggest that the adoption of green retail banking practices
can lead to significant environmental benefits, such as reduced paper waste, energy savings,
and water conservation. Additionally, these practices contribute to operational efficiency and
customer satisfaction. By encouraging customers to adopt digital banking solutions, banks can
further promote sustainable behaviours, aligning their operations with broader environmental
goals. The growing trend toward sustainability in the banking sector demonstrates a clear
commitment to environmental responsibility while also enhancing the efficiency and
convenience of financial services.
MANAGERIAL IMPLICATIONS
Adopting sustainable practices in retail banking has several managerial implications. First,
banks must prioritize green banking as part of their long-term strategy. Implementing practices
like paperless transactions and energy-efficient systems reduces costs and enhances reputation
among environmentally-conscious consumers. Managers should integrate green initiatives into
CSR strategies to appeal to the growing market segment focused on sustainability.
From a cost management perspective, digital solutions and energy-efficient systems can reduce
operational costs and improve efficiency. Banks should explore sustainable technologies to
replace resource-intensive processes. Customer engagement is also vital, as consumers expect
eco-friendly practices. Promoting digital services like mobile banking and e-statements can
boost customer loyalty and convenience. Regulatory compliance is another driving force, with
stricter environmental regulations being enforced globally. Banks must stay ahead by
integrating green practices to meet these requirements. Finally, staff training on sustainability
is crucial. Investing in eco-friendly practices education creates a culture of sustainability within
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the organization, driving change and ensuring the successful implementation of green
initiatives.
CONCLUSION
In conclusion, the implementation of green retail banking practices offers a promising path
toward environmental sustainability, cost reduction, and improved customer satisfaction. This
study has demonstrated that through initiatives such as paperless withdrawals, mobile account
opening, energy-efficient lighting, and rainwater harvesting, banks can significantly reduce
their environmental impact while also streamlining operations and enhancing customer
experience. Furthermore, promoting digital banking practices like mobile banking, e-
statements, and digital payments to consumers not only supports environmental goals but also
meets the growing demand for more efficient and convenient banking services.
As sustainability becomes an increasingly important aspect of business strategy, retail banks
have an opportunity to lead by example in adopting green practices that align with both
customer expectations and regulatory requirements. For banks to succeed in this transition,
they must prioritize sustainability in their operations, educate both employees and customers,
and continue to innovate with digital solutions that promote environmentally responsible
banking. By doing so, banks can position themselves as leaders in the green economy while
simultaneously improving operational efficiency and customer engagement.
LIMITATIONS AND FUTURE SCOPE OF RESEARCH
This research on green retail banking has several limitations. It relies on existing literature,
which may not fully reflect the diverse geographical and cultural factors influencing the
adoption of sustainable practices. The study lacks empirical data on the environmental and
financial impact of these practices, and consumer behavior is not deeply explored.
Technological challenges, such as the digital divide, are also not examined, and the long-term
effects of green banking are not well understood.
Future research could focus on region-specific or sector-specific studies, explore consumer
behavior, conduct longitudinal studies on financial and environmental outcomes, and
investigate the role of emerging technologies. Additionally, research on regulatory impacts and
the development of green financial products could further advance green banking practices.
206
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