Category Archives: Banks

Zoroastrian Co-op Bank: Profit soars 310%

Despite the Covid-19 after-shocks and adverse market conditions, Maharashtra based Zoroastrian Cooperative Bank performed spectacularly in 2021-22 especially, increasing its Net Profit and decreasing its Net NPA levels, besides doing well on other financial parameters.

The bank’s net profit has increased to Rs 4.31 crore from Rs 1.05 crore showing an impressive growth of 310.92 percent. The Bank has made a significant recovery in NPAs and brought down net NPAs to 0.70% (previous year 4.98 %).

The figures were shared during the Annual General Meeting held on Friday. Besides, the bank has declared 10% Dividend and also made adequate provision towards Non-Performing Assets (NPAs). Provision Coverage Ratio has improved to 94.32 %. The bank has a very healthy Capital to Risk Weighted Assets Ratio (CRAR) of 27.65%. The Investment portfolio of the bank has also been managed well.

Commenting on the bank’s performance, Chairman Yazdi Tantra said the bank is poised for excellent organic growth and is also open to appropriate acquisition opportunities. It may be noted that the Bank had, in 2013, taken over Surat based City Co-operative Bank. The Bank is looking for more such acquisitions.

“For the service industry like Banking, People and Technology are important factors and the Bank has identified both for special attention. While significant work is being done on the Technology front, the Bank is meticulously upskilling human capital and building capacities to scale up growth”, he added in the press release sent to Indian Cooperative soon after the AGM.

He further said, the bank would continuously work towards becoming the most preferred, friendly neighbourhood bank with Indian Traditions and global Products & Services. The Bank will consciously blend Technology and Human Touch to offer Delightful Banking Experiences.

Later on, talking to Indian Cooperative, the bank’s MD and CEO Daljit Dogra said, “We have performed well on almost all the parameters and with the support of management and others, we succeeded in curbing the Net NPA levels and our target is to make it ‘Zero’ at the end of the current financial year”.

“The bank has chosen a high end and cost-effective Software as a Service (SaaS) technology model. The Bank has upgraded its Core Banking Software (CBS) to “Finacle” by Infosys. During the year the bank has launched its Mobile Banking Application, Zoro Mobile which has increased the Digital Banking options for the Customers. Adoption of Zoro Mobile is simple to use, secured Customer friendly solution, is fast increasing. The bank also offers Internet Banking for its Retail as well as Corporate Clients”, he informed on the phone.

The Bank is offering Home Loans at interest rates starting from 6.50%, which are the lowest in the Banking Industry. The bank has also decided to increase its ATM network and design digital products for enhancing Customer experience. With a view to enhancing visibility, the Bank is using a cost-effective approach like Social Media, Print Media and Public Transport space.

Readers would recall that recently, the bank signed a Memorandum of Understanding (MoU) with Tata-AIG General Insurance Company Ltd.

New book – The History of Holy Fire Iranshah and Udvada Gam

This book, a visual delight is another first of its kind. It has a foreword by Dasturji Khurshed Dastoor, High Priest, Iranshah Atash Behram and a message by Mr. Dinshaw Tamboly, Chairman, The WZO Trust Funds. The pictures of our institutions as also Dasturjis of Udvada are eye catching. It will be released on Roz Adar, Mah Adar 1391 Y.Z.  Thursday 21st April 2022 at Iranshah Atash Behram, Udvada.

This informative book is in two parts – Part I is a reprint of the book The History of Holy Fire Iranshah by Ervad Faramroze Phiroze Mirza. Part II is about Udvada Gam and its Parsi institutions. It also has Gujarati songs on Udvada and Iranshah transliterated into English, reminiscences about Udvada, some tips for Parsi Zoroastrian pilgrims as also for priests/dharamshala managers. A map of Udvada Gam and a bibliography adds to the usefulness of this book.

Those visiting Udvada can collect a complimentary copy from Dasturji Khurshed Dastoor at his residence opp. Iranshah Atash Behram dasturji A complimentary copy can also be collected from the offices of WZO Trust Funds at Bombay and Navsari.

Those interested in obtaining complimentary copies until stocks last may contact The WZO Trust Funds

Mumbai Office                       Navsari office:

C-1, Hermes House,              WZO Senior Citizens Centre

3rd floor,                                 Pinjara street,

Mama Parmanand Marg,        Juna Thana

Opera House,                        Navsari Pin 396445

Mumbai 400004                     Tel. 91-2637-246073/

Tel. 91-22-23584452/53                 245402

Email:    e-mail:



Marzban Jamshedji Giara

144 pages, richly illustrated, hard bound

Sponsored by The WZO Trust Funds


Life & Times of Sir Hormusjee C. Dinshaw – Founder of Zoroastrian Bank

I have much pleasure in writing this Foreword to the life of Sir Hormusjee Cowasjee Dinshaw, an excellent volume so ably written by Mr. A. N. Joshi, BA., LLB., an Advocate of the Bombay High Court.
Sir Hormusjee, who is a well known figure in his community, is the head of the Adenwalia family which has for some generations made a great name as merchants and financiers at Aden and Bombay. The history of their rise from poverty to affluence makes very instructive reading. The kindness and courtesy of the Adenwallas are pro-verbial and Indians travelling between India and Europe can never forget the great hospitality that has always been extended to them by Sir Hormusjee and his family whenever they pass through Aden.
Sir Hormusjee is a very unassuming, kind and liberal gentleman and he has always extended his helping hand to all objects of public usefulness. His silent charity to people of his own community as well as of other communities is well-known in Bombay. For his philanthropy and other acts of public utility he has made himself very popular not only in Aden and Bombay but in other parts of the Presidency as well. A detailed biography therefore of such a personality will be welcomed by the public-

BOMBAY, 10th June, 1939.


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The incredible story of the founder of Central Bank who with his idealism, hardwork and capability brought an iconic institution to reality. Comments by Mrutyunjay Mahapatra, Senior Banker, Author and Public speaker

A Parsi lad 30 years young started his own bank, he registered it on
21,December 1911,with a Paid Up Capital of just 20 Lakhs

He had started his Bankers Career as an Accountant with Bank of India

Though the Bank of India was Indian sponsored, Top managerial positions were all held by Europeans.

At Bank of India, Mr. HP Stringfellow, Was the European Boss of the Parsi Bawa. He drew a salary of Rs. 5000/- a month while Parsi bawa was paid Rs. 200 a month.

Not only were there huge pay disparities and humiliations, Europeans dominated banks were partial when it came to giving out credit to Indian entrepreneurs and businesses.

Parsi Bawa didn’t like this. He wanted an Indian Bank managed by Indians. Early 1900s saw rise of Swadeshi movement and it was applied to the world of banking also

The young boy resigned from Bank of India service. Thakordas Parekh who worked with him at Bank of India left along with him & assisted him in setting up his bank by joining as Superintendent of Current Account and Bills It’s noteworthy that Thakordas Parekh is Deepak Parekh’s grandfather.

But initial few years post starting operations were not easy,

Between1913/1917. 87 banks failed

Early on post the bank started its operations, there were multiple runs on Parsi bawa’s bank too. Just 2 year into operations, there was a major run on the bank. Directors of the bank pledged titles of their personal properties to pay

Before 1923, Parsi bawa’s bank saw through another couple of bank runs. Each time coming out stronger purely on commitment and sincerity of its management.

Then something extraordinary happened in 1923

Not many know this, but Tata’s once owned and operated a bank too – for a grand total of 6 years.

They had once set up Tata Industrial Bank (TIB) during boom of WW1 (1917).
TIB had paid up capital of Rs. 2.3 cr and deposits totalling to ~6 cr. These were big numbers back then.

Post World War-1, the TIB started to get into trouble.

Once the boom of World War-1 ended TIB’s industrial investments rapidly depreciated. TIB had also spent 66 Lakh on magnificent structures in Bombay & Calcutta. House of Tatas was also passing through a lean phase in early 1920s.

Imagine what history would have looked like had a bank from Tatas failed.

Although a competitor bank, Parsi bawa didn’t want TIB to fail. TIB failing would have put shutters on operational success of lot of other Indian sponsored banks.

Parsi Bawa’s Banks all though less than one fifth in size of TIB, wanted to Amalgamate TIB with his bank.TIB was amalgamated with bank in July 1923.

The European staff of TIB was slowly replaced with Indians.
With this and some truly fantastic innovation mostly mastered by , the bank became a force to reckon with in Indian banking industry.

There were some firsts which came out from this bank. For example this bank was the first to launch a Safe Deposit Vault.It was also first in India to introduce HSS passbooks and system of withdrawals by cheques in Savings Account.

In 1924 it became the first to employ women assistants to serve lady customers and even maintained a separate department for them.Bank offered free life insurance if one maintained avg. bal. of Rs.10.

At one point one in 15 Bombayite had an account with his bank.

I belive you have gussed the name of Parsi Bawa and the Bank !

Parsi bawa’s name was Sir Sorabji N Pochkhanawala & his bank’s name is Central Bank of India.

Sir Sorabji was only 30 year old when he founded Central Bank.

Today Central Bank of India is a government owned bank, it is one of the oldest and largest commercial banks in India.It is based
in Mumbai.It is one of twelve public sector banks in India to get recapitalised in 2009. In a merging initiative Central Bank of India is kept out because it has Pan India presence

Despite its name it is not the central bank of India. It is a public bank.

(RBI)RESERVE BANK OF INDIA Is the central bank to India.

Source: Internet, Goggles Search, Reference Article by Shri.VK Chopra, Former CMD Corporation Bank

Zoroastrian Bank Election Results

The entire existing Board of Zoroastrian Bank, along with a few new comers in their own panel, has been elected to the new Board for the period 2016-2021.

Zoroastrian Bank Election Results 2016
Mr Homa Petit
Mr Mehrab Irani
Mr Maneck Kalyaniwalla
Mr Aspi Kathawalla
Mr Yazdi Tantra
Mr Farhad Ckoksey
Mr Sarosh Dinshaw
Mr Phillie Karkaria
Ms Dhanoo Khusrokhan
Mr Firdos Shroff
Mr Jimmy Panthaky

Ms Homai Daruwalla
Ms Shernaz Mehta



List of Nominees for ZoroastrianBank Elections

The Zoroastrian Cooperative Bank Ltd,
Nirlon House, 5th Floor, Dr Annie Besant Road,
Worli, Mumbai 400 030
Allotment of Symbols
Sr. No. Name of Candidate Sr. No. of Voters list Name of the Constituency Address Symbols
1 Avari Hilla P. 2588 General 12, Seth Naval Tata Bldg, 3rd Floor, Tata Blocks, S.V.Road, Bandra (W), Mumbai – 50 Bread
2 Bharucha Tehmasp K. 7470 General 613, Sachapir Street, Camp, Pune -411001 Coconut
3 Bhathena Maneck N. 4215 General Rashnav, Flat No-9, 654, Firdoshi Road, Dadar Parsi Colony, Dadar (E), Mumbai – 14 Coconut
4 Bhathena Zoru 8186 General T-149, Meherabad, Azad Road, Juhu (Koliwada), Mumbai – 49 Whistle
5 Choksey Farhad S. 1945 General Raj Mahal, 2nd Floor, 33 Altamount road, Mumbai – 26 Candles
6 Dhanda Urvax K. 7615 General S/4, Godrej Baug, Off Nepeansea road, Mumbai -26 Calculator
7 Digaria Cyrus E. 1212 General Capadia Bldg. No. 5, Flat 1/A, Gr Floor, A.H.Wadia Baug, Parel Tank road, Mumbai – 33 Coconut
8 Dinshaw Saroosh C. 6707 General Adenwalla Baug, 285, J. Dadaji Marg, Nana Chowk, Mumbai – 7 Candles
9 Irani Mehrab N. 4485 General Flat No. 1605, Hilla Towers, B-Wing, 16th Floor, 121, Dr.S.S.Rao road, Lalbaug, Mumbai – 12 Candles
10 Jehangirji Zeree B. 8161 General 673, Faridun Mody House, 2nd Floor, Road No. 14, Parsi Colony, Dadar, Mumbai – 14 Coconut
11 Kalyaniwalla Manek J 4228 General 9/11-12, Kashinath Building, Kashinath Road, Tardeo, Mumbai – 34 Candles
12 Karkaria Phillie D. 5605 General Flat 1, Sleater House No.2, Naushir Bharucha Road, Mumbai – 7 Candles
13 Kathawalla Aspi A. 590 General A-37, Nowroze Baug, Dr.S.S.Rao road, Lalbaug, Mumbai – 12 Candles
14 Khusrokhan Dhanoo H. 1498 General 302, Daisylea, 17A Mt. Pleasant Road, Malabar Hill, Mumbai – 6 Candles
15 Paghdiwalla Noshir G. 5128 General 503, Madhav Apts, Kastur Park, Shimpoli Road, Borivali (W), Mumbai – 92 Envelop
16 Panthaky Jimmy N 3260 General 402, Sagar Samrat, Green Fields, A.B. Nair road, Juhu, Mumbai – 49 Candles
17 Petit Homa D 2619 General Brighton No. 2, Flat No. 5B, 68D Nepean sea road, Mumbai – 6 Candles
18 Saklatwala Bakhtyar S. 766 General 693, Dinshaw Master road, Parsee Colony, Dadar, Mumbai – 14 Coconut
19 Shroff Firdos T. 2120 General B-14, Meherzin, Wodehouse road, Colaba, Mumbai – 5 Candles
20 Tantra Yazdi B. 7975 General 7/89, Juhu Chandan Soc, Off N.S.Road No. 5, Juhu Scheme, Mumbai – 49 Candles
Sr. No. Name of Candidate Sr. No. of Voters list Name of the Constituency Address Symbol
1 Bhathena Neevia Z 4921 Woman 501, Vijay Deep, 102, 10th Road, Khar (W), Mumbai-52 Stool
2 Daruwala Homai A. 6040 Woman 781, Flat No. 11, 3rd Floor, Mancherji Joshi Road, Parsi Colony, Dadar, Mumbai – 14 Candles
3 Mehta Shernaz D. 6962 Woman 2003, Hilla Towers, Dr. S.S. Rao road, Lalbaug , Mumbai -12 Candles
Returning Officer
The Zoroastrian Co-op. Bank Ltd.
Place: Mumbai
Date: 18/03/2016

Zoroastrian Bank announces Elections


The Zoroastrian Cooperative Bank Ltd,

Nirlon House, 5th Floor, Dr Annie Besant Road,

Worli, Mumbai 400 030.



For the Year 2016 to 2021

In the exercise of the powers conferred by the Section 45 of the Multi-State Co-operative Societies Act, 2002 read with the Rule 19 of the Multi-State Co-operative Societies Rules 2002 and election schedule thereunder I, Dr Rajaram S. Dhondkar, Returning Officer and Deputy Secretary Mumbai APMC, Navi Mumbai, appointed to conduct the election to the Board of Directors of The Zoroastrian Co-operative Bank Limited, Mumbai having registered office at Nirlon House, 5th Floor, Dr Annie Besant Road, Worli, Mumbai 400 030, hereby notify that the General Body Meeting of the said Bank has been convened on 4th April, 2016 at Taleyarkhan Hall, Fort, Mumbai 400001 for declaration of result of election (for the period 2016 to 2021) of the Directors on the Board of Directors.

The election programme is notified as under:

  1. Vacancies:

Sr. No.


No of Directors


Candidates from the General Category. Bye-Law No. 30 (i)

11 (Eleven)


Two seats on the Board reserved for women. Bye-Law No. 30 (i)

2 (Two)


One seat on the Board reserved for a Member belonging to a Scheduled Castes or Scheduled Tribes. Bye-Law No. 30 (i)

1 (One)

Total No of Directors

14 (Fourteen)

(2) The Election Programme is as under:

Sr. No.


Date & Time



Obtaining of Nomination forms


05.03.2016 (Saturday) to 15.03.2016 (Tuesday)


11.00 a.m. to 2.00 p.m. (Except Saturday/Sunday & Govt. Holidays)

Office of the Returning Officer.

The Zoroastrian Co-op. Bank Ltd.

Nirlon House, 5th Floor,

Dr. Annie Besant Road,

Worli, Mumbai 400 030.


Filing of Nominations


05.03.2016 (Saturday) to 15.03.2016 (Tuesday)


11.00 a.m. to 2.00 p.m. (Except Saturday/Sunday & Govt. Holidays)

Office of the Returning Officer at the above mentioned address.


Publication of list of Nomination received

On 05.03.2016 (Saturday) to 15.03.2016 (Tuesday)

On the Notice Board at the Office of the Returning Officer.


Scrutiny of Nomination

16.03.2016 (Wednesday)

10.00 a.m. onwards till completion of scrutiny.

Office of the Returning Officer at the above mentioned address.


Publication of list of Valid Nominations

16.03.2016 (Wednesday) After completion of scrutiny.

On the Notice Board at the Office of the Returning Officer.


Withdrawal of Nominations

On any working day during working hours between 11.00 a.m. to 2.00 p.m. from the date of filing of Nomination paper and up to 18.03.2016 (Friday).

Candidature may be withdrawn by a notice signed by the candidate and delivered in person in the office of the Returning Officer. The Notice of withdrawal shall be irrevocable.


Allotment of symbols

18.03.2016 (Friday) at 2.00 p.m.

Office of the Returning Officer at the above mentioned address.


Publication of final list of contesting candidates (with symbol)

21.03.2016 (Monday) at 10.00 a.m.

On the Notice Board at the Office of the Returning Officer.


Sr. No.


Date & Time




On 03.04.2016 (Sunday) between

9.00 a.m. to 5.00 p.m.

1) Dadar – The Dadar Parsee Youths Assembly High School, 656, Firdoshi Road, M. J. Colony, Dadar, Mumbai 400014.

2) Pune – Sir. J. J. Agiary, 826, Dastur Meher Road, Camp, Opp. Cantonment Garden, Pune 411 001.

3) Surat – Shop No. F/71,72 City Centre, Near Sosyo Circle, Behind The Zoroastrian Co-op. Bank Ltd. Udhna Magdalla Road, Surat 395017.

Refer Note No.1


Counting of votes

On 04.04.2016 (Monday)

From 10.00 a.m. till completion

At Taleyarkhan Hall, Fort, Mumbai 400001.


Declaration of Result of Election by the Returning Officer.

On 04.04.2016 (Monday)

At 4.00 p.m.

In the General Body Meeting at Taleyarkhan Hall, Fort, Mumbai 400001.


  1. Voters whose address as per Bank’s records is in Gujarat State shall vote at above mentioned address at Surat, the voters whose address as per Bank’s record is Pune City and Pune District shall vote at above address in Pune and all other remaining voters shall vote at Mumbai at above mentioned address at Dadar.

  2. As per the provision of Bye-Law No. 11 (iv) where a share of the Bank is held jointly by more than one person, the person whose name stands first in the share certificate, if present, shall have a right to vote. In his absence, the person whose name stands second and in absence of both, the person whose name stands next, if present and who is not a minor shall have a right to vote. However, in such cases the consent of the First holder is necessary.

  3. The Nomination Forms can be obtained free of cost by any member from the Returning Officer or a person appointed by him at the place mentioned above in item No.1.

  4. The Nomination in prescribed form shall be presented in person or any person authorised by him in this behalf or sent by registered post with acknowledgement due by the candidate himself to the Returning Officer. Nomination sent by registered post acknowledgement due should reach latest by 2.00 p.m. on 15.03.2016 (Tuesday). Nomination received thereafter will not be considered.

  5. Company or the Partnership Firm or any other body corporate constituted under any law which is a shareholder of the Bank can vote through its authorised Director / Officer on its behalf. The resolution letter of such appointment must be produced by the authorised person on the letterhead with the seal / rubber stamp of Company / Firm / any other body corporate along with identification of the person at the time of voting.

  6. All members are required to produce any one of the original photo identity cards: – PAN Card/Election Card/ Aadhar Card/ Pass Port/ Driving licence.

  7. After the close of the poll, the ballot boxes used for a poll shall be sealed at respective polling centres and the same shall be brought to Taleyarkhan Hall, Fort, Mumbai 400001.

  8. Qualification and Disqualification for Board of Directors are as given in Multi-State Co-operative Societies Act, 2002 and rule thereunder and as per Bye-Laws of the Bank.

  9. The decision of the Returning Officer will be final.

Place: Mumbai

Date: 05.03.2016





WORLI, MUMBAI 400 030.

Zarin Daruwala Named StanChart India CEO

Ms Daruwala headed corporate banking and project finance divisions at ICICI Bank

Ms Daruwala headed corporate banking and project finance divisions at ICICI Bank
Mumbai: Standard Chartered Plc named Zarin Daruwala, a senior banker at India’s ICICI Bank, as new chief executive of its India operations on Tuesday as the British bank looks to halt rising losses on loans in the country.

Standard Chartered’s India unit, which was one of the most profitable markets for the Asia-focussed bank a few years ago, has seen a sharp spike in loan losses in the last couple of years, denting its global balance sheet.

The bank’s loan impairment in India in the first half of this year rose to $483 million, up from $56 million in the same period last year, Standard Chartered said in an earnings presentation this month.

Ms Daruwala, who has worked in the Indian banking industry for 25 years, will be expected to turn around the bank’s business in India, where Standard Chartered’s loan exposure to corporates stand at $33 billion.

As president of the wholesale banking group at ICICI Bank, India’s top private sector lender, Ms Daruwala led teams including corporate banking, project finance, structured finance and financial institutions, Standard Chartered said in a statement.

Ms Daruwala, who will take over from Sunil Kaushal, the newly appointed Standard Chartered regional CEO for Africa and the Middle East, was also responsible for building out ICICI Bank’s rural and agri-finance offering.

She will report to Standard Chartered’s regional CEO, ASEAN and South Asia, Ajay Kanwal.

Standard Chartered, which makes two-thirds of its profits in Asia, this month posted its fifth successive quarter of falling revenue weighed down by growing global regulatory costs and rising losses on loans in India.

The bank plans to axe 15,000 jobs and raise $5.1 billion by selling new shares as its new Chief Executive Bill Winters strives to restore profitability after three years of falling profits and strategic mistakes.
© Thomson Reuters 2015

Zoroastrian Bank announces Member welfare schemes



In response to the persistent demands by Members, the Bank has taken an initiative towards rewarding the member and /or his spouse and children for meritorious performance in education and assistance by way of discounts on diagnostic expenses. The details of the proposed schemes are as under.

Cash Awards for Merit Students:

A Cash Award of Rs. 2,500/- shall be given to Member/Member’s Spouse/Member’s children (upto two children) who pass in the first attempt –

  • Secondary School Certificate (SSC) from Maharashtra / Gujarat State Board of Secondary and Higher Education or Indian Certificate of Secondary Education (ICSE) or Central Board of Secondary Education (CBSE) securing minimum 80% marks (Maximum 10 students in order of merits on first come – first serve basis).
  • Higher Secondary Certificate (HSC) from Maharashtra / Gujarat State Board of Secondary and Higher Education or Indian Certificate of Secondary Education (ICSE) or Central Board of Secondary Education (CBSE) securing minimum 80% marks (Maximum 10 students in order of merits on first come – first serve basis).
  • Graduate examination from University of Mumbai securing minimum 70% in any graduation degree (Maximum 10 students in order of merit on first come – first serve basis).
  • Post graduation examination in any discipline in first division (Maximum 5 students in order of merit on first come – first serve basis).



Discounts on Diagnostic Schemes:

Display our RUPAY DEBIT CARD and have 10% FLAT DISCOUNT on all facilities given by CLINICAL DIAGNOSTIC CENRE (CDC)

The Bank has tied up with the Clinical Diagnostic Centre – a multi-disciplinary Diagnostic Center. Dr. Frainy E. Palia – Chief Consultant, has had 20 years of experience in the Medical field.

The Clinical Diagnostic Centre offers well trained experienced and qualified laboratory teams and services as they believe in quality assurance, offers top class medical aid to patients as well as excels in various diagnostic tests and requirements. It also offers a comprehensive and wide range of routine as well as specialized laboratory tests. Some of the areas it covers are as under:-

  • Hematology ● Biochemistry including Special Chemistry ● Clinical Pathology ● Serology
  • Immunology

Further, it has various other testing facilities.

For easy accessibility Clinical Diagnostic Centre provides the aforesaid services at two locations one in South Mumbai and the other in North Mumbai at the following addresses:

South Mumbai – A-2, Ben Nevis, Bhulabhai Desai Road, Mumbai 400 036 and

North Mumbai – A-403, Floral Deck Plaza , C Cross Road, MIDC, Opp. Seepz, Near Rolta Bhavan, Andheri (E), Mumbai 400 093.

Users of Zoroastrian Bank Rupay Debit Cards can just show their Debit Card and avail of a discount of 10% of the charges payable.

Conditions Apply

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