{"id":16745,"date":"2019-05-15T19:00:00","date_gmt":"2019-05-15T13:30:00","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=16745"},"modified":"2021-01-02T17:15:15","modified_gmt":"2021-01-02T11:45:15","slug":"nbfc-liquidity-crunch","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/nbfc-liquidity-crunch\/","title":{"rendered":"Analysis of NBFC Liquidity Crunch in NBFC Sector"},"content":{"rendered":"<p class=\"has-drop-cap\"><a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;NBFC&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Non-Banking Financial Companies (NBFC) operate similarly to banks but do not possess the legal status of a bank. Registered under the Companies Act 2013 and governed by the RBI Act&amp;#039;s section(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/nbfc\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>NBFC<\/a> (Non Banking Financial Companies) have played a unique role in fueling the development of the Indian economy and have made a notable role in supporting the government&rsquo;s agenda of <strong>extending financial inclusion<\/strong>. They have emerged as key financiers to businesses, especially the high-potential, credit-hungry MSME sector.<\/p>\n\n\n\n<p>The recent downgrade of Infrastructure Leasing and Financial Services (IL&amp;FS) has represented a <strong>liquidity squeeze<\/strong> for the entire non-banking financial company (NBFC) sector.&nbsp;A Debt&nbsp;default by a single NBFC has almost turned into a funding crisis for all. So is there any way through which India&rsquo;s flourishing shadow finance sector can battle through this shake and credit risk. Let&rsquo;s get to know more about this in detail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is an NBFC? <\/strong><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/enterslice.com\/nbfc-registration\">Non-Banking Financial Company<\/a><\/strong> (NBFC) is essentially a company which is carrying on<\/p>\n\n\n\n<ul><li>Financial business<\/li><li>Activities like loaning\/landings\/\ninvestments\/ leasing or asset financing. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Classification of NBFCs as per their activities<\/strong><\/h2>\n\n\n\n<p>NBFCs are broadly classified as per its\nactivities or nature of work\/ activities they carried out. They are like <\/p>\n\n\n\n<ul><li>NBFC Investment and Credit Company (NBFC-ICC)<\/li><li><strong>Infrastructure Finance Company<\/strong> (IFC), <\/li><li><strong><a href=\"https:\/\/enterslice.com\/learning\/infrastructure-debt-fund-nbfcs\" target=\"_blank\" rel=\"noreferrer noopener\">Infrastructure Debt Fund<\/a><\/strong>: Non- Banking Financial Company (IDF-NBFC),<\/li><li><strong><a href=\"https:\/\/enterslice.com\/microfinance-company-registration\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">Micro Finance Institution<\/a><\/strong> (NBFC-MFI),<\/li><li>Factors (<strong>NBFC-Factors, Mortgage Guarantee Companies <\/strong>(MGC) etc.&nbsp; <\/li><\/ul>\n\n\n\n<p>As the name says, each company is engaged in <strong>different types of NBFC<\/strong> activities suitable to the need of the borrowers. &nbsp;Every kind of NBFC has its unique advantages to offer to its borrower, and the borrowers do get distinct advantage of these NBFC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Role of NBFCs as banks<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"837\" height=\"312\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-25.png\" alt=\"Role of NBFC as Bank\" class=\"wp-image-16746\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-25.png 837w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-25-300x112.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-25-768x286.png 768w\" sizes=\"(max-width: 837px) 100vw, 837px\"\/><\/figure><\/div>\n\n\n\n<ul><li>There are many prominent NBFCs with their asset size matching with some public sector banks in the sector. They are operating like a bank only except few areas and operations where the regulator RBI<sup><a href=\"https:\/\/www.rbi.org.in\/\"><strong>[1]<\/strong><\/a><\/sup> restricts them. Otherwise, for all practical purpose they perform like a bank only. <\/li><li>But as it is a known fact that in such financial institution the money is raw material and at the same time money are finished goods. In other words, it is mostly money management that counts for any successful NBFC or even bank as such.<\/li><li>One has to be very alert and agile while planning out the business strategy of the company mainly for <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Asset Liability Management&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Asset Liability Management (ALM) is a vital approach adopted by financial institutions to balance assets and liabilities, aiming to mitigate financial risks, including interest rate and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/asset-liability-management\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>asset liability management<\/a> (ALM). Prominent NBFCs are managing their ALM properly which help them avoid so-called ALM mismatch. <\/li><li>However, recently a significant and relatively old NBFC known as Infrastructure Leasing and Financial Services (IL&amp;FS) reported a very acute liquidity crisis which in turn affected the entire NBFC sector very severely. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Analysis of the risks of the NBFC sector&nbsp;<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"744\" height=\"376\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-26.png\" alt=\"Risk of NBFC\" class=\"wp-image-16747\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-26.png 744w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-26-300x152.png 300w\" sizes=\"(max-width: 744px) 100vw, 744px\"\/><\/figure>\n\n\n\n<p><strong> <\/strong><\/p>\n\n\n\n<ul><li>Due to recent IL&amp;FS incident in the financial sector, one is not able to identify or differentiate between the strong and weak NBFCs operating in the industry and further considering all the NBFCs like IL&amp;FS, risky to trade with. There is a nuanced understanding prevailing in the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Market&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A market is a structured environment, either physical or virtual, where buyers and sellers convene to trade goods and services. This trading hub operates based on the principles of supply and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/market\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>market<\/a> that perhaps all the NBFCs have a liquidity crisis and poorly affected.<\/li><li>Although, many of the NBFCs are much stronger and risk-free still the lender (outsider) is apprehensive with all the NBFCs. In spite of different <strong><a href=\"https:\/\/enterslice.com\/learning\/check-list-for-an-nbfc-business-model\/\" target=\"_blank\" rel=\"noreferrer noopener\">business models of NBFCs<\/a><\/strong>, such crisis of one NBFC does affect the performance of all other NBFCs too.<\/li><\/ul>\n\n\n\n<p>Thus to verify these NBFC&rsquo;s risks without taking into account the nuances of the assets and liabilities will definitely mislead to the concerned party planning to trade with NBFC. It would be wrong to make an opinion about any NBFC.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"730\" height=\"447\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-27.png\" alt=\"Risk of NBFC\" class=\"wp-image-16748\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-27.png 730w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-27-300x184.png 300w\" sizes=\"(max-width: 730px) 100vw, 730px\"\/><\/figure><\/div>\n\n\n\n<p>It may be said that the traditional NBFC may be affected by such crisis but not those NBFCs targeting under-banked population and undertaking the activities like loaning for used commercial vehicles, small and medium business loans (SME) and <strong><a href=\"https:\/\/enterslice.com\/learning\/micro-finance-institutions-mfi-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Micro-finance companies<\/a><\/strong> etc.&nbsp; These types of NBFCs do very well and do not have any liquidity crunch as such.<\/p>\n\n\n\n<p>Thus to understand the prevailing risk in any NBFC, one must observe its\nasset-liability (AL) pattern as on the period. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the measures for risk\naversion for NBFC? <\/strong><\/h2>\n\n\n\n<p>There are broadly three drivers of the current risk aversion for NBFCs and they are as follows: <\/p>\n\n\n\n<ul><li><strong>NBFC pattern that has its short-term\nfunds deployed for long-term assets. <\/strong><\/li><\/ul>\n\n\n\n<p>Such NBFC may not be able to repay its short-term liability if something\ngoes wrong in the sector. They will not be able to repay their short-term\nliability in time as like IL&amp;FS incident. There is an asset-liability mismatch\n(ALM) in such NBFC. <\/p>\n\n\n\n<p>Generally, small and medium sized NBFCs who have deployed their funds for short-term (short-assets) while their borrowings are for longer period so such NBFCs do not have liquidity crunch as their fund would realize faster than their liabilities. Thus, these types of NBFCs have positive ALM mismatch as such.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-28.png\" alt=\"NBFC\" class=\"wp-image-16749\" width=\"469\" height=\"419\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-28.png 568w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-28-300x268.png 300w\" sizes=\"(max-width: 469px) 100vw, 469px\"\/><\/figure><\/div>\n\n\n\n<p>In case of vehicle financing NBFC, the average loan tenure is of 16 to\n18 months, for SME loan, it is 12 to 16 months and for Micro-finance it is 8 to\n9 months. In this way, assets are of short duration as compared to the\nliability.<\/p>\n\n\n\n<p>While their average liability has duration of 1 to 2 years so this\nresults into mismatch but it is a positive mismatch. It means the NBFC will\nhave surplus fund to deploy in business. It does not have liquidity crunch.<\/p>\n\n\n\n<p>A large number of NBFCs generally go for safer lending and loan as small-ticket to under-banked population with short loan duration. On the other hand, their liability is for long duration and financed by the banks or bigger NBFCs as such. <\/p>\n\n\n\n<ul><li><strong>NBFC pattern in the case of refinancing or rollover\nof its short-term borrowings<\/strong> <\/li><\/ul>\n\n\n\n<p>Such NBFC refinance its short term borrowings from the market and thus solves its temporary liquidity issue. This type of NBFC would be rescued for short-term but the cost of such rescue is high and much. This type of practice may affect the earnings of the company and reputation too.<\/p>\n\n\n\n<ul><li><strong>NBFC which relates to Real Estate Sector<\/strong><\/li><\/ul>\n\n\n\n<p>The third cause of the concern in this pertains to the asset quality of those NBFCs who have exposure to the real estate sector either to builder funding or loan against <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Property&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume,(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/property\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>property<\/a> (LAP). The third cause for concern has to do primarily with asset quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Examination of concern relating to the asset\nquality of the management<\/strong><\/h2>\n\n\n\n<p>Let us examine the third\ncause of the concern that is primarily attached with asset quality of the NBFC.\nThis has to do with the NBFC exposure to the real estate sector in economy.\nThis exposure is like builder funding or loan against the property (commonly known\nas LAP). Builder funding is very risky in current scenario due to many reasons\nand economic factors affecting the real estate market. <\/p>\n\n\n\n<p>However, compared to this,\nLAP is less risky with reference to the NPA as this is generally self-occupied\nproperty and the borrower is serious with the repayment of the loan. Though,\nthe term of loan or the tenure may not always be short in timespan. In such\ncase NBFC is always comfortable in its asset-liability matching. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Observation<\/em><\/strong><\/h3>\n\n\n\n<p>It is\nobserved that<\/p>\n\n\n\n<ul><li>A large number of NBFCs\ngenerally go for safer lending and loan as small-ticket to under-banked\npopulation with a short loan duration. <\/li><li>Their liability is for\nlong duration and financed by the banks or bigger NBFCs as such. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>NBFC Funding Requirements<\/strong><\/h2>\n\n\n\n<p>In recent time, NBFCs have resorted to the Commercial Papers (CP) for their funding requirements and mutual funds are the subscribers for such CPs. This type of funding is showing an increasing trend in recent time as NBFC s are comfortable with this method. <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"848\" height=\"517\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-29.png\" alt=\"NBFC Fund Requirement\" class=\"wp-image-16750\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-29.png 848w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-29-300x183.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/image-29-768x468.png 768w\" sizes=\"(max-width: 848px) 100vw, 848px\"\/><\/figure>\n\n\n\n<p>The\nvolume of such funding was somewhat Rs. 50,000 crore in March 2016 and it rose\nto Rs. 1.2 trillion somewhere in September 2018. This reflects tremendous rise\nin demand of the funds by NBFCs and HFCs. As this CP is for shorter duration of\n90 days, generally NBFC s and HFCs (borrowers) roll-over and extend the tenure\nof payment. <\/p>\n\n\n\n<p>But\nnow due to heavy redemption by unitholders and sluggish market, the mutual\nfunds are also in need of funds so unable to roll over such CPs. This has\nfurther added fuel to the liquidity crisis faced by certain NBFCs facing\nrecovery problem from their borrowers. <\/p>\n\n\n\n<ul><li>The crisis faced by the\nIL&amp;FS and further liquidity crunch in money market has not affected those\nNBFCs who predominately finance short term <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a> and under-banked borrowers as\ntheir repayment is quite regular as such. <\/li><li>It is quite true that\nall the NBFCs in current time facing the liquidity crisis although they are\nquite strong in fundamentals. This is due to various reasons prevailing in our\neconomy and international market too. Of course this type of liquidity crunch will\nhamper the fast growth of the NBFCs as such as they will not be able to expand fast.\n<\/li><li>But as compared to the\nbanks, NBFCs are much prudent and alert in their activities and act and react\nvery wisely in any situation prevailing in the market. <\/li><li>It is without any doubt\nthat NBFCs have contributed a lot for the growth of the various sectors of our\neconomy and would contribute in future also due to its unique method of working\nand its features. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>The\nRBI has recommended and made mandatory measures on ALM management for big\nNBFCs. They are like submission of ALM Returns on monthly, quarterly, half\nyearly and annual basis to be prepared and submitted by the NBFCs with\nrealistic position figures<\/p>\n\n\n\n<p>Further, the RBI has also stipulated stringent measures for Corporate Governance for NBFC in the form of various tools like ALM Returns, ALM Committee, Risk-Management committee, Nomination committee, proper risk policy with reference to credit and lending policy of the company. Proper and timely reporting by such committees to the Board of the company through MIS and other modes. These measures surely improve the overall position of the company including financial crisis or crunch.&nbsp; <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/enterslice.com\/learning\/nbfc-investment-and-credit-company\/%0A\">RBI Merges Three Categories of NBFCs Into NBFC &ndash; Investment and Credit Company (NBFC-ICC) to Ease Operational Flexibility<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBFC (Non Banking Financial Companies) have played a unique role in fueling the development of the Indian economy and have made a notable role in supporting the government&rsquo;s agenda of extending financial inclusion. They have emerged as key financiers to businesses, especially the high-potential, credit-hungry MSME sector. The recent downgrade of Infrastructure Leasing and Financial [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":16759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[35,233,56],"acf":{"service_id":"8"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NBFC Sector: Analysis of NBFC Liquidity Crunch in India<\/title>\n<meta name=\"description\" content=\"The recent downgrade of Infrastructure Leasing and Financial Services (IL&amp;FS) represented a liquidity squeeze for NBFC sector\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/nbfc-liquidity-crunch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBFC Sector: Analysis of NBFC Liquidity Crunch in India\" \/>\n<meta property=\"og:description\" content=\"The recent downgrade of Infrastructure Leasing and Financial Services (IL&amp;FS) represented a liquidity squeeze for NBFC sector\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/nbfc-liquidity-crunch\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:author\" content=\"enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-15T13:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-02T11:45:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/NBFC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Narendra Kumar","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/nk-1.jpg","authorDescription":"Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.","postViews":564,"readingTime":6,"nextPost":{"id":16781,"slug":"gujarat-hc-override-mca-notification-on-disqualification-of-directors"},"prevPost":{"id":16715,"slug":"rbi-banking-ombudsman-scheme-2006"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/NBFC.jpg","postTerms":"NBFC","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/16745"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=16745"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/16745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/16759"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=16745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=16745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=16745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}