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Protein phosphorylation is a ubiquitous reversible post-translation modification involved in regulation of several biological processes. In humans, 98% of total phosphorylation occur on serine/threonine residues and is regulated by counter actions of protein kinases and phosphatases. Ser/Thr residues are dephosphorylated by members belonging to three different phosphatase families: (i) PPPs—phosphoprotein phosphatases, (ii) PPMs—metal (Mg2+/Mn2+)-dependent protein phosphatases, and (iii) FCP/SCPs—aspartate-based TFIIF-associating component of RNA polymerase II CTD phosphatase/small CTD phosphatases. PPP phosphatases can be subdivided into seven groups (PPP1-PPP7). Among PPP family, PPP2/PP2A contributes to majority of phosp