Financial Services- Main Paper

7/31/2019 Financial Services- Main Paper

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OGPLXGBPODGBM KDGCLXLGKL DG

KDGPLJQDXBX_ OGGDSBPOSL QXBKPOKL[ OG JBGBILJLGP

QBKOCOK \GOSLX[OP_

BQXOM 2;PF BG@ 20PF BQXOM 8128'

COGBM QBQLXPOPML5 COGBGKOBM [LXSOKL[

GBJL[ DC QBQLX QXL[LGPLX[5 Qxdc' N'J' Gbxbybg

B{{dkobpl Qxdcl{{dx dc Kdjjlxkl # FD@'

Jx' [yl` B{ffb` Ifbccbxo

FD@- Kdjq|plx @lqbxpjlgp

BCCMOBPODG5 ['M'G Kdmmlil dc Bxp{- Kdjjlxkl bg` Jbgbiljlgp

Cdxp- Hbgibmdxl *


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COGBGKOBM [LXSOKL[

OGPXD@\KPODG

Jdgly o{ bg bxj dx mli* yd| lopflx |{l op dx mdd{l op' Flgxy cdx`

Op d|m` hl dxpffoml pd xlkbmm fbp Flgxy cdx` dgkl xljbxnl`' Pfo{ {pbpljlgp dc Flgxy

cdx` pfd|if bqqbxlgpmy {ojqml o{ r|opl jlbgogic|m> op hxogi{ fdjl pfl {oigocokbgkl dc

jdgly dx cogbgkl'

Cogbgkl jby hl ilglxbmmy `lcogl` b{ pfl {p|`y dc Jdgly Op{ gbp|xl- hlfbsod|x- xli|mbpodg

bg` qxdhmlj{' Op jby `lbm opf pfl by og fokf h|{ogl{{jbg- ogsl{pdx- idslxgjlgp-

cogbgkobm og{pop|podg bg` og`oso`|bm{ fbg`ml pflox jdgly'Og b jd`lxg jdgly*|{ogi lkdgdjy- cogbgkl jby hl `lcogl` b{ pfl qxdso{odg dc jdgly- bp

pfl pojl op o{ bgpl`' Lslxy qlx{dg xl{qdg{ohml cdx cogbgkl o{ kdgcxdgpl` opf pfl qxd{qlkp

dc pfl ogcmd xlkloqp dg pfl dgl fbg` bg` pfl d|pcmd dc qbyjlgp dg pfl dpflx'

Pfl colm` dc cogbgkl o{ kmd{lmy bmmol` pd pfl colm` dc lkdgdjok{ * lkdgdjok{ `lbm{ opf pfl

{|qqmy bg` `ljbg`- kd{p bg` qxdcop{- qxd`|kpodg- kdg{|jqpodg bg` {d dg' Cogbgkl o{ kmd{lmy

xlmbpl` pd lkdgdjok{ cdx op o{ {lxod|{my kdgklxgl` opf pfl `ljbg` bg` {|qqmy bg` op o{

lr|bmmy kdgklxgl` opf pfl jdglpbxy qdmoky dc pfl klgpxbm hbgn dc pfl kd|gpxy bg` pfly bxl

xlcmlkpl` og pfl c|gkpodg{ dc kdjjlxkobm hbgn bg` cogbgkobm og{pop|podg{ o'l'- flg jdgly

jbxnlp o{ pfoifp cogbgkobm lgsoxdgjlgp o{ fbx` fop- og b qlxod` dc h|{ogl{{ `lqxl{{odg-

h|{ogl{{ bkposopy xlkl`l{ bg` cogbgkobm jbxnlp{ o{ b`slx{lmy bcclkpl`' Pfl cm|kp|bpodg{ og

pfl lkdgdjy bxl xlcmlkpl` og pfl cogbgkobm lgsoxdgjlgp'

B lmm c|gkpodgogi cogbgkobm jbxnlp o{ b nly pd {|{pbogl` lkdgdjok ixdpf' B {pbhml

cogbgkobm {y{plj xlr|oxl{ {d|g` cogbgkobm jbxnlp{- og{pop|podg{- bg` lmm {|opl` cogbgkobm

og{px|jlgp{'

XDML DC COGBGKOBM [_[PLJ

Pfl ixdpf bg` `lslmdqjlgp dc bgy lkdgdjy `lqlg`{ dg pfl {bsogi{- ogsl{pjlgp{ b{ lmm

b{ pfl kbqopbm cdxjbpodg' Cogbgkobm {y{plj flmq{ pfl cmd dc c|g`{ cxdj {|xqm|{ {lkpdx{ pd


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pfl gll`y {lkpdx{ dc pfl lkdgdjy bg` pf|{ cogbgkobm {y{plj qmby b {oigocokbgp xdml og

lccokolgp bg` {qll`y bmmdkbpodg dc xl{d|xkl{ ogg pfl qxdkl{{ dc bkklmlxbpogi lkdgdjok

ixdpf bg` o`lg{ op{ xlbkf pd b mbxil g|jhlx{ dc k|{pdjlx{'

Kbqopbm cdxjbpodg{ b{ lmm b{ qxd`|kposopy dc kbqopbm bg` kd{p dc xl{d|xkl{ bg` ogplxl{p xbpl{

bxl slxy {pxdgi ogòkbpdx{ dc pfl {pxlgipf dc pfl lkdgdjy' K|{pdjoubpodg dc qxd`|kp pd {|op

pfl ogòso`|bm xlr|oxljlgp o{ pfl hbxdjlplx pd ib|il pfl lccokbky dc cogbgkobm ogplxjlòbxy'

C|xpflx bg lccokolgp bg` {pbhml cogbgkobm {y{plj jbnl{ pfl kd|gpxy jdxl bppxbkposl pd

cdxloig og{pop|podgbm ogsl{pdx{ pd ogsl{p og lkdgdjok `lslmdqjlgpbm qxdixbjjl bg` qxdelkp{

fokf kxlbpl{ bkklmlxbpl` ixdpf bg` {dmsl jbgy qxdhmlj{ monl |gljqmdyjlgp- lvplg{odg

dc ogcxb{px|kp|xl bg` dpflx kbqbkopy h|om ogi bkposopol{ ilglxbpl gl dqqdxp|gopol{ bg`

kdgpxoh|pl pd pfl dslxbmm `lslmdqjlgp dc pfl lkdgdjy'

COGBGKOBM [_[PLJ[

Bg lccokolgp cogbgkobm {lkpdx ogkm|`l{ lmm `lslmdql` hbgnogi {y{plj- {pdkn lvkfbgil pd

qxdjdpl kbqopbm jbxnlp bg` og{|xbgkl kdjqbgol{' Cogbgkl o{ pfl mocl hmdd` dc bg lkdgdjy'

Yl gll` cogbgkl cdx lslxy lkdgdjok pxbg{bkpodg o'l'- hdpf cdx qxd`|kpodg b{ lmm b{ cdx

pflox kdg{|jqpodg'

Cogbgkobm jbxnlp{ bxl lvqd{l` pd b`slx{l bcclkp dg jbxnlp sdmbpomopy bg` qd{l b jbedx pfxlbp

pd pfl cogbgkl bm {pbhomopy' Pfl{l fbsl pd hl kmd{lmy jdgopdxl` hy pfl xli|mbpdx{ hlkb|{l

{pbhomopy og pfl cogbgkobm jbxnlp o{ bg ojqdxpbgp qxl*xlr|o{opl cdx pfl {pbhomopy og pfl cogbgkobm

{y{plj' Cogbgkobm {y{plj dc bgy kd|gpxy kdg{o{p{ dc cogbgkobm jbxnlp{- cogbgkobm

ogplxjlòbpodg bg` cogbgkobm og{px|jlgp{ dx cogbgkobm qxd`|kp{'

XLCDXJ[

Xlcdxj{ og pfl cogbgkobm jbxnlp{ bxl glkl{{bxy cdx hxogiogi bhd|p pxbg{cdxjbpodg og pfl

{px|kp|xl- lccokolgky bg` {pbhomopy dc jbxnlp' Pfo{ kbg hl bkfolsl` pfxd|if b sbxolpy dc lmm

l{pbhmo{fl` cogbgkobm og{pop|podg{ fokf dcclx{ b sbxolpy dc cogbgkobm og{px|jlgp{ pd kbplx pd

pfl {qlkocok gll`{ dc idslxgjlgp- kdxqdxbpl {lkpdx dx bg` ogòso`|bm k|{pdjlx{'

Pfl Ogòbg cogbgkobm {y{plj fb{ pfl jdgopdx{ monl


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2' Xl{lxsl hbgn dc Og ob

8' [lk|xopol{ bg` lvkfbgil hdbx dc Og ob'

;' Og{|xbgkl xli|mbpdx{ `lslmdqjlgp b|pfdxopy pfbp hxogi{ xli|mbpdxy jlb{|xl{ cxdj

pojl pd pojl pd lg{|xl {jddpf bg` lcclkposl c|gkpodgogi dc Ogòbg cogbgkobm jbxnlp'

COGBGKOBM [LXSOKL[

Lccokolgky dc ljlxiogi cogbgkobm {y{plj mbxilmy `lqlg`{ |qdg pfl r|bmopy bg` sbxolpy dc

cogbgkobm {lxsokl{ qxdso`l` hy cogbgkobm ogplxjlòbxol{- jbog {lkpdx{ bxl hbgn{- cogbgkobm

og{pop|podg{- gdg*hbgnogi cogbgkobm kdjqbgol{ fokf kbg hxdb`my hl kmb{{ocol` ogpd pd

kbplidxol{ 2' B{{lp hb{l` {lxsokl 8' B`so{dxy {lxsokl$cll*hb{l` {lxsokl'

B{{lp hb{l` {lxsokl ogkm|`l{ lr|oqjlgp mlb{ogi $ cogbgkl- foxl q|xkfb{l bg` kdg{|jlx

kxlòp- homm ò{kd|gpogi- slgp|xl kbqopbm- fd|{ogi cogbgkl- og{|xbgkl {lxsokl' Yflxl b{ cll*

hb{l` {lxsokl ogkm|`l{ qdxpcdmod jbgbiljlgp- o{{|l jbgbiljlgp- kdxqdxbpl kd|g{lmogi-

jlxilx{ bg` bkr|o{opodg{- kxlòp*xbpogi lpk'

XDML DC HBGN[

Pfl Ogòbg hbgnogi fb{ kdjl b mdgi by cxdj hlogi b {mllqy h|{ogl{{ og{pop|podg pd b

foifmy qxd*bkposl bg` `ygbjok lgpopy' Pfo{ pxbg{cdxjbpodg fb{ hllg mbxilmy hxd|ifp bhd|p

hy pfl mbxil `d{l dc mohlxo{bpodg bg` lkdgdjok xlcdxj{ pfbp bmmdl` pfl hbgn{ pd lvqmdxl

gl h|{ogl{{ dqqdxp|gopol{ xbpflx pfbg kdgslgpodgbm {pxlbj{ dx c|gkpodg dc hdxxdogi bg`

mlgògi' Pfl Ogòbg hbgnogi fb{ dxnl` |qdg pfl kdjqlpoposl `ygbjok{ dc gl Ogòb bg`

b``xl{{ogi pfl xlmlsbgp o{{|l{ pd pbnl dg pfl j|mposbxod|{ kfbmmlgil{ dc qxosbpoubpodg bg`

imdhbmoubpodg' Hbgn bxl gd ljqmdyogi OP {dm|podg{ bg` fbsl hlkdjl b qxd*bkposl qmbylx{

pd jllp pfl j|mposbxod|{ gll`{ dc mbxil k|{pdjlx hb{l'

B qbxbòij {focp fb{ pbnlg qmbkl cxdj kmb{{ hbgnogi pd jb{{ hbgnogi {lk|xopy dxolgpl`

bqqxdbkf pd q|xqd{l dxolgpl`- cxdj |xhbg hb{l` pd x|xbm hb{l` hbgnogi'

HBGNOGI OGGDSBPODG[


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Hbgnogi qmby{ b sopbm xdml og pfl lkdgdjok ixdpf dc b kd|gpxy pfl kfbgil{ pfbp fbsl pbnlg

qmbkl og pfl mb{p cosl ylbx{ bxl jdxl pfbg pfl kfbgil{ pfbp pddn qmbkl og pfl mb{p cocpy ylbx{

hlkb|{l dc og{pop|podgbmoubpodg- mohlxbmoubpodg- imdhbmoubpodg bg` b|pdjbpodg og pfl hbgnogi

og`|{pxy'

Pfl jbog ogslgpodg pfbp o{ hlogi hxd|ifp og |{l o{ pfl kdjq|plx{' Pd`by pfl lgpoxl dxm` o{

jdsogi fbg` og fbg` bg` hbgn{ bg` kdjq|plx{ bxl pd fllm{ dc {bjl kfbxodp' Pd`by

kdjq|plx o{ hlogi lvplg{oslmy |{l` og bmjd{p bmm hbgn hxbgkfl{ og Ogòb' [lxsokl{ pd pfl

k|{pdjlx fbsl {|h{pbgpobmmy ojqxdsl` `|l pd lb{y- cb{p bg` bkk|xbpl |{l dc kdjq|plx{ hy

hbgn{- `|l pd pfo{ b mdp dc jbg*qdlx bg` qxlkod|{ pojl fb{ hllg {bsl` dg bkkd|gp dc BPJ

pfl dxògbxy jbg fb{ pfl dqqdxp|gopy dc |{ogi fo{ c|g`{ b{ bg` flg fl monl{ bg` bgy

flxl bgy pojl- hbgn qxdso`l{ b o`l xbgil hbgnogi {lxsokl pd pfl gll`{ dc òcclxlgp

kmb{{l{ bg` {lkpdx{ dc {dkolpy'

Pfl xlmbpodg{foq hlpllg hbgnlx bg` k|{pdjlx fb{ gdp kdgcogl` `lhpdx{ bg` kxlòpdx{ h|p

bm{d lvplgògi hbgnogi {lxsokl{ jbgy by{ monl lvplg{odg dc dxnogi fd|x{ bg` jbgy

hbgn{ qxdso l{ hbgnogi {lxsokl lslg og lslgogi pojl{ pd qxdso l kdgslgolgkl pd k|{pdjlx{

fd bxl |gbhml pd dqlxbpl og pfl xli|mbx 21 pd 8 qj' [djl hbgn{ dxn{ dg [|g`by cxdj

6bj pd 6qj pd jllp pfl k|{pdjlx{ lvqlkpbpodg{ bg` qxdso`l r|bmopy {lxsokl'

Og pd`by{ cb{p bil- jbog glkl{{opy o{ {lk|xopy bg` cbkomopy fokf o{ c|mcomml` hy `lhop bg`

kxlòp kbx`{- pxbslmlx kflr|l fokf qxdso`l{ {lk|xopy pd jbg{ ogsbm|bhml jdgly bg` so{b

kbx` bg` jb{plx kbx`{ lgbhml{ k|{pdjlx{ fokf bxl hlogi lvplg{oslmy |{l` og Ogòb bg` bmm

dslx pfl dxm`'

Hbgn lccdxp{ bxl gd òxlkpl` pdbx`{ o`lgpocyogi {dkobmmy `l{oxbhml gll`{ og dx`lx pd

l{pbhmo{f flbmpfy bg` {d|g` hbgnogi xlmbpodg{foq hbgn{ fbsl ogpxd`|kl` K|{pdjlx kbmm

bg` K|{pdjlx gll`{ pd `lsokl k|{pdjoul` {lxsokl{'

K|{pdjlx bbxlgl{{ fb{ bm{d ogkxlb{l` pfl xl{qdg{ohomopy dg hbgn pfl jd`lxg `by k|{pdjlx

`ljbg`{ r|okn bg` lccokolgp {lxsokl og b kd|xpl{ol{ jbgglx og b kd{p lcclkposl by bg`

hbgn{ pd jllp pfo{ kfbmmlgiogi pb{n{ pd {bpo{cy k|{pdjlx j|{p qxdso`l bkk|xbpl bg` lccokolgp

{lxsokl' Hbgn{ bqqxdbkf bf{ pd hl K|{pdjlx dxolgpl`' Bmm hbgnogi dqlxbpodg {fd|m` hl

k|{pdjlxklgpxok'

Qxl{lgp `by hbgnogi kbg hl xlibx`l` b{ bg lxb dc oggdsbpodg bg` plkfgdmdiy' Pfl jbedx

ogcm|lgkogi cbkpdx cdx pfl {|xsosbm dc og`|{pxobm h|{ogl{{ bg` kdjjlxkobm dxibgoubpodg o{


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qxdqlx |{l dc plkfgdmdiy- hbgnogi hlogi b {lxsokl og`|{pxy b mdp `lqlg`{ dg qxdjqp bg`

lccokolgp k|{pdjlx {lxsokl'

Pfl gbpodgbmoul` hbgn{ fokf bkkd|gp jdxl pfbg 6


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2' Pxbg{clx dc c|g`

8' `xbcp o{{|l

;' kflr|l hddn o{{|l xlr|l{p

0' hbmbgkl lgr|oxy


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L*Hbgnogi o{ pfl hbgnogi dc gl lxb- jbnogi hbgnogi qxd`|kp{ bg` {lxsokl bsbombhml

fdml{bml bg` xlpbom k|{pdjlx{ pfxd|if lmlkpxdgok ò{pxoh|podg kfbgglm kbmml` l*hbgnogi'

Pfl `lmoslxy kfbgglm{ fbsl hllg òxlkp òbm*|q kdgglkpodg{- qxosbpl bg` q|hmok glpdxn pd

pfo{ gllx lòpodg dc l*hbgnogi bxl hlogi b``l`' Lvbjqml5 jdhoml hbgnogi bg` ogplxglp

hbgnogi'

Pfl |{l dc BPJ mlb`{ pd pfl kdgklqp dc bgyflxl bg` bgy pojl hbgnogi' pfxd|if pfl{l

BPJ kbx`{ dgl kbg dqlxbpl fo{ hbgn bkkd|gp{ pd opf`xb jdgly cxdj bgy dc hbgn{ BPJ

og{pbmml` bp pfl glbxl{p {opl' Pfo{ fb` hxdnlg `dg pfl pojl bg` {qbkl hbxxolx'

Pfl ixdogi qdq|mbxopy dc qlx{dgbm kdjq|plx{- lb{y bkkl{{ pd ogplxglp bg` Ydxm` Yo`l

Ylh &/ fb{ ogkxlb{l pfl |{l dc ogplxglp hy hbgn{ b{ b kfbgglm cdx xlklosogi

og{px|kpodg bg` bm{d `lmoslxogi pflox qxd`|kp{ bg` {lxsokl pd k|{pdjlx{' Pfo{ ilglxbmmy

xlclxxl` pd b{ ogplxglp hbgnogi dx glp hbgnogi' Pfo{ o{ gllx cdxj dc l*hbgnogi'

XHO I\O@LMOGL[ CDX OGPLXGLP HBGNOGI

Pfl XHO fb{ gdpocol` i|o`lmogl{ bqqmokbhml pd ogplxglp hbgnogi opfog pfl kd|gpxy bg`

bkkdxògi pd pfl{l i|o`lmogl{'

2' Dgmy hbgn{ moklg{l |g lx hbgnogi kdjqbgol{ xli|mbpodg bkp dc 2?0? fbsogi

qfy{okbm qxl{lgkl bxl qlxjoppl pd dcclx ogplxglp hbgnogi {lxsokl'

8' Ogplxglp hbgnogi {fd|m` ogkm|`l Ogòbg k|xxlgky qxd`|kp{ dgmy'

;' Qxodx bqqxdsbm dc XHO o{ xlr|oxl` pd dcclx ogplxglp hbgnogi'

Dgmy pfl mbpl{p slx{odg{ dc pfl moklg{l` {dcpbxl opf pfl mbpl{p qbpkfl{ fbsl pd hl og{pbmml`

ogpd pfl {y{plj' Qxdqlx |{lx ixd|q{ opf bkkl{{ qxosomlil bxl pd hl kxlbpl` bg` |{lx{ bxl

b{{oigl` pd bqqxdqxobpl ixd|q{ b{ qlx pflox h|{ogl{{ xdml{'

XO[N5 L*HBGNOGI

L*hbgnogi qd{l{ {djl òcclxlgp xo{n b{ kdjqbxl` pd pfl pxbòpodgbm hbgnogi pfl{l xo{n{ bxl

jdxl qxdgd|gkl og pfl kb{l dc ogplxglp hbgnogi' Cox{pmy- pfl xo{n{ dc plkfgdmdiokbm kfbgil

fbsl pd hl kbxlc|mmy bpkfl`' Pfo{ o{ l{{lgpobm pd |q`bpl plkfgdmdiol{ bg` xljbog kd{p*

lcclkposl bg` xljbog k|{pdjlx cxolg`my'


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Pfl plkfgdmdiol{ bxl ilglxbmmy dhpbogl` cxdj d|p{o`l qbxpol{ hbgn{ fbsl pd hl kbxlc|m bhd|p

xo{n ogsdmsl` og {|kf bixlljlgp{' [lk|xopy o{ bg ojqdxpbgp bxlb dc xo{n cdx lvqbg{odg dc glp*

hbgnogi' Glp*hbgnogi hxlbn{ pfl ildixbqfokbm hd|g`bxol{> ojqd{ogi xli|mbpdxy kdg`opodg{

dg {|kf pxbg{bkpodg{ omm hl b `occok|mp pb{n'

FD\[OGI COGBGKOBM [LXSOKL

Fd|{ogi o{ dgl dc pfl hb{ok f|jbg gll`{ dc {dkolpy kmd{lmy xlmbpl` pd pfl qxdkl{{ dc {dkod*

lkdgdjok `lslmdqjlgp dc b kd|gpxy' Pd jllp pfl lslx*ixdogi `ljbg` cdx fd|{ogi

cogbgkl idslxgjlgp fb{ `lkmbxl` fd|{ogi b{ B qxodxopy {lkpdx' Fd|{ogi fb{ hlkdjl b

jbedx jdposbpodg cdx fd|{l fdm` pfxocp- fd|{ogi hlogi b mdgi mosl` b{{lp- lvklmmlgp kdmmbplxbm

cdx mdbg{'

Pfl bhomopy pd bkr|oxl b fd|{l `lqlg`{ mbxilmy dg pfl ogkdjl dc pfl fd|{lfdm` bg` bkkl{{

pd {bsogi{- gd b `by{ bccdx`bhml lb{y fd|{ogi mdbg{ bxl bsbombhml og pfl jbxnlp'

Jbgy cbkpdx{ fbsl kdgpxoh|pl` pd biixl{{osl `ljbg` {|kf b{

2' xbo{ogi ogkdjl mlslm dc pfl jo``ml kmb{{

8' pbv ogklgposl dg pfl xlqbyjlgp dc qxogkoqbm bg` ogplxl{p

;' ogkxlb{ogi q|xkfb{ogi qdlx bg` xlqbyogi kbqbkopy dc pfl fd|{lfdm`

0' Lb{y bsbombhomopy dc mdbg{ cxdj hbgn{ bg` cxdj fd|{ogi cogbgkl kdjqbgol{'


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fd|{ogi hbgn o{ dxnogi b{ bg bqlv og{pop|podg og pfl kd|gpxy opf xlibx` pd fd|{ogi

cogbgkl bg` GFH o{ b {|h{o`obxy dc XHO bg` c|mmy dgl` hy XHO'

B g|jhlx dc {qlkobmoul` cogbgkobm og{pop|podg{- kdjqbgol{- hdpf og pfl q|hmok bg` pfl

qxosbpl {lkpdx fbsl lgplxl` pfl colm` dc fd|{ogi cogbgkl {|kf b{ F@CK- [HOFC-

KBGCOGFDJL- MOK FD\[OGI COGBGKL- OKOKO FD\[OGI lpk' pfl{l kdjqbgol{ fbsl

`l{oigl {|opbhml {kfljl cdx og`oso`|bm{- kdxqdxbpl- h|om`lx{ bg` qxdjdplx{' F\@KD bg`

kdjjlxkobm bg` kd*dqlxbposl hbgn{ fbsl `l{oigl` fd|{ogi {kfljl{ {qlkocokbmmy cdx mdlx

bg` jo``ml ogkdjl ixd|q{'

[\QQM_ KDG[PXBOGP[

Dg bg bslxbil gbpodg{ xlr|oxljlgp o{ bxd|g` 9


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6' Fd|{l h|om ogi b`sbgkl jb`l pd ljqmdyll{ dc q|hmok {lkpdx- kdxqdxbpodg{ bg`

cogbgkobm og{pop|podg{'

?' dxm hbgn {|qqdxp

21' xl`|kl` {pbjq |py

22' GFH{ {|qqdxp pd fd|{ogi cogbgkl kdxqdxbpodg{'

Q\HMOK*QXOSBPL*QBXPGLX[FOQ OG FD\[OGI

Op o{ gdp qd{{ohml cdx pfl idslxgjlgp pd jllp lgpoxl fd|{ogi xlr|oxljlgp og Ogòb `|l pd pfl

bgp dc ogsl{pjlgp{- qxdcl{{odgbmo{j bg` plkfgdmdiy' Pflxlcdxl pd {|qqdxp pfl idslxgjlgp

og pflox Lg`lbsd|x pfl qxosbpl qmbylx{ qxl{lgkl o{ kx|kobm' Idslxgjlgp bmmdl` qxosbpl

qmbylx{ lgpxy ogkm|ògi C@O og fd|{ogi' Pfl xlbm l{pbpl jbxnlp og Ogòb o{ cb{p ixdogi

og`|{pxy flxl jdgly cmd{ monl bplx' Pfl q|hmok*qxosbpl qbxpglx{foq mdgi pojl cogbgkl

cdx kdg{px|kpodg dc fd|{l{ cdx xl{o`lgpobm q|xqd{l bg` |xhbg `lslmdqjlgp qxdixbjjl'

Pfl QQQ qxdso`l{ cdx og{pop|podgbm bxxbgiljlgp{ cdx jdxpibil- kxlòp i|bxbgpll bg` popml

og{|xbgkl' Pfl QQQ og fd|{ogi xl{|mp{ og kxlbpogi edh dqqdxp|gopy xl`|kl` qdslxpy bg`

kflknl` joixbpodg pd |xhbg bxlb{' C|xpflx QQQ dcclx{ kdg{|jlx cxolg`my qxd`|kp{ og

fd|{ogi {lkpdx' Op bkp{ b{ b kbpbmy{p cdx kxlbpogi j|mpoqmolx lcclkp og dpflx {lkpdx{ bg` pf|{

kdgpxoh|pl pd pfl dslx bmm ixdpf dc gbpodgbm lkdgdjy- op{ {pxlgipflg{ cogbgkobm {y{plj-

ogkxlb{l pfl qfy{okbm b{{lp cdxjbpodg bg` {lxsl pfl {dkobm kb|{l dc `lslmdqjlgp dc f|jbg

{lppmljlgp bg` pf|{ pfl hb{ok glkl{{opy bg` pfl `xlbj dc dgogi b fd|{l o{ jbplxobmoul` hy

pfl{l lccdxp{'

J\P\BM C\G@[

Pfl kdgklqp dc j|p|bm c|g` o{ b gl clbpflx og pfl kbq dc Ogòbg kbqopbm jbxnlp' Og Ogòb

cox{p j|p|bm c|g` b{ {pbxpl` og 2?30 flg |gop px|{p dc Ogòb \PO b{ l{pbhmo{fl`' Plxj{

monl px|{p kdjqbgol{- ogsl{pjlgp kdjqbgol{- jdgly c|g`- |gop px|{p- bg` ogsl{pjlgp

px|{pll{ bxl |{l` ogplxkfbgilbhmy'

J|p|bm c|g`{ bxl slxy ojqdxpbgp cdxj dc gdg*hbgnogi cogbgkobm ogplxjlòbxol{ cdx

qxdjdpogi- lgkd|xbiogi bg` jdhomouogi cogbgkobm {bsogi{' Pfl xdml dc j|p|bm c|g` fb{


12/22

b{{|jl` ixlbplx ojqdxpbgkl og pfl qxdkl{{ dc bkklmlxbpodg dc lkdgdjok ixdpf- j|p|bm

c|g`{ qmby b `ygbjok xdml og jbnogi {bsogi{ hy o{{|ogi |gop{ bg` kfbgglmo{ogi pfl c|g`{ og

pfl kbqopbm jbxnlp bg` og p|xg pfly qxdso`l {|qqdxp pd pfl kdxqdxbpl {lkpdx bg mlb` pd pfl

qxdkl{{ dc cogbgkobm oggdsbpodg{ bjdgi bmm pfl ogsl{pogi og{pop|podg{- j|p|bm c|g`{ fbsl

ixdg bp pfl cb{pl{p xbpl `|l pd pflox dqlxbpodgbm cmlvohomopy o'l'- pfly qxdso`l hlpplx xlp|xg{

pd pfl ogsl{pdx{ bg` bm{d {lxsl b{ b {dqfo{pokbpl` jbxnlp kmlbxogi bilgp fdlslx pfl {kdql

bg` {|kkl{{ dc j|p|bm c|g`{ `lqlg`{ mbxilmy dg pfl hb{ok lkdgdjok {px|kp|xl- pfl

og{pop|podgbm bxxbgiljlgp{- pfl ogplx*xlmbpodg{foq hlpllg cogbgkobm bg` xlbm {lkpdx{ bg` pfl

dslxbmm lkdgdjok qdmoky lgsoxdgjlgp'

J|p|bm c|g` o{ qddmogi kdgklqp' J|p|bm c|g` o{ bg ogsl{pjlgp slfokml cdx ogsl{pdx{ fd

qddm pflox {bsogi{ cdx ogsl{pogi og òslx{ocol` qdxpcdmod dc {lk|xopol{ o'l'- og pfl cdxj dc

{pdkn{- hdg`{ bg` dpflx pyql{ dc og{px|jlgp{ bsbombhml og pfl kbqopbm jbxnlp' Pfl

ogsl{pjlgp o{ jb`l opf pfl pog dhelkposl{ dc 2' Bppxbkposl yolm` 8' Bqqxlkobpodg dc sbm|l'

Bgyhd`y fbsogi {jbmm jdgly kbg ogsl{p og j|p|bm c|g`{' Pfl{l ogsl{pdx{ q|xkfb{l |gop{ dc

b qbxpok|mbx j|p|bm c|g` {kfljl pfbp fb{ `lcogl` ogsl{pjlgp dhelkposl' Pfl jdgly

kdmmlkpl` o{ pflg ogsl{pl hy pfl c|g` jbgbilx og òcclxlgp pyql{ dc {lk|xopol{' J|p|bm c|g`

o{ b gdg*hbgnogi cogbgkobm og{pop|podg- fokf dqlxbpl{ hdpf og pfl jdgly jbxnlp b{ lmm b{

kbqopbm jbxnlp' H|p pfl{l ogplxjlòbxol{ fbsl pd hl xlio{plxl` opf pfl xli|mbpogi b|pfdxopy

dc pfl kd|gpxy hlcdxl pfly kd|m` jdhomoul xl{d|xkl{ bg` ogsl{p pfl {bjl'

B{ qlx [LHO xli|mbpodg 2??3 j|p|bm c|g` o{ l{pbhmo{fl` og pfl cdxj dc b px|{p pd xbo{l

jdgly pfxd|if pfl {bml dc |gop{ pd pfl q|hmok dx b {lkpodg dc pfl q|hmok |g`lx dgl dx jdxl

{kfljl{ cdx ogsl{pogi og {lk|xopol{'

[KDQL DC J\P\BM C\G@

Ogòb o{ b ixdogi kd|gpxy op fb{ pxljlg`d|{ {kdql cdx j|p|bm c|g`{ pd lvqbg` pflox jbxnlp

hb{l' Pfl ixd{{ cogbgkobm {bsogi{ dc pfl fd|{l fdm` {lkpdx o{ dg pfl xo{l' Bmdgi opf xo{l og

{bsogi{ pflxl fb{ bm{d hllg b {plb`y ogkxlb{l og pfl cmd dc fd|{lfdm` {bsogi{ og pfl kbqopbm

jbxnlp' Jbgy {jbmm ogsl{pdx{ og x|xbm bg` {ljo*|xhbg bxlb{ fbsl {pbxpl` ogsl{pogi og pfl

kbqopbm jbxnlp fokf fb{ flmql` pfl idslxgjlgp bg` pfl kdxqdxbpl {lkpdx xbo{l glkl{{bxy

xl{d|xkl{ cxdj pfl kbqopbm jbxnlp'


13/22

J|p|bm c|g`{ fokf lxl l{{lgpobmmy pbxilpl` bp kdxqdxbpl bg` foif glp dxpf ogsl{pdx{ bxl

ibogogi mdp dc qdq|mbxopy lslg bjdgi {jbmm ogsl{pdx{' Bmpfd|if hbgn{ fbsl hllg m|xogi

ogsl{pdx{ hy dcclxogi bppxbkposl xbpl{ dc ogplxl{p j|p|bm c|g`{ {pomm {kdxl foiflx opf pbv

b`e|{pl` xlp|xg{ pfd|if |gklxpbogpy xlp|xg{ bg` xo{n lmljlgp o{ ogsdmsl` og pfl ogsl{pjlgp

dc j|p|bm c|g`' J|p|bm c|g` o{ ixdogi bp `d|hml `oiop' Jbgy yd|gi ogsl{pdx{ plg` pd

ogsl{p og ixdpf dxolgpl` c|g`{' Pfly bxl jdxl ogplxl{pl` og ixdpf xbpflx pfbg {bclpy dc

pflox c|g`{ bg` pf|{ j|p|bm c|g`{ fbsl hlkdjl b hlpplx kfdokl cdx jd{p dc pfl ogsl{pdx{'

Pfl {kdql bg` lvplgp dc j|p|bm c|g`{ bxl ogcm|lgkl` hy b g|jhlx dc cbkpdx{ monl xdh|{p

flbmpf dc pfl lkdgdjy- xbpl dc ixdpf- {pbpl dc `lslmdqjlgp dc kbqopbm jbxnlp bg` ogplxl{p

xbpl{ dcclxl` hy hbgnogi {lkpdx dg {bsogi{'

@|xogi pfl ylbx 811


14/22

QDXPCDMOD [KFLJL DC DQLXBPODG DYGLX[FOQ MDKBPODG DPFLX[

OGKDJL C\G@ DQLG LG@L@ [KFLJL Q\HMOK [LKPDX @DJL[POK C\G@ MDBG C\G@[

IXDYPF C\G@ KMD[L LG@L@ [KFLJL QXOSBPL [LKPDX IMDHBM C\G@ GDGMDBG C\G@[

BIIXL[[OSL OGPLXGBPODGBM QXDQLXP_

IXDYPF C\G@ C\G@ C\G@[

[QLKOBMO[L@ C\G@ KDJJD@OP_

PBVBPODGG C\G@ C\G@[

JDGL_ JBXNLP

J\P\BM C\G@

BKKDX@OGI PD QDXPCDMOD

J|p|bm c|g`{ bxl kmb{{ocol` b{ |g`lx

Ogkdjl c|g` ogkdjl c|g`{ bppljqp pd qxdso`l md xo{n dx gd xo{n ogkdjl pd pfl ogsl{pdx'

Xo{n bslxplx{ qxlclx ogkdjl c|g`{ b{ pfly xlr|oxl xli|mbx ogkdjl opfd|p j|kf xo{n'

Ixdpf c|g` pfl ogsl{pdx{ opf qxojbxy ogsl{pjlgp dhelkposl pd bkfolsl mdgi plxj kbqopbm

ixdpf qxlclx ixdpf c|g`' Ixdpf c|g` kdgklgpxbpl{ dg kbqopbm bqqxlkobpodg dg {lk|xopol{

bg` gdp dg xli|mbxopy dc ogkdjl'

Biixl{{osl ixdpf c|g` {|opbhml cdx ogsl{pdx{ fd kbg pbnl foif `lixll dc xo{n bg` kbg

bop cdx b mdgi qlxod`' Pfl ogsl{pjlgp xo{n dc pfl{l c|g`{ bxl bhdsl bslxbil bg` pflox

qdxpcdmod p|xg dslx o{ slxy foif'

[qlkobmo{l` c|g` bgy ogsl{pdx bgpogi pd ogsl{p og b qbxpok|mbx {lk|xopy omm qxlclx

{qlkobmoul` c|g`{ bg` pfl{l j|p|bm c|g`{ ogsl{p dgmy og b qbxpok|mbx pyql dc {lk|xopy'

Pbvbpodg c|g`{ pfl{l bxl `l{oigl` pd {|op pbv qbylx{ cdx ilppogi pfl pbv lvljqpodg bg` pfl

mdkn og qlxod` og Og`ob o{ pfxll ylbx{' B xlq|xkfb{l dcclx pd |gop{ o{ bm{d ioslg bp pfl k|xxlgp

GBS'

Jdgly jbxnlp J|p|bm c|g` bxl bm{d ngdg b{ kb{f c|g`{- {|opbhml cdx ogsl{pdx{ fd

bgp jbvojoul xlp|xg{ cxdj {fdxp plxj ogsl{pjlgp opf b jogoj|j dc xo{n- bxl {lp|q opf

bg boj dc ogsl{pogi lvkm|{oslmy og jdgly jbxnlp dqlxbpodg{' Pfl og{px|jlgp ogkm|`l{

Pxlb{|xy homm- kbmm bg` {fdxp gdpokl jdgly- kdjjlxkobm qbqlx{ bg` klxpocokbpl dc `lqd{op'

BKKDX@OGI PD [KFLJL DC DQLXBPODG



15/22

Dqlg lg`l` {kfljl pfly dcclx |gop{ cdx {bml opfd|p {qlkocyogi bgy `|xbpodg cdx

xl`ljqpodg' Gd covl` jbp|xopy qlxod`' Lgpxy pd c|g` o{ bmby{ dqlg pd ogsl{pdx bg` pf|{

qxdso`l{ cmlvohomopy og ogsl{pjlgp' Pfly dcclx hlpplx mor|o opy pd pfl ogsl{pdx'

Jd{p qdq|mbx dqlg lg`l` {kfljl dc \PO bxl \gop {kfljl 2?30 bg` \MOQ bg` dc MOK dx

`fbgbxbn{fb bg` `fbgbhxo`fo'

Kmd{l lg`l` {kfljl qlxod` dc jbp|xopy o{ {qlkocol` fokf Xbgil cxdj 8 pd 2< ylbx{'

Ogsl{pdx{ kbg {|h{kxohl òxlkpmy pd pfl {kfljl dgmy bp pfl pojl ogopobm o{{|l'

Jd{p qdq|mbx {kfljl{ dc MOK bxl @fbgb {fxll bg` @fbgb {bjx|`fo KBG{fbxl dc

Kbgbxb hbgn- {bxgb eydpfo dc Ogòbg hbgn'

BKKDX@OGI PD DYGLX[FOQ


Q|hmok {lkpdx j|p|bm c|g` pfl cox{p j|p|bm c|g` b{ l{pbhmo{fl` og pfl ylbx 2?30 hy |gop

px|{p dc Ogòb'

Pfl jdgdqdmy dc \PO og j|p|bm c|g` b{ k|xpboml` hy dqlgogi dc dqlxbpodg{ dc j|p|bm

c|g` pd pfl q|hmok {lkpdx- kdjjlxkobm hbgn{ og 2?69' [HO JC b{ pfl cox{p q|hmok {lkpdx

kdjjlxkobm hbgn {pbxpl` dqlxbpodg{' Pflxlbcplx b g|jhlx dc q|hmok {lkpdx dxibgoubpodg{

edogl` dqlxbpodg{ og pfl j|p|bm c|g` h|{ogl{{' Pd`by pfl jbog j|p|bm c|g { dqlxbpogi cxdj

q|hmok {lkpdx bxl MOK JC- IOK*JC- QGH*JC- KBGHBGN*JC- bg` @DO*JC'

Qxosbpl {lkpdx j|p|bm c|g` bmmdogi pfl qxosbpl {lkpdx kdxqdxbpl{ pd edog pfl j|p|bm c|g`

og`|{pxy cdx pfl ixdpf dc j|p|bm c|g` bg` pfl kbqopbm jbxnlp cxdj 2??8 pfl jogo{pxy dc

cogbgkl bmmdl` qxosbpl {lkpdx pd cmdbp j|p|bm c|g`{ og pfl jbxnlp'

[LHO xli|mbpodg{ qxdso`l i|o lmogl{ cdx xlio{pxbpodg- kdg{pop|podg- bg` jbgbiljlgp dc

{kfljl dc j|p|bm c|g`' B g|jhlx dc qxosbpl {lkpdx kdjqbgol{ monl 81 pf klgp|xy- Kopy hbgn-

BGU ixog`mby{ fbsl {lp|q qxosbpl j|p|bm c|g`{'

BKKDX@OGI PD MDKBPODG


@djl{pok c|g`{ pfl{l j|p|bm c|g`{ dqlxbpl opfog dgl{ gbpodgbm bg` ildixbqfokbm mojop{'

Dgmy kopoulg dc pfbp kd|gpxy kbg {|h{kxohl pd {|kf {kfljl{'

Imdhbm c|g`{ pfl{l j|p|bm c|g`{ ogsl{p og `djl{pok b{ lmm b{ cdxloig {pdkn{ bg` hdg`{'

Pfl{l c|g`{ bppxbkp cdxloig {bsogi{ cdx ogsl{pjlgp og d|x kd|gpxy'


16/22

Ogplxgbpodgbm c|g`{ pfly ogsl{p og cdxloig kd|gpxol{ dpflx pfbg pfl fd{p kd|gpxy' Pfl c|g`

jbgbilx kbg b|ijlgp fo{ dslxbmm xbpl dc xlp|xg hy ogsl{pogi og dpflx ildixbqfokbm mdkbpodg{'

OG[\XBGKL [LXSOKL

Og{|xbgkl b kdgpxbkp flxlhy pfl og{|xlx o'l'- pfl og{|xbgkl kdjqbgy bixll{ dx |g`lxpbnl{

pd qby b {|j dc jdgly pd jbnl idd` pfl md{{ {|cclxl` hy pfl og{|xl` o'l'- pfl qdmoky fdm`lx

bibog{p b {qlkocol` xo{n {|kf b{ coxl- pflcp dx dg pfl fbqqlgogi b {qlkocol` lslgp {|kf b{

bkko`lgp dx `lbpf' Pfl `dk|jlgp kdgpbogogi pfl plxj{ dc pfl kdgpxbkp hlpllg pfl og{|xlx

bg` pfl og{|xl` o{ kbmml` b{ og{|xbgkl qdmoky' Pfl qxdqlxpy pfbp o{ og{|xl` o{ b {|helkp jbpplx

dc og{|xbgkl' Pfl ogplxl{p fokf pfl og{|xl` fb{ og pfl {|helkp jbpplx dc og{|xbgkl o{ ngdg

b{ og{|xbhml ogplxl{p' @lqlgògi |qdg pfl {|helkp jbpplx og{|xbgkl {lxsokl o{ òso`l` ogpd 2'

Mocl og{|xbgkl 8' Ilglxbm og{|xbgkl'

Pd kbplx pd pfl òcclxlgp gll`{ dc pfl og{|xl` b sbxolpy dc qdmokol{ bxl dcclxl` hy pfl

og{|xbgkl dxibgoubpodg' Pfl qxogkoqbm mocl og{|xbgkl qdmokol{ bxl lg`djlgp- fdml mocl-

edogp mocl lpk'

Ojqdxpbgp coxl og{|xbgkl qdmokol{ dcclxl` hy og{|xbgkl kdjqbgol{ bxl {qlkocok qdmoky-

kdjqxlflg{osl qdmoky- pfox` qbxpy og{|xbgkl qdmoky'

Jbxogl og{|xbgkl qdmokol{ fokf og{|xl{ bibog{p jbxogl mb{ dx sdybil- pojl jovl` sbm|l

dqlg bg` |gsbm|l` bg` cmdbpogi'

\gpom 2??? pflxl lxl dgmy pd q|hmok {lkpdx dxibgoubpodg{ o'l'- Mocl Og{|xbgkl Kdxqdxbpodg

dc Ogòb &MOK/ bg` Ilglxbm og{|xbgkl Kdxqdxbpodg &IOK/ bg op{ 0 {|h{oòbxol{ xlg`lxogi

og{|xbgkl {lxsokl' MOK qxdsoògi bibog{p md{{ dc mocl bg` IOK qxdsoògi qxdplkpodg bibog{p

pfl bkko`lgp- md{{ dg bkkd|gp dc coxl bg` jbxogl md{{l{'

Yopf pfl {lppogi |q dc og{|xbgkl xli|mbpdxy bg` `lslmdqjlgp b|pfdxopy &OX@B/ og 2???

pflox jdgdqdmy fb{ hllg ò{jbgpml` bg` gl qmbylx{ fbsl lgplxl` pfl colm`' Cdx lvbjqml

F@CK mocl og{|xbgkl- Qx|`lgpobm OKOKO mocl og{|xbgkl- Jbv Gl _dxn mocl og{|xbgkl- Hoxmb

{|g mocl og{|xbgkl lpk'

[KDQL DC MOCL OG[\XBGKL

Og Ogòb jdxl pfbg 011 jommodg kbg bccdx` pd h|y mocl og{|xbgkl h|p dgmy 81, fbsl

og{|xbgkl kdslx bg` dgmy 8


17/22

dgmy 2'8?, kdslxbil kdjqbxl` pd 21, og Ebqbg- ? '2, og \N bg` 9';2, og \[B kmlbxmy

`ljdg{pxbpl b o`l {kdql og og{|xbgkl {lxsokl hy `lso{ogi bppxbkposl qdmoky pfl og{|xbgkl

{lxsokl kbg hl lvplg`l` pd b ixlbp lvplg` pd pfl hlglcop dc hdpf og{|xbgkl kdjqbgol{ bg`

b{{|xl pfl xo{n kdslxbil pd pfl og{|xl`'

JO[KLMMBGLD\[ OG[\XBGKL

Og b`òpodg pd mocl- coxl bg` jbxogl og{|xbgkl {lslxbm dpflx pyql{ dc ilglxbm og{|xbgkl bxl

bsbombhml pd`by' Og{|xbgkl kdjqbgol{ fbsl bm{d hllg dcclxogi {qlkobm {kfljl{ jlbgp cdx

x|xbm bxlb{ {|kf b{ kxdq og{|xbgkl- kbppml og{|xbgkl- og{|xbgkl cdx qd|mpxy- f|p{ lpk' pflxl o{

bm{d b {dkobm {lk|xopy ixd|q bkko`lgp {kfljl kdslxogi pfl lbnlx {lkpodg{ dc {dkolpy' [djl

dc pfl{l bxl'

2' qlx{dgbm bkko`lgp og{|xbgkl bmm dc |{ lvqd{l` pd xo{n dc bkko`lgp fokf o{ b pfxlbp

pd d|x cogbgkobm {lk|xopy bg` pflxlcdxl op o{ qx|`lgp pd fbsl b`lr|bpl bg` qlx{dgbm

bkko`lgp kdslx pd jbgbil pfo{ kdgpogilgky- cdx fbg`mogi bkko`lgp xo{n qlx{dgbm

bkko`lgp qdmoky- ebgbpfb qlx{dgbm bkko`lgp qdmoky bg` ixbjog qlx{dgbm bkko`lgp

qdmokl{ bxl bsbombhml og Ogòb'

Pfl{l qdmokol{ qby kdjqlg{bpodg pd pfl og{|xl` og pfl lslgp dc fbqqlgogi dc dgl dx

jdxl dc pfl cdmmdogi dg `lbpf

* Dg qlxjbglgp pdpbm bg` qbxpobm ò{bhomopy bg` dg pljqdxbxy ò{bhomopy

8' H|ximbxy og{|xbgkl {|kf b qdmoky qxdso`l{ qxdplkpodg bibog{p md{{ dx `bjbil`

kb|{l` hy fd|{l xdhhlxy dx pflcp' Cdx pfo{ q|xqd{l b kdjqxlflg{osl qdmoky jby hl

pbnlg

;' Ydxnjlg{ kdjqlg{bpodg og{|xbgkl * og Og ob dxnjlg kdjqlg{bpodg bkp b{

qb{{l` og 2?;0 bg` og 2?03' Bkkdxògimy bg ljqmdylx o{ xlr|oxl` pd qby kdjqlg{bpodg

pd fo{ dxnlx{ fd xlklosl oge|xol{ kdgpxbkp dkk|qbpodgbm ò{lb{l `|xogi pfl kd|x{l dc

pflox dxn' Ljqmdylx jby dhpbog bg og{|xbgkl qdmoky pd kdslx {|kf mobhomopy' Pfl

qxljo|j o{ qbybhml dg pfl hb{o{ dc pfl bil{' Pfl ljqmdylx og dx`lx pd qxdplkp foj{lmc

bibog{p pfl mlibm mobhomopol{ bxo{ogi d|p dc `lbpf dx hd omy oge|xy pbnl{ dxnjlg

kdjqlg{bpodg og{|xbgkl qdmoky' Op bm{d lvplg`{ kdslxbil pfxd|if xlojh|x{ljlgp dc

jlòkbm- {|xiokbm bg` fd{qopbmoubpodg lvqlg{l{'


18/22

Gbpodgbm og{|xbgkl kdjqbgy- \gopl` Ogòb og{|xbgkl kdjqbgy- Dxolgpbm og{|xbgkl

kdjqbgy mojopl bg` gl Ogòb b{{|xbgkl og{|xbgkl kdjqbgy mojopl dcclx{

dxnjlg{ kdjqlg{bpodg qdmoky'

JL@OKMBOJ QDMOK_

Jlòkmboj qdmoky o{ dcclxl` pd ogòso`|bm{ bg` ixd|q{' Op kdslx{ pfl fd{qopbmoubpodg cdx

ò{lb{l{ cdx {okngl{{ bg` cdx oge|xol{' Pfl jlòkbm lvqlg{l{ omm hl xlojh|x{l` oc pfl

og{|xl` o{ b`joppl` og pfl fd{qopbm cdx b jogoj|j `|xbpodg dc 80 fd|x{' Kd{p dc pxlbpjlgp

ogkm|`l{ kdg{|mpbpodg cll dc `dkpdx{- kd{p dc jlòkogl bg` fd{qopbmoubpodg kfbxil{' Flbmpf

og{|xbgkl og Ogòb o{ bsbombhml bp slxy lkdgdjokbm xbpl{' Op o{ slxy qdq|mbx bjdgi

qxdcl{{odgbm{ monl- lgiogllx{- kfbxplxl` bkkd|gpbgp- b`sdkbpl{' Op o{ bm{d {|opbhml cdx lmc

ljqmdyl` qlx{dg b{ op kdslx{ xo{n bibog{p {lslxbm ilglxbm bg` {lxod|{ ò{lb{l{'

GLY COGBGKOBM QXD@\KP[ BG@ [LXSOKL

Og pfl{l `by{ dc kdjqmlv cogbgkl qldqml lvqlkp cogbgkobm {lxsokl kdjqbgy pd qmby b slxy

`ygbjok xdml gdp dgmy b{ b qxdso`lx dc cogbgkl h|p bm{d b{ `lqbxpjlgpbm {pdxl dc cogbgkl'

Yopf pfl dqlgogi |q dc lkdgdjy o'l'- og pfl MQI xliojl pfl lgpxy dc j|mpogbpodgbm{ cxll

jbxnlp- bg` kdg{|jlxo{j x|mogi pfl jbxnlp {lgpojlgp{ b{ b xl{|mp pfl kmolgp{ hdpf

ogòso`|bm{ bg` kdxqdxbpl lvqlkp{ j|mposbxod|{ cogbgkobm {lxsokl bg` pfl {lxsokl qxdso`lx{

pd oggdsbpl gl qxd`|kp bg` {lxsokl {d b{ pd jllp pfl sbxod|{ xlr|oxljlgp{'

B{ b xl{|mp dc oggdsbpodg gl og{px|jlgp{ gl qxd`|kp{ bxl ljlxiogi og pfl kbqopbm jbxnlp

bg` pfl jdgly jbxnlp bxl ilppogi o`lgl`' [djl dc pflj bxl

2' Jlxkfbgp hbgnogi b jlxkfbgp hbgnlx o{ b cogbgkobm ogplxjlòbxy fd flmq{ og

pxbg{clxxogi cxdj pfd{l fd qd{{l{ op pd pfd{l fd gll` op' Jlxkfbgp hbgnogi

ogkm|`l{ b o`l xbgil dc bkposopol{ {|kf b{ jbgbiljlgp dc k|{pdjlx {lk|xopol{-

qdxpcdmod jbgbiljlgp- qxdelkp kd|g{lmogi- bqqxbo{bm- |g`lxxopogi dc {fbxl{ bg`

`lhlgp|xl{- hbgnlx cdx xlc|g` dx`lx- fbg`mogi ogplxl{p bg` òso`lg` bxxbgp{ lpk'


19/22

8' Mlb{ogi B mlb{l o{ bg bixlljlgp |g`lx fokf b kdjqbgy dx coxj bkr|oxl{ b xoifp

pd jbnl |{l dc kbqopbm b{{lp monl jbkfoglxy dg qbyjlgp dc b qxl{kxohl` cll xlgpbm

kfbxil{'

;' Cbkpdxogi xlclx{ pd b qxdkl{{ dc jbgbiogi {bml{ xlio{plx dc b kmolgp hy b cogbgkobm

{lxsokl kdjqbgy' Pfl lgpoxl xl{qdg{ohomopy dc kdmmlkpogi hddn `lhp{ qb{{l{ dg pd pfl

cbkpdx{'

0' K|{pdòbm {lxsokl |g`lx pfo{ b cogbgkobm ogplxjlòbxy jbogmy qxdso`l {lxsokl pd

kmolgp{ cdx b qxl{kxohl` cll monl {bcl nllqogi dc cogbgkobm {lk|xopol{ bg` kdmmlkpodg dc

ogplxl{p bg` òso`lg`{'


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0' [bq{ {bq xlclx{ pd b pxbg{bkpodg flxl b cogbgkobm ogplxjl`obxy h|y{ bg`

{lmm{ b {qlkocol` cdxloig k|xxlgky {oj|mpbgld|{my cdx `occlxlgp jbp|xopy `bpl{'


21/22

pd hbgn{ og pd by{' Cdx lvbjqml lgkb{fogi b kflr|l jby pbnl ml{{ pfbg < jog og

dgl hbgn h|p bgdpflx hbgn jby pbnl 2< jog'

QLXO[FBHOMOP_

@lixll dc Qlxo{fbhomopy `lqlg`{ dg pfl pyql dc {lxsokl k|{pdjlx{ qlxklosl jbgy

cogbgkobm qxd`|kp{ pd hl mdgi plxj kdjjopjlgp' Bg og{|xbgkl qdmoky qlxo{fl{ pfl

jog|pl op lvqoxl{' C|xpflx qxd`|kpodg bg` kdg{|jqpodg o{ cxlr|lgpmy gdp {oj|mpbgld|{

opf cogbgkobm {lxsokl'

KDGKM\[ODG

Cogbgkobm ogplxjlòbxol{ qmby bg ojqdxpbgp xdml og cogbgkobm {y{plj pfly qxdso`l b

fdml xbgil dc cogbgkobm {lxsokl pd jllp pfl sbxol` gll`{ dc pflox kmolgp{' Pfl cogbgkobm

ogplxjlòbxol{ bkp b{ cbkomopbpdx{ cdx {jddpfc|gkpodgogi dc pfl {y{plj' Pfly bm{d

qxdso`l {lxsokl dg sbxod|{ o{{|l{ xbgiogi cxdj xl{px|kp|xogi pd òslx{ocokbpodg qmbg'

COGBGKOBM [LXSOKL[ OG OG@OB

Pfl cogbgkobm {lkpdx cbkl{ jbgy dh{pbkml{' Cdmmdogi bxl {djl dc pfl kdg{pxbogp{ dc

Ogòbg cogbgkobm {lxsokl'

2' Mbkn dc l`|kbpodg bjdgi ogsl{pdx{ pfl ogpxd`|kpodg dc gl cogbgkobm qxd`|kp omm

hl |{lml{{ oc pfl ogsl{pdx o{ |gbbxl dc b sbgpbil{ bg` |{l{ dc gl qxd`|kp{'

8' Mbkn dc {pbg`bx oubpodg cogbgkobm {lxsokl og{pop|podg{ fbsl pd dcclx b o`l xbgil dc

{lxsokl bg` {d op o{ slxy òccok|mp pd bxxosl bp {pbg`bxòul` cogbgkobm {lxsokl'

;' Ogb`lr|bpl bg` qddx r|bmopy dc ogcdxjbpodg pd pfl |{lx pfl |{lx{ bxl lopflx

qxdso`l opf ogb`lr|bpl dx opf qddx r|bmopy ogcdxjbpodg op o{ foif pojl pfbp pfl

cogbgkobm {lkpdx dqp{ cdx hlpplx mlslm dc pxbg{qbxlgky bg` c|xpflx pfl ò{kmd{|xl

xlr|oxljlgp{ {fd|m` hl og bkkdx`bgkl opf ogplxgbpodgbm {pbg`bx`{ {d b{ pd lg{|xl

pxbg{qbxlgky'

0' Mbkn dc xl{lbxkf jd{p dc pfl cogbgkobm ogplxjlòbxol{ `dl{ gdp pbnl |q xl{lbxkf

bkposopy {lxod|{my' Qxdqlx `bpbhb{l gll`{ pd hl jbogpbogl` bg` xlklgp `bpb {fd|m` hl

pbnlg ogpd kdg{o`lxbpodg {d b{ pd pbnl {d|g` cogbgkobm `lko{odg'


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Cogbgkobm {lxsokl xlr|oxl{ f|il bjd|gp dc foif r|bmopy mbhd|x pd `lbm opf pfl

ogcdxjbpodg bg` pd kdjj|gokbpl opf pfl jbxnlp' Pfl pyql dc mbhd|x xbgil cxdj

qlxcdxjogi {ojqml pb{n{ pd pfd{l |g`lxpbnogi kdjqmlv bgbmy{o{ bg` glidpobpodg{ xlr|oxl

qxdqlx pxbogogi bg` lvqlxolgkl' Pfl ojqdxpbgkl dc mbhd|x kd{p bg` pfl xdml dc f|jbg

ogq|p{ gll` pd hl `lslmdql`' Pfl cogbgkobm {lxsokl qxdso`lx{ fbsl pd jbnl lvpxb lccdxp{

pd bppxbkp- jdposbpl bg` xlpbog pfl f|jbg xl{d|xkl{ og dx`lx pd {|xsosl ixd bg` {lxsl

hlpplx pd `lmoifp pfl k|{pdjlx{ bg` qxd{qlx og c|p|xl'

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Financial Services- Main Paper

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