July - September 2019 C;,?Î>ǏǳǹƕǩǑǳǹǵǳǥǯ >,>}2G!¨.0 Corporate Album

A4> ǆ?:&.2• July - September 2019 C;,?Î>ǐǲǸǶǨǒǲǸǵǱǤǯ >,>}2G!¨.0 Corporate Album

Bank enters into MoU with Pine Labs

Our Bank entered into MoU with Pine Labs, India’s leading merchant platform, to commemorate the beginning of business partnership on bank’s 112th Foundation Day. The objective of this collaboration is to provide the affordable solution to debit card holders of BoB by way of POS based EMI solutions as well as to the merchant segment by way of Fintech lending solutions based on POS linked digital transactions. The MoU was signed by our MD&CEO Shri P S Jayakumar and Shri Vicky Bindra, CEO, Pine Labs Pvt Ltd in the SUHVHQFHRIRWKHURIÀFLDOV

2>ćŧ@1ŝ&.Ĝ½G%@0|.K?04>:7ĝ2>/>9>,A2®>2

. Y .WL(> K 2>ćŧ@1ŝ& .Ĝ ½ G%@ 0|79 ƣơƢƩǆƢƪ 0| ǣǂ/>?970|2>/>9>>1>71*0|GĈ>1?*,>(*;G&A/>2& :2>2½2>/>9>½?&,A2®>21K*>Ŋ&&Ð'0,A2®>2Ð>ÿ ĨƟ1;,A2®>2?(*>ƢƥƟơƪƟƣơƢƪK?7>*/7*Ɲ* ?(Ă@ 0|1K?&>1É00|;0>2G>1,>4?*(G8@8>?&4>4H**G 0>**@1ŊÏ@1C;0Î@@?0&8>;:GC;2>10Î@ý1@?*1>*( 2>12@@Ɵŝ%2Gï@½¦20>01@ ,§®'?&0|Ð>ÿ?1>Ɵ

.ý>2>Ë@?#?!4 4G!->0ǣ.WL(>?:>*ǂ>8A/>2/

ŝ9Ĝ½?7?/þ7¬1&>ĜK,B2>2*GŊ?4Ë%@,;4Ŋē,0|.ŊË@?#?!4 4G!->0`.WL(>?:>*,ǂ>8A/>2/;0>2GÐ.)?*(G8 70A1>1,>4?)>2@@,@:1Ř0>2ý>2>?(*>ƣƢƟơƪƟƣơƢƪK.>2#K4@Ɲ:B2&0|?1>1>Ɵ.WL(>?:>* 4G!-I07G.)>¦2&,K!4;H?:G 0K.> 4:G/@:G:?1>>:&>;HƟ :7:2,2;0>2G>1,>4?*(G8@?7É0>?(1?:;@@Ɲ0;>Ð.)ǆ:@:@@.@2,!G47@2K?;&,!G4Ɲ @Ŋ7@&A4:@.>7>4G&'>.WL(>4Ŋ4Ð0A@Ð(@,@7>®&7:?;&1 ?)>2@7.W@:1>0|?:>* ,§®'&'GƟ

2 A4> ǆ?:&.2ƣơƢƪ 8>?&4>4H*ƠǛǫǤǱǷǬǔǤǯǒǤǬǱ >1,>4?*(G8>:(G8ƠǍǻǨǦǸǷǬǹǨǌǬǵǨǦǷǲǵǂǶǕǨǶǶǤǪǨ ?Ð1.WL?(1*>GƝ Dear Barodians, I am happy to connect with you all and Ɠ.I.0Î@ƓH :Ŋ 0>10:Ŋ ,:/@:G G W*A 2,*G ?7>2:> >2*G ,2G share my thoughts through this issue of 0A G1&Ð:þ&>;K2;@; HƟ “BOBMAITRI”. :7Ð'0Ɲ0 ?:& .2ƣơƢƪK:0>ÿ?&0>;@ ,¦2%>0,Ŋ :>':> >2*>>ĩŊ >Ɵ I will begin with the results for the quarter Ƥơ?:&.2ƝƣơƢƪK. > 4«17:>1ĒƟŘ ƢƦƝƤƢƝƥƨơ2KW2;>?:0Ƥơ| ending September 2019. Total Business of the Bank stood at INR 15,31,470 crore ?:&.2ƝƣơƢƩ ĒƟŊ ƢƥƝƪƥƝƧƪƦ2KW:G 74ƣƟƦƖ½7Ŋ ?÷Ĩ ;C ƟƤơ?:&H .2Ɲ as on September 30, 2019 which is up ƣơƢƪK2G4B0>2>?8ƥƟơƖ.X2ĒƟƨƝƩƤƝƥƪƣ2KW2;@K?Ƥơ?:&.2Ɲ by only 2.5% from INR 14,94,695 crore ƣơƢƩKĒƟƨƝƦƤƝơƥƧ2KW'@Ɵ;0* ä4>&7>4@.¨0>2>?81ĜK0G as on September 30, 2018. Domestic 2*G ?4:K@ǆ:0 @2%*@?&,*> ;Ŋ 2>:>7H ¦2! 40@1>(@0>2>?81ĜG Deposits stood at INR 7,83,492 crore as on September 30, 2019 up by ,21>*?Ï&Ō 22;;G ?: ,¦2%>0®7ē,;0>2@2Ŋ G4B>:>0>2>?81Ĝ079| ǆ(2ǆ 4.0% from INR 7,53,046 crore as on September 30, 2018. We have been following a conscious strategy of reducing high cost bulk deposits and 79ƨƟƦƖ½7?÷Ĩ ;C ƟƤơ?:&H .2ƝƣơƢƪK 42Ř G4B0>2>?81Ĝ0>:>0>2>?8| concentrating on CASA and retail term deposits. As a result, domestic ƤƨƟƪƖ2;@Ɵ;0,*| >:>K.X>*>;K>1Ĝ?;0>2G :0.G Ĝ½& 4*>0A ;0>2>| CASA deposits registered a growth of 7.5% Y-o-Y. Share of CASA deposits >:>Ð?&8&.Ĩ&0;HƟ to total domestic deposits stood at 37.9 % as on September 30, 2019. We need to increase CASA as our CASA percentage is much lower than (B:2@&2-Ɲ;0>22G G4B?Ë0Ĝ0| 74Ŋ ƣƟơƖ½7?÷Ĩ ;C KĒƟH ƦƝƣƣƝƪƥƪ2KW our peers. :G.X2Ƥơ?:&.2ƝƣơƢƪKĒƟ ƦƝƤƤƝƢƨƥ2KW;K;Ɵ1;. ? üK½Œ On the other hand, domestic advances grew by only 2.0% to INR :&7?÷ƩƟƩƖ:C >-½0;G Ɵ&?Ë0Ĝ0H .| ½.>>2?;®: (>2@0>G ƝƣơƢƪ 5,33,174 crore as on September 30, 2019 from INR 5,22,949 crore. This ŊƧƟơƥƖ:!2?:&G .2ƣơƢƪ0 ƦƟƩƩƖ2; ;| Ɵ;>H ¦2! 4?Ë0Ĝ0G 79| ǆ is far lower than the average industry growth of 8.8%. Hence, market (2ǆ79)>2,2ƢƧƖ½7 ?÷Ĩ ;C 7;º1:H 0G !Ĝ>>1| ?*,>(*>*;º share of the Bank in advances has declined to 5.88% in September, 2019 from 6.04% in March, 2019. While retail advances increased by 16% 2;>;Ɵ;0:/@K,*H 4¸1ĜKÐ>ÿ2*G Ɲ?78G 9ē,:G 0:0 2G ?9ŝ Î,2G on Y-o-Y basis, other segments have underperformed. Each one of us 1>*?Ï&2*>>?;Ɵ *Ō ÎĜ0G %?7®&>2:| .G ½?' §®'?&K: )>2*A G should concentrate on achieving our targets, particularly in MSME and 0|/@0((?04@ƟG agriculture sector. Access to credit in these segments will go a long way .?2 %&,ĨŒ .X>* G öŊ ¬1:G />2&:2>2*G *?7>22:G >70>A * G in improving the state of the economy. Ŋ?4,2>08»>18>4>1K?&2>1@; Ɵ1 >1G 8>4>. ®&2,22 :.>(Ŋ In order to push access to banking and credit, the Government of India launched Consultative Workshops for generation of new ideas and :4.@:@®&2,21K?&½ ?*0-½¨#®&2,2Ð>ÿ?7>2Ĝ2:| >7ĜA suggestions. Workshops were held within the bank and then at the SLBC ,2.>2@½:>G ½ Ɵ;0:/@* *0G />?41>Ɲ *:| >7Ĝ0A 1>(>&2:| >7A OHYHO ZKHUH LGHDV DQG VXJJHVWLRQV JHQHUDWHG DW WKH ÀHOG OHYHO ZHUH «1>7;>¦2;K-½¨#7 I,ĝ2 !(K*Ĝ®&2Ĝ,24>G ?>*B ;G Ɵ discussed threadbare. All of us participated in the same, many of these VXJJHVWLRQVDUHSUDFWLFDODQGWREHLPSOHPHQWHGERWKDWÀHOGOHYHODQG (B:2@?&0>;@. ƢƢƣ7Ŋ ®'>,*>?(7:| 1K*Ŋ :>'?&?7?),Ŋ B%2;@ƟÎƝG corporate level. 42I,ĝ2!®&2,2?7?/þ«17:>1?7>:?&?7?)1Ĝ>1K*?1>1>ƟG The second quarter was eventful as the Bank celebrated its 112th .*?7?/þÐ?É1>ĜK.G ?-:Ɲ?¡!?:!@Ɲ>H )@*20 | Ï@Ō &2*ŝ ½G foundation day. Several business development activities were organized ?(8>02Ð?&½;| Ɵ.H * Ð0G *.@-:@Ơ-:@A :>':0 L&>>,*Ĝ,2Ŋ at Regional, Zonal and Corporate level. The Bank also made further ;®&>22,*>1ĞK*1>1>0?(1>;G HƟ SURJUHVVRQFHQWUDOL]LQJSURFHVVHVDW%DFN2IÀFH*LIW&LW\*DQGKLQDJDU Bank also carried forward the journey on co-origination by signing MOUs .* G (2>A 20: Ë>;Ĝ?4,;4@.>2.>Č.Ŋ 0>| )>¦2& % ,>( with leading NBFCs/ HFCs. ½8ē&½;A Ɵ.>Č.H 0>| ē,0Ŋ .| * />2&@1¦2V7G . ½2 ,K(2KG *>A The Bank introduced an external benchmark linked loan product for ;HƟ:>';@Ɲ?(*>ơƢƟƢơƟƣơƢƪ: :/@¦2!G 4 % ,>(ĜK.WL(>2G ,K?4G )>2 UHWDLO DQG 06( FXVWRPHUV IRU WKH ÀUVW WLPH 7KH %DQN KDV FKRVHQ 5%,·V (2ƙ.@2442ƚ*>0.>Č.0>| ¢1>(2: ?4G ?1>1>; Ɵ :H 4>7>Ŋ Repo rate as the external benchmark. Going forward, all the Retail Loan products have been linked with external benchmark rate of interest 7>: %271?Ú %H ?4,@:.@Ʀƪ,K!Ŋ 4K/@4> 7?1>1>; HƟ called as Baroda Repo Linked Lending Rates (BRLLR) w.e.f. 01.10.2019. .*?:>*Ĝ½?7?/þ7¬1&>ĜK,G 2>2*B G ?4 þ&Ŋ ?9?#?!4ŝ Apart from this, PSB59 portal has also been made live for Home Loans 4!-I0G ǆǃ.WL(>?:>*Ǆ>8 />2A /?1>; Ɵ1;7H .ǆ)>¦2&,K!G 4; ?:H G and Personal Loans. 0K.> 4,2:>*@:G ::?1>>:&>;G Ɵ1;0K.> 4 4H !-I0G 4 ?# , G ē,Ŋ %DQNODXQFKHGDSRZHUIXO$JUL'LJLWDO3ODWIRUP´%DURGD.LVDQµWRIXOÀOO 0|0*! 4:0K.> 4? 4G 8*½0LŊ (>:B ?7)>> ,1K2A >Ɵ1; 4G !-I0G various needs of farmers. It is a web-based portal which can be easily accessed on mobiles. The mobile platform will use the existing feature A2>&2>102| /?1>1>; 22%.÷&2@H :Ŋ :G 12>1Ĝ0G /@8| Aē of M Connect Plus mobile application as a landing page. This platform ?1>>>Ɵ has been started in Gujarat and will be rolled over to other states in a .:0?7ü0>*Ŋ *L?&1Ĝ0A §®4,| K02*>7G 7:B4@K.X>*>/@8>?04 phased manner. One of the challenges faced by the bank is reducing the slippages and ;HƟ§®4,*G ,>&A *ƝƣơƢƪ?&0>;@B ƤƟƦƧƖ½&Ŋ 4*>0A .X2?:&| .2ƝƣơƢƪ increasing the recoveries. The slippage ratio remained elevated at 3.95% K:0>ÿ?&0>;@0ƤƟƪƦƖ;K1>;| Ɵ7:H 4@2,ËB G#G8*>2%*,@0Ŋ 0@| for the quarter ending September, 2019 compared with 3.56% for the 1@;H ?:>®&2*ƝƣơƢƪ0B ĒƟƣƝƣƣƩ2KW:| .X2?:&G .2ƝƣơƢƪ0 ĒƟ| quarter ending June, 2019. Reductions from NPAs in the form of recovery ƤƝƧƥƪ2KW2;>;Ɵ!@#¢¨1H >&Ĝ0B 7:| 4@/@B *ƝƣơƢƪB ĒƟƣơƤ2KW:Ŋ G and upgrades have increased to INR 3,649 crore in September 2019 .X2?:&.2ƝƣơƢƪ0 ĒƟƥƧƦ2KW2;@;| HƟ from INR 2,228 crore in June 2019. Even recovery from TWO accounts has increased to INR 465 crore in September, 2019 from INR 203 crore in ;0,*| >:>K.X>*G 2*§®4,G K2K*G G :>'ǆ:>',*Ŋ 7:G 4@B Ð1>:ĜŊ June, 2019. 0|&@4>*@;K@Ɵ;0G 1;/@:| ?*?¬&2*>;K>?;0?*10Ĝ:A .÷2;&G Ĩ?)G We need to increase CASA and contain fresh slippages and increase our :G?)0:0 >&ĜK,*:A 2?&2 |Ɵ recovery efforts further. We also need to make sure that we restructure as many MSME accounts under dispensation available from the regulator. &0Ɲ0| ?*)> ¦2&:01:@0> /@&2:0>0Ŋ 4*?&?7?)1ĜK,G 2>2*B G ?442;@Ŋ Finally, I compliment you all for collaborative spirit displayed during the ½2%Ð?É1>0,½:;1K,| B%/>7*>Ŋ ?4,:/@>/>2«1Ú2&>ĩƟ ongoing integration process leading to completion of amalgamation ,Ð1>:Ĝ0Ŋ :-4&>| ?4,:/@K;>?(Ŋ 8 />0*>A Ɵ activities within the set timelines. Wishing you all the very best in your efforts. 8>?&4>4H* Shanti Lal Jain

July-September 2019 3 :,>(0#4Editorial Board :0| >1>2@:,>(ƠǍǻǨǦǸǷǬǹǨǍǧǬǷǲǵ 2>G8*80>ǚǲǶǫǤǱǛǫǤǵǰǤ Contents ?791ƿ7®&AÐ.)*!@0 ǋǲǱǷǨǱǷǕǤǱǤǪǨǰǨǱǷǜǨǤǰ A4> ǆ?:&.2ȉǒǸǯǼǆǛǨǳǷǨǰǥǨǵƣơƢƪ >GƟŊƟ>H4ǗƟǓƟǓǤǸǯ

:1ŘŘ0>2ǛǤǱǭǤǼǓǸǰǤǵ A4> ǆ?:&.2• July - September 2019 03 >1,>4?*(G8>:(G8 2>)>>&0>'A2ǚǤǧǫǤǮǤǱǷǕǤǷǫǸǵ 05 >1>2@:,>(½40:G ŊƟ.@ƟA &>ǓƟǊƟǏǸǳǷǤ 06 ǏǵǨǨǱǊǲǱǧǶǆǉǛǷǨǳǜǲǺǤǵǧǶǏǵǨǨǱǘǯǤǱǨǷ ŊƟ@Ɵ>G14ǓƟǏƟǏǲǼǤǯ 10 ǊǤǱǮǋǨǯǨǥǵǤǷǨǶƢƢƣthǎǲǸǱǧǤǷǬǲǱǌǤǼ :0@2*>2ǛǤǰǨǨǵǖǤǵǤǱǪ 12 ?78G9:>>>2ǆ@0&@,>?,1>:G*Aÿ>Ɲ 8H4GÏ?:;ǛǫǤǬǯǨǱǧǵǤǛǬǱǪǫ ,B7>1,>4?*(G8 C;,?Î>ǐǲǸǶǨǒǲǸǵǱǤǯ 20 1>:>7?*GÎŊ.K>?7417¬1;Hư :,>(ƠǍǧǬǷǲǵ 22 :>>>2ǆ@*>G8@7>®&7Ɲ0;>Ð.) ,A*@&Ř0>2?0ǘǸǱǬǷǓǸǰǤǵǕǬǶǫǵǤ ƙ:G7>?*7Cƚ 23 ǜǫǨǁǌǂǎǤǦǷǲǵ :;>1:,>(ƠǉǶǶǬǶǷǤǱǷǍǧǬǷǲǵ 30 ,1>72%:2%0|1½/B?0> 0;@,>4>H;>*ǕǤǫǬǳǤǯǋǫǤǸǫǤǱ 31 *A8>:*>0>17>;@ǆÐ?É1>7:0Ð>?)>2@ 34 :>>>2ǆ@2>GÏŘ0>2Ɲ0;>Ð.) :;1>GGƠǉǶǶǲǦǬǤǷǨ ƙ:G7>?*7Cƚ ?.É0?:;ǊǬǮǵǤǰǛǬǱǪǫ 42 A(2> %0|)K>)W@2K*GŊ ,>1 43 ǘǵǲǷǨǦǷǼǲǸǵǰǲǱǨǼǩǵǲǰǼǲǸǵǶǨǯǩƒ 4:7>((>&>ƿǢǲǱǤǯǋǲǵǵǨǶǳǲǱǧǨǱǷǶ 44 :>>>2ǆ@2>G8Ř0>2Ɲ0;>Ð.)ƙ:G7>?*7Cƚ * ?(¨4@ ǖǨǺǌǨǯǫǬ 0>G?*>?:; 48 ŋ?,!4G:>&>1>G*> 0A. ǕǸǰǥǤǬ 2G¬0>4>72 50 :>>>2ǆ@2>Ŋ8Ř0>2/>?!1>Ɲ0;>Ð.) ;0(>.>( ǉǫǰǨǧǤǥǤǧ 7(*>H* .WL(> ǊǤǵǲǧǤ 02:>7 ƙ:G7>?*7Cƚ 1,A2 ǒǤǬǳǸǵ Ð@?&2> & 55 1>Ðŝ?&½½0&,2?7>::/7;Hư 4* ǔǸǦǮǱǲǺ ?(*G8?04 K4>&> ǓǲǯǮǤǷǤ #I?1>0.G0.G0(G7@ 57 Ð)>*0Î@01K@0>*)*,|8*1K*> ,!*> Patna (*70> 58 /K,>4 ǊǫǲǳǤǯ :K0GÏ1>(7 ǍǰǨǵǪǨǱǦǨǤǱǧǩǸǷǸǵǨǲǩǚǲǥǲǤǧǹǬǶǲǵǼ GþH ǋǫǨǱǱǤǬ >H2@7@0 ǬǱǑǱǧǬǤǱǟǨǤǯǷǫǕǤǱǤǪǨǰǨǱǷǑǱǧǸǶǷǵǼ .|4Aē ǊǨǱǪǤǯǸǵǸ :A?0,@1B 61 ?-*!Gǆ ú77A*>H?&1> ,A%G ǘǸǱǨ *A?0&>?:; 0G2" ǕǨǨǵǸǷ ?0&>H)2@ 62 :>>>2ǆ@,@*0G;2KÎ>Ɲ0;>Ð.) W@X ǋǫǤǱǧǬǪǤǵǫ ®7>&@">Ř2 ƙ:G7>?*7Cƚ 2>>G! ǚǤǭǮǲǷ Ï7@2?:;2>">HW 0|4AĒ ǕǤǱǪǤǯǸǵǸ 2>G¬72@,@ 65 ,(>G*?&1> ;H(2>.>( ǐǼǧǨǵǤǥǤǧ (@8Ð:>(

. Y .WL(> Ŋ ?4 ,A*@& Ř0>2 ?0Ɲ :;>1 0;>Ð.) ƙ2>/>9>ƚý>2>Ð)>*>1>41Ɲ.WL(>/7*Ɲ2:@(2K#Ɲ4>,A2@Ɲ .WL(>ǆƤƪơơơƨ:G:,>?(&7Ð>?8&Ɵ .>E.0HÎ@Ɲ.>EY.W>H(>Ŋ:/@0>¦21>|0|?*8A¨?7&2%Ŋ?41G>2@½>&@;HƟ :0|«1Ú?7>2>|:G -K**ƟǆơƣƧƦƣƤƢƧƦƩƢƝ ǆ0G4ƫ[email protected] .>:;0&;>G*>>7¬1*;º;HƟ Edited and published by ǘǸǱǬǷǓǸǰǤǵǕǬǶǫǵǤƝǉǶǶǬǶǷǤǱǷ BOBMAITRI is issued for free distribution to all employees of Bank of Baroda. The views expressed in ǏǨǱǨǵǤǯ ǕǤǱǤǪǨǵ ƙǗǩǩǬǦǬǤǯ ǔǤǱǪǸǤǪǨƚ for Bank of it do not necessarily represent those of the Bank. Baroda at Head Office, Baroda Bhavan, R C Dutt Road, Alkapuri, Baroda - 390007. Phone No. - 0265 2316581, ē,>*70AÏ%:E,?Ð!:>G¨1A8:Ð>Ɵ?4ƟƝƣƩƝ4¸0@ #®! @14 ®!G!Ɲ:Ɵ*Ɵ,'Ɲ4>G2,2G4ƙ,ƚƝ E-mail : [email protected] 0A. ǆƥơơơƢƤƝ0;>2>! Ɲ/>2&Ɵ Ǜǉǘ ǘǵǬǱǷ ǛǲǯǸǷǬǲǱǶ ǘǹǷƟ ǔǷǧƟ 4 A4> ǆ?:&.2ƣơƢƪ Designed & printed at , 28, Lakshmi Industrial Estate, S. N. Path, Lower Parel (W), Mumbai-400 013. Maharashtra, India. >1>2@:,>(½40:G/ǜǫǨǍǻǨǦǸǷǬǹǨǍǧǬǷǲǵǛǳǨǤǮǶ 2K8*80>Ɲ>1>2@:,>(_Roshan Sharma, Executive Editor ?Ð1,>">GƝ Dear Readers, .½;,?Î>.I.0C Î@H >1Ŋ >2@: ,>( I am happy to interact with you as Executive Editor of Bank's House Journal ‘Bobmaitri’ and present you the latest issue of Ŋē,0,:| :G 7>(2& Ĩ2,?Î>>G the magazine. Apart from programmes conducted on Bank’s *7@*&0, :0Ð®&Ŋ &2&A Ĩ0G A G 112th Foundation Day and Hindi Day across the Bank, the 1& Ð:þ&> ;K 2;@ ;ƟH 1; ?&0>;@ . Ŋ TXDUWHUZDVIXOORIGLYHUVLÀHGDFWLYLWLHV7KLVTXDUWHUZDVDOVR ƢƢƣ7®'>,*>?(7:2?;(@?(7:>1| É0Ĝ PRPHQWRXVIRUWKHUHDVRQDVRXU%DQNUHFHLYHGWKHÀUVWSUL]HIRU the third consecutive year under the "Rajbhasha Kirti Puraskar" Ŋ:>'?789?&?7?)1Ĝ:G ,¦2,G B%2;@;Ɵ1;H scheme of Govt. of India for outstanding performance in the ?&0>;@;0>2?4 :?4/@:G (2;@?;0>2A G DUHDRI2IÀFLDO/DQJXDJH,PSOHPHQWDWLRQ .K2>/>9>>1>71* Ŋ Î0G | Ĉ>1G ?*,>(*; G&A/>2&:2>2½ With a robust operational network and dedicated workforce, 2:ǃ2>/>9>½?&G , 2®>2Ǆ1K*>A Ŋ & &4>&>2&@:2@.>2Ð'0 our Bank is steadily moving towards business development ,A2®>2Ð>ÿĨƟ under all segments. The Bank's transformation journey continues unabated and all products and processes of ;0>2>.,* 0.G &,¦2>4*&*B !7G 2:0?, &>1 .4½:;>1&> amalgamated entity are being streamlined. Along with a :G«17:>1?7>:;20KŊ ,2&} @:G Ë:2;G Ɵ.H ½ē,> &2%1>Î> VLJQLÀFDQWWKUXVWRQ13$UHFRYHU\RXUWRSPDQDJHPHQWKDV ?*2&2>2@; 2:0>0H 4*G .>(:0Ŋ ?& > G :0Ë,¦2>4*0Ŋ | always been focusing on asset quality and to increase Bank’s CASA. While improving digital access of its products and ,>(Ĝ2Ð?É1>ĜK:«17§®'&?1>>2;>;A Ɵ;0>2>8@9H Ð. )* processes, the bank is constantly working towards providing §®&%7>2>:>0A 7| ?÷2*C G :>'ǆ:>'*,@7:Ŋ 4@,2?78B G9 excellent services to its customers. Hence, it is the duty of each ē,:1>*G §Ï&22;>;Ŋ Ɵ ,>(Ĝ2Ð?É1>ĜH ?#?!4@2%Ŋ Ŋ RQHRIXVWRSURYLGHIXOOVXSSRUWDQGFRPPLWPHQWWRIXOÀOOWKH :>';0?*2&2Ë>;ĜK ć:ŝ 7>G Ð(>*2* ½?(8>0G Ð1>:2&;| Ɵ aspirations of the Bank to remain always on the forefront in &ƫ;0:/@>1;&«1; ?.H ? üK0Œ Ë%@.*| 2;*G ½.G ½ the industry. >>ĜK, 2>2*B G ?4,Ŋ B%Ð?&.÷&>2:0'*Ð(>*2 |Ɵ In this issue of BOBMAITRI, we have prominently published the highlights of Foundation Day and Hindi Day celebrations .I.0Î@H :Ŋ 0 ;0*| ,G B2G(80G 1K?&®'>,*>?(7:&'>?;(@| organized across the Bank. Information about various tie-ups ?(7: :0>2K; ½ 4?1Ĝ K Ð0&>A :G Ð>?8& ?1> ;ƟH ?&0>;@ Ŋ made by the Bank during the quarter and highlights of Bank's (L2>* . ý>2> ? ?7?/þ !> ǆ, Ŋ :>'ǆ:>' . Ŋ ?&0>;@ quarterly results have also been published in this issue. An article of Smt. Rachna Mishra 'Green Bonds - A Step towards ,¦2%>0ĜÐ0Ŋ A 8/@ : 0 Ð>?8&?;| Ɵ;0* :G 0 | Green Planet' has been published which will provide detailed @0&@2*>?0>>4G ǁǏǵǨǨǱǊǲǱǧǶǆǉǛǷǨǳǜǲǺǤǵǧǶ information about this product to our readers. Additionally, ǏǵǨǨǱǘǯǤǱǨǷǂÐ>?8&?1>;K,>"ĜK : ,>(H .>2Ŋ 0G ?7®&| C& article of Dr. S K Awasthi ǁ*8>:*>0A >17>;@ǆÐ?É1> 7 :0 >*>2@Ð(>*2>Ɵ :G 4>7> :Ŋ 0 Ð>?8&#IƟ:| 7®'@Ŋ Ð>?)>2@ǂ published in this issue will also be useful for our staff >4G ǁ*8>:*>0>1A 7>;@ǆÐ?É1>7 :0Ð>?)>2@ǂ:/@ members to understand this sensitive topic and will make them ®!>-:(®1Ĝ?4 :0;·7,Ŋ B%?791K:0 *0G ,1K@;K>2| aware about various processes of disciplinary proceedings. ;*| 8>:*>0A >17>;@ ½ ?7?/þ Ð?É1>Ĝ :G 7& 2>>Ɵ Further, Shri Deepak Kumar's article ǁ?,!4ŋ *G >&>ǂ will also be helpful to understand the salient features of this product. @(@,0>2>4Ř G ǁ?,!4ŋ *>&>ǂG : ,>(½?789&>ĜG Article of Ms. Reema Mukhopadhyay 'The D-Factor' has been K:0 *0G :;>1;K>Ɵ;0*| :G 0 :| @2@0>0A K,>1>1A 4Ŋ G included in this issue which will help the readers to remain ǁǜǫǨǌǆǩǤǦǷǲǵǂK/@8>?04?1>;K,>"ĜK&*>70H Ú2;*A 0G | stress free. The interview of our retired Executive Director Smt. 0((2>Ɵ?78G 9ē,:G ;0>2G 1G 7>.WL?(1*KA 4>/>'Ŋ ;0>2@: 7>?*7G C Papia Sengupta and General Managers, who have made invaluable contribution in the growth of the Bank, have been >1,>4?*( 8@0&@,>?,1>:G *G ÿ>20;>Ð.A )Ĝ :>>>2/@Ŋ SXEOLVKHGIRUWKHEHQHÀWRIRXU\RXQJ%DURGLDQV Ð>?8&?;?;Ĝ* .G ½Ð?&0 ,*>0;7,| B%1K(>*?(1>;HƟ Various reports, news, programmes, awards and accolades ?*1?0& I40Ĝ Ŋ & & ?7?/þ ¦2,K!Ɲ :0>>2Ɲ >1É0Ɲ :¤0>* 7 etc. have been published under regular columns. I am sure, ,A2®>2?(Ð>?8&?;Ɵ0 A G,B%?7¬7>:;?,K :H you will enjoy reading this issue which has been prepared with utmost care. Your feedback and suggestions are always K,X2*(>?: :G ,B%.*>*;G G&A,2>Ð1>:?1>1>;B Ɵ,H Ŋ helpful in improving the quality of this magazine. Please keep :A >77?/0& :,?Î>½ %7>0A :| )>24>*A 0G :(| 7:;>1;ĜH GƟ on contributing your creativities so as to make each issue ŝ,1>Ð1G ½?791ǆ7®& K2K2A %7>,2.*>2*A G Ŋ more interesting in terms of content and quality. ?4?*1?0&)>2,2,*@2*> / 2G ,?Î>0,*>1K(>*(| G&G2;|Ɵ *K/Ï>ƫÉ&7K1&?7¬7&ƫA *K/Ï>ƫÉ&7K1&?7¬7&ƫA Let noble thoughts come to us from every side. ;0:.2:| ¨1>%>2@?7>2Ð>ÿ;>G Ɵ| With seasons’ greetings, 8A/>0*>Ĝ:?;&Ɲ

2K8*80> Roshan Sharma

July-September 2019 5 UHFHLYH À[HG LQFRPH LQ WKH IRUP RI LQWHUHVW :KHQ WKH Green Bonds bond matures, the principal is repaid. In a way, green bonds are the same as any corporate bonds, in fact they are a subset of corporate bonds, where the use of -A Step proceeds are pre-allocated to a green activity. Rationale for Green Bonds Given the overall nature of green technologies that have Towards DQGDUHOLNHO\WRHQWHUWKHPDUNHWÀ[HGLQFRPHERQGVDUH SDUWLFXODUO\ZHOOVXLWHGWRÀQDQFHWKHPEHFDXVH 7KHVHWHFKQRORJLHVDUHODUJHO\FDSLWDOLQWHQVLYHÀ[HG Green Planet investments in nature. (2) The technologies generally tend to have low variable cost in the project lifetime. (3) They generate steady paybacks and low-risk revenue streams over long periods of time once the investments Green Bond's An Introduction are up and running. $ JUHHQ ERQG LV D ERQG VSHFLÀFDOO\ HDUPDUNHG WR EH Figure 1: Breakdown of Bank Green Bond issuance by used for climate and environmental projects. These Region bonds are typically asset-linked and backed by the issuer’s balance sheet, and are also referred to as climate bonds. *UHHQ ERQGV DUH LVVXHG LQ RUGHU WR UDLVH ÀQDQFH IRU climate change solutions. The key is that the proceeds go to green assets. They can be issued by central and local government, banks or corporations. The green bond label can be applied to any debt format, including private placement, securitisation, covered bond, and VXNXN ,VODPLF ÀQDQFLDO FHUWLÀFDWH DV ZHOO DV ODEHOOHG green loans which comply with the Green Bond Principles (GBP) or the Green Loan Principles (GLP). Source: S&P Global Green bonds are designated bonds intended to Green Bonds as an International Resource encourage sustainability and to support climate-related Long-term investment is a fundamental requirement or other types of special environmental projects. More LQ JUHHQLQJ LQIUDVWUXFWXUH %RQGV DV D ÀQDQFLDO VSHFLÀFDOO\ JUHHQ ERQGV ÀQDQFH SURMHFWV DLPHG DW instrument are particularly well suited to access HQHUJ\ HIÀFLHQF\ SROOXWLRQ SUHYHQWLRQ VXVWDLQDEOH WKLV ÀQDQFLQJ DV WKH\ PDWFK WKH VFDOH ORQJ WHQRU DJULFXOWXUH ÀVKHU\ DQG IRUHVWU\ WKH SURWHFWLRQ RI and low risk requirements of these institutional aquatic and terrestrial ecosystems, clean transportation, investors. sustainable water management and the cultivation of environmental friendly technologies. %RQGV DOVR UHSUHVHQW D ODUJH VKDUH RI JOREDO ÀQDQFLDO ÁRZV ZLWK DURXQG 86 WULOOLRQ RXWVWDQGLQJ JOREDOO\ Green bonds come with tax incentives such as tax The majority of these (around 75 percent) are issued exemption and tax credits, making them a more attractive in developed countries – mainly the United States (40 investment compared to a comparable taxable bond. percent). A natural destination for these funds, reliably This provides a monetary incentive to tackle prominent suited for the long term low carbon and climate resilient social issues such as climate change and a movement infrastructure, should be emerging economies like India to renewable sources of energy. To qualify for green where they could earn up to three times the return than ERQGVWDWXVWKH\DUHRIWHQYHULÀHGE\DWKLUGSDUW\VXFK they currently do at two percent. However, the current DVWKH&OLPDWH%RQG6WDQGDUG%RDUGZKLFKFHUWLÀHVWKDW allocation is vastly suboptimal. WKH ERQG ZLOO IXQG SURMHFWV WKDW LQFOXGH EHQHÀWV WR WKH environment. To attract capital at scale, the risk perception around low- carbon investments relative to other projects will need 6R LI VXPPDUL]HG *UHHQ ERQGV· DUH WKH À[HG LQFRPH to be lower. With every new Green Bond issuance, this ÀQDQFLDO LQVWUXPHQWV WKDW DUH OLQNHG WR SURPRWLQJ DQG hurdle becomes easier to cross as the market becomes implementing climate change and environment solutions. more comfortable with the technologies and the project With this instrument, the issuer of the green bond gets stability of these investments over the long term is better WKHFDSLWDOWRÀQDQFHJUHHQSURMHFWVZKLOHWKHLQYHVWRUV established.

6 A4> ǆ?:&.2ƣơƢƪ Figure 2: Green Bond Market on Rise since 2010 7KHVFDOHRIÀQDQFHUHTXLUHG Building climate-responsive infrastructure at this scale and speed is an unprecedented challenge. There have been a range of different short and medium-term assessments made about the investment needed. A few of these are given below to show the relative magnitudes. These estimates are largely based on investing in more of the same sorts of infrastructure that have already been built. According to the High-Powered Expert Committee appointed by the Ministry of Housing and Urban Affairs, DERXW86EQ ,15ODNKFURUHDWSULFHV LV required for the creation of urban infrastructure over the next 20 years. Out of this, about 44 percent was needed Relevance of Green Bond for Indian Economy for roads and 20 percent for services such as water supply, sewerage, solid waste management and storm The Indian economy is forecast to grow at seven to eight water drains. This excludes investment in infrastructure percent in 2018-19, the fastest rate of growth amongst the that service the cities’ needs like electricity grids and G20 countries. But India is still amongst the lowest quartile generation which is outside the city, or buildings which of nations in terms of per-capita income. People’s quality are funded by private developers. The Housing for All by of life is held back by, amongst others, the country’s 2022 programme aims to construct 20 million houses in inadequate infrastructure. VHYHQ\HDUVZLWKDVXEVLG\RI86SHUKRXVHWRFRYHU VOXP FOHDUDQFH H[SHQGLWXUHV DQG 86 SHU KRXVH We see that climate temperature goes on increasing. (net present value) for lower income focusing on 1049 This would be disastrous for humans, the environment towns and cities. and the global economy. To avoid this scenario, VLJQLÀFDQW LQYHVWPHQWV LQ ORZFDUERQ WHFKQRORJLHV 7KH*RYHUQPHQWRI,QGLDKDVHVWLPDWHGWKDW86WULOOLRQ and projects are needed. But where should the cash is needed to meet India’s ambitious targets for renewable come from? energy and urban sustainability over the next ten years – DURXQG86PLOOLRQSHU\HDU Countries across the globe committed to create a new international climate agreement by the conclusion of But a truly sustainable infrastructure investment strategy the U.N. Framework Convention on Climate Change would need to include costs of decarbonised transport (UNFCCC) Conference of the Parties in Paris in systems as an alternative to private cars like metro lines, December 2015. In preparation, countries have agreed EURDGJDXJHUDLOZD\V DQGHQHUJ\HIÀFLHQWEXLOGLQJV,Q to publicly outline what post-2020 climate actions they China, which has rolled out metro lines at the rate India intend to take under a new international agreement, might seek to, the costs of construction varied between known as their Intended Nationally Determined DQG PLOOLRQ \XDQ SHU NLORPHWUH 86 Contributions (INDCs). million/km). If India sets out to develop 1000 km of new Metro (equivalent to three more Delhi scale systems) India’s Nationally Determined Contributions FRVWVFRXOGHDVLO\UHDFK86ELOOLRQ (NDCs) includes pledges to reduce its emissions intensity—greenhouse gas emissions per unit of GDP by 7KH WRWDO EXGJHW RI WKH FHQWUDO JRYHUQPHQW LV 86 33-35 percent by 2030 below 2005 levels and it had also billion. As can be seen, the magnitude of the planned promised to ensure that at least 40 per cent of its energy investment programme is already a high proportion of in 2030 would be generated from non-fossil fuel sources, total government revenues. India’s transition needs to like solar, wind or bio-fuels. In addition, it had said it would VWDQGDW86WULOOLRQLQFOLPDWHDFWLRQWKURXJK6XFK rapidly increase its forest cover so that an additional a transformation of India’s economy will need a mixture carbon sink equivalent to 2.5 to 3 billion tonnes of carbon of local resources raised through user charges, successful dioxide is created by the year 2030. To achieve NDC tax collection and domestic savings, particularly from targets, India is setting out on a huge programme of pension funds and insurance. The other source is the investing in solar PV and wind with targets to have 175 international capital market. This will mean fundamental GW of installed Renewable Energy (RE) capacity by 2022; VKLIWV LQ KRZ WKH ,QGLDQ ÀQDQFLDO V\VWHP RUJDQLVHV LWVHOI this represents a 50-percent increase in India’s current to integrate risks comprehensively and allocate capital electricity generation capacity of 345 GW. India is also effectively. seeking to electrify its mass transportation system through The Indian Green Bond Market FRPSOHWLQJ WKH HOHFWULÀFDWLRQ RI LWV EURDG JDXJH UDLO India entered the green bond market in 2015 with the (16,500 km) by 2022, electrifying its vehicle stock between <(6 %DQN LVVXLQJ WKH ÀUVW JUHHQ ERQG IRU ÀQDQFLQJ WKH 2015 and 2017. The sale of Electric Vehicles (EVs) and renewable and clean energy projects particularly, hybrids saw an impressive seven-fold increase, rising from for wind and solar. Gradually, the green bond market 10,321 vehicles in 2015 to 72,482 in 2017. E-rickshaws have has expanded to several public sector undertakings, grown to an estimated 1.5 m.

July-September 2019 7 VWDWHRZQHG FRPPHUFLDO EDQNV VWDWHRZQHG ÀQDQFLDO The banking regulator, the Reserve Bank of India, has institutions, corporates, and the banking sector. The issued regulations and guidelines to define directed Climate Transparency’s Brown to Green Report 2017, lending to specified sectors and influence interest drew a comparison across the G20 countries in terms rates, exposure limits, security and other conditions for of their green bond issuance as a share of the country’s lending by banks. Priority sector lending, for example, overall debt market. According to them, among the ties 40 percent of aggregate bank credit to sectors *FRXQWULHV,QGLDUDQNVÀIWK7KLVKLJKOLJKWVWKHH[LVWLQJ including agriculture, energy, and Micro, Small & scale and future scope in the country to develop and Medium Enterprises (MSMEs). Priority Sector Lending grow green bonds as an instrument to accelerate green could play an important role in channelling green market penetration. finance but has proved to be largely inadequate and ineffective, calling for a systematic review to make it The interest in issuance in green bonds is not only visible fit for purpose. Because RE is within the energy sector, in terms of the growth of the Indian green bond market; for example, existing bank loans towards coal plants LWLVDOVRUHÁHFWHGLQWKHRYHUVXEVFULSWLRQVRIVRPHRIWKH has restricted lending to the RE sector to avoid over- bonds. This shows that not only are the issuers are showing exposure to energy assets. active interest but the investors are also attracted towards green bonds. The tax-free bond issued by the Among the capital market instruments, green bonds Indian Renewable Energy Development Agency Limited offer an opportunity to relieve pressure on banks’ (IREDA) in the year 2016 was oversubscribed by more balance sheets. They are fixed income securities than 5.1 times. whose proceeds go specifically to low carbon climate resilient projects. Also, the market regulator, Securities Figure 3: Top 10 fully-aligned issuer countries and Exchange Board of India’s (SEBI) new framework Source:climatebondsinitiative requires large companies (outstanding borrowing of INR 1 billion and with AA Rating or higher) to raise a fourth of their debt requirement via bonds. This will improve green bonds issuance too. Developing this market also has the potential to address the larger financial challenge. Indian bond markets are not deep (comprising five percent of GDP) and listings of Indian bonds on global financial markets tend to face exchange rate risk which hinders investors’ appetite. Inflation targeting along with other Reserve Bank measures can serve to lower volatility in the exchange markets—allowing India to calibrate its exchange rate depreciation to its stable current account deficit. Given these conditions, bonds become attractive to international investors at inflation-adjusted returns of up to four percent. Masala Bonds also have been a helpful innovation and large players like IREDA and NTPC have tapped this channel 'RPHVWLFVRXUFHVRIÀQDQFLQJJUHHQLQIUDVWUXFWXUH to issue green bonds. Masala Bonds are rupee- India’s large pool of domestic savings (30 percent of denominated borrowings issued by Indian entities in India’s GDP) is predominantly locked up in physical overseas markets. Masala means spices and the term assets and not opens to financial intermediation. Of was used by International Finance Corporation (IFC) to the household financial savings, more than half are popularise the culture and cuisine of India on foreign in the form of bank deposits which are short-term and platforms. The objective of Masala Bonds is to fund do not match the investment criteria for infrastructure infrastructure projects in India, fuel internal growth via projects which are typically high risk, have large borrowings and internationalise the Indian currency. upfront capital costs and pay returns after a long gestation period. The Masala bonds are directly pegged to the Indian currency. So, investors will directly take the currency risk Traditionally, commercial banks and Non-Banking or exchange rate risks. If the value of Indian currency Finance Companies have funded infrastructure falls, the foreign investor will have to bear the losses, projects making up 40 percent of the country’s total not the issuer which is an Indian entity or a corporate. infrastructure finance and 80 percent of the total If foreign investors eagerly invest in Masala Bonds or debt infrastructure finance in India. The lingering non- bring money into India, this would help in supporting performing asset troubles of the banking industry, the rupee. The issuer of these bonds is shielded against however, are likely to constrain this source severely the risk of currency fluctuation, typically associated in the future. Additionally, banks face an asset- with borrowing in foreign currency. liability mismatch (ALM) when they finance long- term infrastructure loans through deposits of shorter Barriers that Impede Green Bonds Growth maturity. While the green bonds segment has undoubtedly been

8 A4> ǆ?:&.2ƣơƢƪ successful in India over the last three years, especially such as infrastructure development. The energy for a nascent instrument, there is the possibility that it will VHFWRU KDV EHHQ D KXJH EHQHÀFLDU\ RI WKLV 7R soon peak or prove to be ineffective in advancing green increase their use for growing the green bonds growth, if certain steps and innovative solutions are not PDUNHWÀQDQFLDOH[SHUWVKDYHVXJJHVWHGPHDVXUHV adopted to drive it forward. The key challenges that the VXFKDVQRQEDQNLQJÀQDQFLDOFRPSDQLHV 1%)&V market currently faces are as follows: playing a larger role by offering guarantees for green infrastructure projects, so as to lower the risk • 1HZWHFKQRORJLHVZLWKKLJKHUULVN and enhance the credit rating. An implemented Green bonds, being a relatively new type of example of this is India Infrastructure Finance Company Ltd. (IIFCL) partially guaranteeing LQYHVWPHQWDQGÀQDQFLDOLQVWUXPHQWDUHSHUFHLYHG ReNew Power’s bond issue to improve the credit DV KLJKHU ULVN DQG DUH \HW WR HVWDEOLVK D ÀQDQFLDO rating. In recent studies, research organisations DQG FUHGLW SURÀOH ZKLFK LV FRPSDUDEOH WR WKH have also suggested government intervention in risk-return characteristics of conventional bonds. the form of a fund to offer guarantees for enabling Because the technologies are new and novel, risk credit enhancement. reduction on long payments streams will be critical WR HQKDQFH WKH FRQÀGHQFH DPRQJ LQYHVWRUV WR • Partial Credit Enhancement (PCE) enter the market. PCE provides credit support in times of distress, hence lowers the risk of the associated project and • 6L]HRIJUHHQSURMHFWV improves the credit rating of the bond. India in the Further, green projects are generally smaller in size, last few years has been exploring this mechanism especially when done by the corporate sector, for growing the domestic corporate bonds market, making them unviable under the conventional introducing and periodically modifying rules to bond structures. These are the key barriers to the develop a robust corporate bonds segment. In expansion of the green bonds market in India and 2015, the Reserve Bank of India (RBI) allowed Indian banks to provide PCE to corporate bonds globally. LVVXHGIRULQIUDVWUXFWXUHSURMHFWVZKLFKLVDEHQHÀW • Lack of concentrated measures to support this for green bonds, which are largely project based nascent instrument for the corporate sector. In 2016, the RBI revised its earlier rule to increase the aggregate exposure Green bonds have a huge potential in accelerating limit from the banking system to 50% of a bonds climate actions and promoting sustainable issue size, from a limit of 20% for an individual bank, development. However, due to the newness of allowing companies to lower their borrowing costs the instrument and lack of understanding of all its even more due to improved ratings. However, implications, the average domestic investor is wary in a 2017 circular, RBI introduced a new rule to of investing in these, and perceives them as high– make infrastructure bonds ‘safer’ under which to risk investments. This is especially true if the bond is be eligible for PCE, corporate bonds need to be not issued by one of the more recognized green rated by a minimum of two external credit rating sectors such as renewable energy. agencies, and the lower of the two will be used by banks for providing PCE. Further, bonds need to Models for Credit Enhancement of Green Bonds have a minimum investment grade rating of BBB— Several risk reduction and other innovative models of to be eligible for PCE. JUHHQ ERQG ÀQDQFLQJ KDYH EHHQ H[SHULPHQWHG ZLWK • $JJUHJDWLRQDQG$VVHW%DFNHG6HFXULWLHV corporations and countries such as credit enhancements Another challenge which impacts the credit ratings and guarantees – that are especially useful. Besides, of green projects is that standalone green projects aggregation and securitization to pool risks and generate are small in scale, such as rooftop solar, household VWHDG\ LQFRPH ÁRZV RI VXIÀFLHQW VFDOH DQG VL]H KDYH RUEXLOGLQJHQHUJ\HIÀFLHQF\SURMHFWVDQGDUHWKXV potential and are likely to be well appreciated in long unattractive to institutional investors. investment markets among institutional investors. To address this, a mechanism which has proved to be Some more deliberations on the above are as under: successful in some novel applications internationally, but has not as yet been explored in Indian green bonds Credit enhancement is a strategy for improving the credit is securitization. Securitization leads to the aggregation ULVNSURÀOHRIDEXVLQHVVXVXDOO\WRREWDLQEHWWHUWHUPVIRU of several smaller projects, and could give an added repaying debt. impetus to green bonds. ,Q WKH ÀQDQFLDO LQGXVWU\ FUHGLW HQKDQFHPHQW PD\ EH To tackle environmental issues and to save our coming used to reduce the risks to investors of certain structured generations it is necessary that our society moves towards ÀQDQFLDOSURGXFWV a green and low carbon economy and to achieve this GREEN BOND can be effective tool. • Guarantees Sources & References: Different websites e.g. S & P Guarantees and partial risk guarantees are Global, climate bonds initiative, orfoline.org, pib.gov.in, among the more widely used mechanisms across vikaspedia.in & various reports in Newspapers WKH ÀQDQFLDO VHFWRU IRU FUHGLW HQKDQFHPHQW RI conventional bonds and debts. These can be YYY in the form of private collaterals or public sector Rachna Mishra backing. The public sector often provides partial- AGM & Learning Head, Baroda Academy risk guarantees for bond issuances in priority sectors New Delhi

July-September 2019 9 Bank Celebrates 112th Foundation Day

+LJKOLJKWVRIth Foundation Day Celebrations on July 20, 2019 at NCPA, Nariman Point, Mumbai. Conferring the Baroda Sun Achievement Award and the live performance by an eminent artist were two important elements of the event. Baroda Sun Lifetime Achievement Award was instituted in the year 2005 to align with the logo of the Bank ‘Baroda Sun’. The Bank over the years has conferred the Baroda Sun Lifetime Achievement $ZDUGWRPDQ\HPLQHQWSHUVRQDOLWLHVIURPYDULRXVÀHOGV including Science, Medicine, Social Work, Sports, Arts & Culture etc. This year too the event consisted a musical performance by renowned classical artist Ustad Rashid Khan along with Ustad Shahid Parvez. Ustad Rashid Khan (Vocal) is an Indian classical musician in the Hindustani music tradition. He belongs to the Rampur-Sahaswan gharana, and is the great-grandson of gharana founder Inayat Hussain Khan. In a story told in several versions, Pandit Bhimsen Joshi once remarked that Rashid Khan was the "assurance for the future of Indian vocal music". He was awarded with the Padma Shri as well as the Sangeet Natak Academy Award in 2006. Ustad Shahid Parvez (Sitar) is an Indian classical sitar player from the Imdadkhani gharana. He belongs to the seventh generation of the Etawah Gharana. He is praised especially for the vocalistic phrasing of his raga improvisation. He was also awarded with the Padma Shri for his works. This year, the Bank honoured esteemed individuals such as: 1. Ustad Ghulam Mustafa Khan (Arts) : Ustad Ghulam Mustafa Khan is an Indian classical musician in the Hindustani classical music tradition, belonging to the Rampur-Sahaswan Gharana. Ustad Ghulam Mustafa Khan Saheb brought to life this Ancient Indian Classical Music from the hoary era. Seven of his records of 30 minutes each are preserved in the Sangeet Natak Academi, New Delhi. He was awarded the Padma Shri in 1991, followed by Padma Bhushan in 2006 and Padma Vibhushan in 2018. In 2003 he was awarded with the Sangeet Natak Academi Award, the highest Indian recognition given to practicing artists by the Sangeet Natak Academi, India's National Academy for Music, Dance and Drama. 2. Dr. Ashok Laxmanrao Kukade (Medicine / Science) : Dr. Ashok Laxmanrao Kukade is an Indian physician and author. He is the founder of Vivekanand Hospital and Research Center in Latur, Maharashtra. Ashok Kukade Chachi, is a social worker. She has empowered women has been awarded with the Padma Bhushan for his from her village as well as from nearby areas to take up lifelong service to the villagers of drought-prone Latur farming to become independent. She has mobilized more in Maharashtra. In 1966, with the help of his four friends, than 300 women and formed small self-help groups. She has he started the Vivekanand Hospital in Latur. The hospital VHWXSD1RQ3URÀW2UJDQL]DWLRQWKDWQRWRQO\SLFNVXSIUHVK has a capacity of 120 beds and provides high-quality produce from the farms run by the women of the various healthcare services. Over 50,000 patients get medical self-help groups, but also employs women to make agro- attention every year in Vivekanand Hospital. based products. She has been conferred upon Padma 6PW 5DMNXPDUL 'HYL 6RFLDO ZRUN Rajkumari Devi of Shri for her work in health and education, child marriage Muzzafarpur district in Bihar, popularly known as Kisan abolition and widow rights and remarriage in 2019.

10 A4> ǆ?:&.2ƣơƢƪ 4. Smt. Jamuna Tudu (Environment) : Jamuna Tudu is an Indian environmental activist. She was awarded India's fourth highest civilian award the Padma Shri. In 2014, she was awarded the Godfrey Phillips Bravery Award. She LV FDOOHG /DG\ 7DU]DQ IRU WDNLQJ RQ WKH 7LPEHU PDÀD LQ Jharkhand. She formed "Van Suraksha Samiti' along with 5 other women to prevent illegal felling of trees near her village and this later expanded. She was a winner in the 2017 Women Transforming India Awards. 6KUL , 0 9LMD\DQ 6SRUWV Inivalappil Mani Vijayan, popularly known as Kalo Harin, is a former professional Indian football player. Playing in the striker position, he formed a successful attacking partnership with Bhaichung Bhutia for the Indian national team in the late nineties and early 2000. Vijayan was crowned Indian Player of the Year LQDQGWKHÀUVWSOD\HUWRZLQWKHDZDUG multiple times. He was also awarded with the Arjuna award in 2003. By the end of his career he had scored 40 international goals in 79 matches for India. Since retiring from international football Vijayan has set up a football academy to train young players in his home town. He was the captain of Indian team from 2000 to 2004. These personalities were recognised for the passion and determination with which they have perused their goals and contributed towards the growth of their respective industries and the society as a whole. On the occasion of the Bank’s 112th foundation day, a week-long campaign was initiated to create a buzz about the event and awareness among the masses. The main aim was to get the social media channels buzzing so as to generate participation during the foundation week. Presented by : Team Marketing BCC, Mumbai

July-September 2019 11 ¦78G9:>>>2 Ð?&Ŋ?48@ĕ?*%1.Ĩ&ē2@;H ǆ,>?,1>:G*Aÿ> ,B7>1,>4?*(G8 @0&@ ,>?,1> :G*Aÿ>Ɲ >1,>4 ?*(G8 Ƥơ ?:&.2ƣơƢƪK.:G:G7>?*7CĨ Ɵ.?ŒGÎ 0|4/ƥ(8Ĝ2.-.WL(>0|4/ Ƥ79Ŋ>1>4Ŋ(L2>* ;Ĝ*G?7?/þ0;7,B% >1(>?17Ĝ > ?*7;* ?1>Ɵ .I.0HÎ@ !@0 *G @0&@:G*Aÿ>:G *Ŋ.?Œ@7*2*A/7Ĝ ŝ,1>;0|,*G.,*2,>¦27>¦2,CĈ/B?0Ŋ.>2G0|.&>Ɵ,*G.?Œ Ŋ.>2G0|.>&@&½ƟÐ®&A&;H *:G.>&@&ŊŘ Kŕ¦212Ŋē,0|1ĜA*>2:.@ ,¦27>20|0A10;>Ð.)Ŋ,( 8ǆ>1>2@:,>( &,½1>Î>ŋ:@2;@ư 0G2G ?,&>@12-K:0|'GƟ0:.:GK!@;K*GŊ>2%:/@½4>W4@2;@Ɵ.?Œ 1B?*1*.>ÉŊ?#!ÐK:G?:>'>2.Y.WL(>>?7¨, :?4 Kŕ¦212Ŋē,0|A**G½K ,B71K*>*;º'@Ɵ0,*@.;*K,*> ?(1>'>?0A G#G47>4@K:A**G>0L>?04>'>2 ;|:A*20. (80>*&@'@Ɲ *ŊH:>.**>>;&@'@ :?4 ;º½&2;ËGA8*0| Y.WL(>Ŋ?7910|>-½Ð/>?7&Ĩ '@Ɵ0A G4>?1;.>>1 ?-?:*:>?7¨,?41>Ɵ:K>'>7H>?*.*B@Ɲ,2.@Ɵ:Ɵ:@Ŋ.>( 22;>;HƟ&K :Ð>2.Y.WL(>:GA#*G>7:2?04>Ɵ 4>Ɲ.Ĩ&;K1@,X> Ɵ?-2Ð?&1>G@,2@>Ĝ½&H1>2@4&@2;@Ɵ :@.@ ,*G .Y.WL(>0|,B77&»?71>.2(G*>.Ŋ:0>0G4*Ŋ 1B,@::@½Ð>2?/,2@>/@?412;K 2 :@:01.0|1*;K (L2>*0;7,B%/B?0>?*/> ;HƟ,½2%Ð.)*>1>41ƙ 0ƚ 1>Ɵ.I *2Ŋ:K>&K1;@'>?1;®'>1@I.;H,2)@2Gǆ)@2GËA, ½Ð/>2@/@'ºƟ:0>0G4*Ð?É1>Ŋ(L2>*.K?*A*L?&1Ĝ>:>0*> .*1>&K,X> ř!&@ Ɵ?-2,(Kþ?&?04&@ &KÐ>2:G :@GÎ0|0 2*>,W>ư G.X&@ Ɵ:.@ 0|0A10;>Ð.)Ŋ,(&½0G2@1>Î>.Ĩ&@ .&@*Ĝ.ĜŊ:0>0G4*½K9%>Ĩ &KÐ>2¤/0|1;®,ć*;º'>?1G '@Ɵ.?ŒKŕ¦212Ŋē,0|A**G>/@?7>2*;º'>Ɲ,2)@2Gǆ)@2G>1 ?741?:Ð>2;K>Ɵ1ü?,2>ćŧ@12%?)?*10Ŋ&;&1;&K®,ć'>? >4*G4>Ɵ?-20*0|1;/>7;0G8>2;>?K/@>1ē,B2@4*:G &@*.ĜŊ®'>*,2L'>.&K*;º.*G>Ɵ,2:/@Ŋ0*0| 8>'@Ɵ 7 ŝć&>:GēƟŊÏ@1?7ü>41½,X> >0G2G«1?Ú7Ŋ:7>@?7>: 1;>(K.Ĝ>§®&7;@:0>ÿ;K2;>'>Ɵ1;:7G(*8@40>04>'>Ɵ0 0|1K(>*2;> :?4,*@.>&K0?7¬7>:Ŋ:>'«1Ú2*>Ɲ?>:> :.@ :K?:!.0|/@ :*A/7:GA2A½'@Ɵ&ƫ.>&0G2G0* «1Ú2*>ƝÐ¬*,B*>Ɲ4@#4G*>?(®ř4Ŋ:01:G0G2G ?4:;2;>Ɵ0 0|7¬12;@?1;/>7*>00:4>;HƟ :?4?:@½/>7*>K"G:* ,¦2,Î7:(/:>0Ë@B.,X>2&@'@Ɵ :?4Ð>1ƫ4K0A Gǣ4&>ǆ?-2&> ,ĨGƝ :.>&>1>*2>>*>>?;Ɵ :> 4K,@?#1>ǂ/@;&G'GƟ1;>.>&> ¨4Gē22*>>ĩ@? .*G/>2&:2>2½:0>0G4*Ð?É1>K.W@:24&>:G>1>§7&?1> 0A G,*G>*2>1>*A/7,21?)?/0>*;K1>'>2 :Ŋ>2% ;HƟ;>4;@0|:2>2ý>2>1Ð0A.ĜŊ:0>0G4*Ŋ?*%1Ŋ:.)0| 0G2G®7/>70| Ë&> '@KÉ08ƫ0;K&@ Ɵ :>,B2>G10G2G,?& ;0>2G.ý>2>,*>1@ Ð?É1>K,1.ĜŊ?4,'ǆÐ(8½ K>&>;HƟ7G.WG8>?&?Ð1«1?Ú;Ɵ1ü?,0;>Ð.);0:>';@.*GƝ,2 /B?0>0|?:&2; ,1K@0>*&@;ư *Ŋ !2ǆ,:*4¦24G8*.Ĩ&G2;GƟ7G:.K)H1:G:A*&G;Ɵ0A G/@ ;0G8>!K&G2;G?,;4G:A*?41>2KƟ)@2Gǆ)@2G0G2@ Ë&>Ř0;K*G4@Ɵ :,B2@Ð?É1>0|>-½0AöGAWGĨ'G4@4ÐK:H:Ɲ!G*K4I@>½2%Ɲ :01Ŋ:>';0,¦2,Ü/@.*&G>&G;Ɲ0G2G«1?Ú70|/@>-½.(4>71>Ɵ ®!>-0>04GƝ?7?/þ ,>(ƝÐ%>?41>ƝÐ'0?(*1>ǆ1>;K>ǆ1;:.(G*> 1>1B;|?;0:01Ŋ:>',¦2,Ü.*&G;&K®7/>70|/@,¦27&*&>;HƟ ;K>Ɵ *:/@0AöK>.W@.>2@½:G?7¬4G9%?1>1>Ɵ;2@V>;0*G1>* K/@;KƝ :0|0G2G,?&>1K(>*7¬12;>Ɵ :(L2>*A*L&@,B%:> *0|! 2>Ɵ&@*Ĝ.ĜŊÐ1G?7/>Ŋ4KĜ½.H"Ō½ Ɵ 0*G:/@> /@?04G2:2>;*>/@?04@Ɵ4KĜ>:;1KB.2;>Ɵ0G2G7¦2Ĉ4KĜ*G/@ .Ĩ&G:G :Ð>2(®&>7G@2%?1>?Ð>2:G1;¢4B?Ð!.* 0A G.Ĩ&ÐK:>?;&?1>Ɵ,2Ř4?04>2:>0>1 &>2ǆX>7Ŋ:>'0G2> 1>Ɵ.G½Ð?É1>0| :>10|?)*;º(G*>,WG>Ɵ:2>2Ŋ?4 >1>4>2;>Ɵ ¢4B?Ð!.*1>;HƟ ;0 :0 &G; ? >1,>4 ?*(G8 Ŋ ē, 0| ?*1A?Ú Ŋ :01 ,*G , *G. ½ ē,>&2% 1>Î> K /@ 2@. :G(G> ;HƟ ,Ŋ ,*@,:(:G.Y.WL(>KA*>Ɵ7GL*:G>2%'G?;Ĝ*G,K >1>4 0| : Ð?É1> Ŋ &;& . 0| Ĩ 0;·7,B% .(4>7 K , >1,>4?*(G8Ŋē,0|.-.WL(>>?7¨,A**GŊ?4ÐG¦2& ŋ:G(G&@;ư ?1>ư.Y.WL(>,*G:0.Ĝ:G?:Ð>24;Hư @;>Ɲǣ*7K(1ǂ?7/>0A G¦2,K!2&>'>Ɵ?:@/@Ð®&>?7&.(4>7ŊÐ?& :>7?*GÎŊ?:@.Ŋ.>2G0|?)>*>2@*;º'@Ɵ0A G.?7¨, 0G2@2>1?.¨Ř4®,ć;K&@'@Ɵ;>Ē>7!&@'@7;>0*G«1>7;>¦2,;4B (G*>'>&K0*G1B?*1*.7.Y.WL(>KÐ>'?0&>(@'@Ɲ :Ŋ,@G K1>*0|2>Ɵ ::G:.?)&>1Ŋ?40*G0HV@::G,;4G:G.>&2 >2%1;'>?Ð>1ƫŒ:K?810½.H"Ĝ0|>*>;K&>'>Ɲ&K1;>*>? 2@'@?Ð1G8AÉ7>2Kƪ:GƢơ.GƝ'>&>1>41Ŋ:01:G!>

12 A4> ǆ?:&.2ƣơƢƪ ,;4G;@;0 :,2>24|GƟ0«1>7;>¦2,,2?)K2(G&@'@2 1>(>ē2@;HÉŊ?#!0I?*!¦2Ɵ;0ÉŊ?#!ÐG4,2.Ĩ&1>(>1>*(G&G;Ɵ 1;@>;&@'@?1?(K >12*>;HƝ&K2*>;HƟH:Gǣ0*@.I.ǂŊ&;& 0 ::G/@1>(>0;7,B%ÉŊ?#!0I?*!¦2K0>*&@ĩƟÉŊ?#!ÐH4&KÐ@ǆ ->0Ŋ®ŋ?*½.>&'@Ɵ7G :½>;G&AŘ?):>7)>*@Ŋ?4Ë; ÐK:G:;H,2&A :Ŋ.>(?2>7!Ŋ4%ĜK:0 *>Ɲ,;>**>Ɲ.>(½Ð?É1> 22;G'GK0A G«1>7;>¦2*;º42;>'>2 :0|?74./@;K&>Ɵ0G2>Ë; ;HK2/@?)0;7,B%;HƟÉŊ?#!0I?*!¦2½/B?0>1&0;7,B%;HƟ 2;&>'>?*>7¬1?74.*;KƟ?-27;>1.W@:24&>:G:¤,þ;K&>1>Ɵ ,2>/>9>>1>71*K.?ŒŊ?/þ/>Ŋē,0|2.Ŋ ,.Ŋ4>I,ĝ2G!Ɲ!ŧ>G8*.?ŒƝ:2>2@¦24G8*?8,Ɲ!ŧG2@2 «17:>1?7>:ŊÐ/>7@!Ŋē,0|0>*&@'@Ɲ*?:>?7?) &2>ćŧ@1,¦2>4*H:G?7?/þ0;7,B%?7/>ĜK:/>42;º'@Ɵ *GÎĜ (>?17Ŋē,0|Ɵ,.Ŋ«1>7:>?1?7>:0|2>/>9>?;(@21 0|7C?÷;>?:42*GŊ?4.K?*A*L?&1Ĝ>:>0*>2*>,W>2 GÎ@1/>9>Ĝ½/B?0>K?:Ð>2(G&@;ư ;0?:Ð>2:-42;Gư ?:@/@«17:>1Ŋ?4:ÐG9%.Ĩ&ē2@;H2:ÐG9% :@/>9>0|;K*> >0&K4KĜ*G?1>Ɲ>>1?1>Ɵ0*G;0G8>ǣËK'?7'ÐK-½!G?.?4!@ǂK >?;?:0|4K¤Y!}.4;ƟGÎ@1/>9>72>/>9> :0|.Ĩ&0;7,B% 1>*0|2>ƝŊ74:> V.X>*>0;7,B%*;º;HƟ :?40*G*A9@«17:>1 /B?0>?*/>&@;HƟ0&K1;@:0 &@ĩ?,?:GÎ0|;K7;>½/>9> 78A¨)>¦2&1Ŋ0;7K1>*0|2>Ɵ;0*G> ! 4>?* >*G?.*>«17:>12*>:/7;@*;º;HƟH:G,Ŋ240|>G&K 8Aē?1>Ɵ0G2>1;/@0>**>;H?Ð?&Ŋ?48@ĕ?*%1 7;>,2?.*>041>40>*G,«17:>1*;º2:&GƟ;2 .Ĩ& ē2@ ;HƟ ?*%1 0| ?74. *;º ;K*> >?; 2 ;,>>0ËG@:G*;º4&>Ɵ )>2&>K ¦272@;K*@>?;Ɵ08>0K1;1>*2&@'@ >**GŊ?4,K0>ō!½¦2,K!>?;;K@Ɲ ?0G2G®&2,2/@,G,2,?#*2;GƟ ,B&>2*@;K@Ɵ :Ŋ?47;>½GÎ@1 . 0| 1 ,K!-K?41Ĝ Ŋ :>'ǆ:>' />9>>**>7¬1;HƟ?:-.?ŒŊ?4 0>*7::>)*Ð.)*Ŋ(>?17?*7;* *;º.§¨?:@/@«17:>1Ŋ?4 : 0| ®!>- :(®1Ĝ ½ >1ǆ:&A?ćƝ GÎ½/>9>>>*;K*>7¬1;HƟ (&>Ɲ7G4-Ŋ122 L84?7>: ;0>2@/@1;@Ð7C?&;K*@>?;?;0 0|:&A4*.*>2*G0|,Ŋ:0 ?&*>?7(G8@/>9>ĜK0;7(G&G;Ɲ 1>A*L?&1> ư GÎ@1/>9>ĜK/@ &*>;@0;7(|Ɵ 1&«1®&.?Œ,G8G0|,*G,*G :.@ 0|0*G0;>Ð.)Ŋē,0| >1>41 7 «1?Ú&Ơ,>¦27>¦2 0>*7::>)*>,K!-K?41K:/>4> @7*Ŋ.@ŋ:G:&A4*.*>1>ư ;HƟ&.1;>10,;4@.>2:/>42;@ '@2 :>->1(>/@2;>Ɲ*1>«1?Ú 0A G4&>;H?1;:&A4*.*>*G½ 4@:G;!2>02&>;HƟÐ>1;0 ?V¤0G(>2@,¦27>2Ŋ:/@:(®1Ĝ,2;K&@ ;@$2},2>12&G;Ɲ* ,;4Ŋ?4 ;HƟ0 :0>04G0|.Ĩ&4½2;@ĩ?0G2G ? &G;Ɵ0*G7;>/@,>2(?8&>:G>0?1>Ɵ ,?&2.G!G>.Ĩ&:,K!2;>;HƟ..G!> 0G2>0>**>'>?0K*K,K4@*;º;K*G(G*>>?;Ɵ K!>'>&.0*G1;/@:K>'>? :½@ ,27¦28Ŋ?4*L2@KW(BƟ4G?* ::010G2G .-.WL(>0|0>*7::>)*½§®'?&.Ĩ&0.B& ,?&*G0A G*L2@KW*G:G0*>2?(1>Ɵ.G!>K!>'>&. ;HƟ,21;>/@*A8>:?*>27> Ŋ0>04Ĝ½§®'?&(G /K4G,*:G;&>'>?>80G2@(K0>;K&@ƒ0>?-:>&@ 2?*2>8>Ĩ Ɵ1;>,2ƣơƢƣǆƢƤ½,@4Ơ?*%1,|?#'GƟ1;?:@/@ 20>2,22;&@Ɵ&.0G2G,?&*G.G!GK :&2;:G:0 >1>? :Ŋ.>( ?)>2@Ŋ?4:.:G2>.§®'?&;HƟŘ?*%14&/@4GƝŘ0>04Ĝ0| 7;K!>.ä>>*G;>:G,*@0>,2 &*>72*G4>?0G2@0¤0@ &*> 4>? 7G®!@G8*2*G7>4>?)>2@?&4>&>W.*>2;>;HƝ.2(®&@ >I.2&@;HƟ./@0A :GK >0*;º;K,>&>'>&K0A :G?4,!2 ÐB72*G½K?882&>;HƟ:@7@@*>1@Ŋ*GŊ.>(§®'?&0| ;&>'>ǣ0>,:.:G.G®!;KǂƟ?:@«1?ÚŊI.2*G0|,B2G,¦27>2 2:A)>2ĨƟ7>®&70| 7G®!@G8*?)>2@>>1ǣYŋ!Y> ?#ǂ;K*> Ŋ:(®1ĜƝ,WK?:1Ĝ&'>(K®&Ĝ½/B?0>;K&@;HƟ01;K?882&@'@? >?;Ɲ*?ǣY>¨!Y> ?#ǂƟ0*G :Ð?É1>0|,¦27&*?1>Ɵ *ŊÐ?8% Ü>§!!@-!> 0*(G,> Ɲ,2Ü>?4!@-!> 0(BƟ0>½/B?0>0| ½«17®'>/@½Ɵ;0>2G?7/>Ŋ4KKŊ:>'?042,A2>*G0>04ĜKƧ 0?&*>:-42;@1;&K0G2>.G!>;@.&>,>>Ɵ1;0G2G?40;7,B%'>? 0;@*GŊH4|Ŋē,0|:0>ÿ?1>Ɵ?*,@4Ĝ0|1>(>8*?4>2;G'G 0?-:0|2½.>&| *;º:K&@'@2.>22*GŊ.>(?-:½ :G0?1>Ɵ(#> öG¬11;;K*>>?;?4&@2*G7>4GK !>4G .>&|*;º:K&@'@Ɵ 2/?710|7;2:>7)>*2;GƟK >>022;>;HƝ :G/>2@(#(G 2 :Ŋŕ¦212K:0>ÿ2(G*>"@*;º;HƟ ::.)0|0*GKŘ?1> ,. Ŋ/?71Ŋ.>2G0|1>:K&@;7.WL?(1*ĜŊ?4,1> :Ŋ?40A G:&A?ć;HƟ :(G8(G*>>;&@;Ɲ?78G9&L2,2;0>2G1A7>:>?'1ĜKư .Ŋ/?71Ŋ?40¬7®&ĩ?½1A7>,@X@.Ĩ&:0 (>2;H2 ®'>*>&2%Ŋ0>04G0|/@0*G1A>0>*(#2>ƟK1A7>;Ɲ ;|(B2/G>> .K > 1Ĝ,24G>@Ɵ;00>¦21ĜK,*G.,2?7¬7>:2*>;HƟ :&>;HƟ2KŘ2| :0|,>2(?8&>;K*@>?;Ɵ:>';@0*G1;1>*/@ 0G2>1;@:(G8;H?;00|*2?8,½/>7*>;K*@>?;ƟƘƘ0G2>.Ɲ0G2>>0ƘƘ 2>??:@½0K*K,K4@*;º;K*@>?;Ɵ?:@0A«1?ÚŊ?.*>>0*;º Ɵ ::®'>K,*@:®'>:0 *>;HƝ>;G;0?:@/@.:G;ĜƝ;º 4G>:>*;º;K*>>?;Ɵ0*GVK*4®&2,2I¤,?!8*½8AĒ&½Ɲ:>' :G/@;ĜƝ/@;0:..;Ɵ;0A(,2?7¬7>:22 ::®'> ;@:/@®&2Ĝ,2?7?)7&-Ŋ127G4Ŋ>1É0/@8Aē27>Ɵ KG&4G>Ɵ 7&0>*0|.Ĝ0|«17:>17C?÷0|*,@.W@.>)>;HƟ.Ĝ0|*,@:G 0H#0Ɲ,:G7>?*7C?Ŋ.>(,*>:01ŋ:G«1&@&22;@;ư ?*>&,>*GŊ?4,1>2>1(G*>>;|@Ɲ?78G9&ƫ.Y.WL(>Ŋ 0 /@.Ĩ&B02;@ĩƟŊ24Ɲ:K0*>'Ɲ(@7Ɲý>2>Ɵ0.Ĩ&A8ĩƟ/@K :(/0|ư !|8**;º;HƟ>0Ŋ.>2G0|:K*>*;º;K&>;HƟ.Ĩ&Ñ½-½42&@ĩƟ :Ŋ?4&K0B4&;@2>1;H?>&G½?*2>*@.Ĩ&ē2@;HƟÉŊ?#!:G/@ YYY

July-September 2019 13 ®'>,*>?(7::0>2K; .>ƢƢƣ7>®'>,*>?(7::0>2K;(G8ǆ?7(G80|-ŋ4G;0>2G:/@>1>41ĜƠ8>>Ĝ0|)B0ǆ)>0:G0*>1>1>Ɵ?7?/*4ĜƝGÎ@1 >1>41Ĝ&'>Ð8>:?*>1>41Ĝý>2>1K?&>1É0Ĝ½ 4?1>;0,>"Ĝ½>*>2@Ŋ?4Ð®&A&22;G;ǆ:,>( Ð)>*>1>41&'>.WL(>4

.ƢƢƣ7Ŋ ®'>,*>?(7:K.WL(>/7*0| ;9ĝĂ>:| :>'0*>1>1>&'>?7?/þ>1Ŋ É0Ĝ>/@1K*?1>1>Ɵ>1 É0½8 Ē&,>*@A .>Ð?&>ē&>>Ð:>22*Ŋ G öŊ ¬1:G 0>G #7@: .WL(>/7*Ɲ4>,G 2@&,A (42H 4@1K?&2½ ?:H ;0>2G .G ?*(Ŋ 8G #IƟ/2&0>2#>Ř 2* ;2@ G #@?(> &'> :0 :;/>?&>/@½Ɵ :| ?&¦2Ú,1>Ŋ 72% Ð?&>ē&>,Ŋ (>2*H G öŊ ¬1:G 7G >2K,%>1C É0 >1K*?1>1>Ɵ :7:2,20;>Ð.)ǆ:@:@@.@2,! 4Ɲ@2K?;&,!G 4&'>0;>Ð.G )@ 2*K?1>Ɲ@&,*Ŋ 0>2(>:ƝŘ @Ð(@,@7>®&7Ɲ@@?7*K(0>22Ř ï@&'>1>1G ,>4% ,§®'&2; Ɵ.G Ŋ ®!>-:(®1Ĝ?4:>Ŋ ® ?&:ŝ 1>>/@1K*?1>1>Ɵ

47GÎ@1>1>41Ɲ;0(>.>(

;0(>.>(47;0(>.>(GÎƢ&'>GÎƣ0|0;>Ð.)ǆ:@:@@Ŋ7@&A4:@.>7>4G½1&>0|.>ƢƢƣ7>®'>,*>?(7::0>2K; 1K?&?1>1>Ɵ :7:2,2?7?/þ:>0>??&?7?)1ĜH:G2Ú(>*?8?72Ɲ>ē&>2H4@77C>2K,%Ɲ:¤0>*:0>2K;?(>1K*?1> 1>Ɵ *>1É0Ĝ0|0;>Ð.)@@Ŋ,>*G2@Ɲ ,0;>Ð.)%@ŊAƝ@2>G8Ř0>2Ɲ@>?:;&'>1>1,>4%7®!>-:(®1 ,§®'&'GƟ 47GÎ@1>1>41Ɲ* ?(¨4@

4>1>41Ɲ* ?(¨4@ý>2>.Ŋ®'>,*>?(7:Ŋ7:2,2?7?/þ>1É0Ĝ>1K*?1>1>Ɵ :7:2,20;>Ð.)ƙ0A1:071*Ɲ 2ƚ@2ƟŊƟ?04>*@Ɲ4Ð0A@(?7(2,>4ËK72ƝÐ0Aƙ:2>2@>2K.>2ƚ@@.@,>#>&'>0;>Ð.)ƙ,@:1B&'>¦2!G4(G1&>Ɲ ,Gǆ2K47>4B>&>ƚ@ŊK:4>&'>1>1,>4%ý>2>Ŋ?!2>1É0½8Aē&½ Ɵ :7:2,2:>®ŝ?&>1É0 >/@1K*?1>1>Ɵ

14 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ 47GÎ@1>1>41Ɲ#@X

.Ŋ®'>,*>?(7:Ŋ7:2,247GÎ@1>1>41Ɲ#@X0|4Ð0A@042K?;¨4>Ŋ*G&C70|?7?/*>1É0ĜH:G?*8A¨®7>®1 >?8?72Ɲ>ē&>2H4@77C>2K,%Ɲ:¤0>*:0>2K;?(1K?&?Ɵ :7:2,2 ,4Ð0A@,@!W71>1,>4%Ɲ 4ƠGÎ@1>1>41Ɲ#@X7®'>*@18>>ĜŊ®!>-:(®1 ,§®'&'GƟ

47GÎ@1>1>41Ɲ1,A2

47GÎ@1>1>41Ɲ1,A2ý>2>4Ð0A@Ð>87@22>"@Ŋ*G&C70|.ŊƢƢƣ7|®'>,*>?(7:,2?7?/þ>1É0ĜH:G:>0>? >ē&>;G&A.> 2H4@Ɲ7C>2K,%?(>1K*?1>1>Ɵ :7:2,2 ,4Ð0A@1KG8Ë7>4Ɲ ,0;>Ð.)@2>Ŋ880>Ɲ@ Ð(@,Ř0>2.>-*>Ɲ1>1,>4%7®!>-:(®1 ,§®'&'GƟ

47GÎ@1>1>41Ɲ4*

4>1>417GÎ@1>1>41Ɲ4* ý>2>®'>,*>?(7:Ŋ7:2,2:1AÚē,:G?7?/*>1É0ĜH:G2Ú(>*?8?72&'>?*8A¨®7>®1 ,2@%?8?72Ɲ7C>2K,%>1É0?(>1K*?1>1>Ɵ:>';@Ɲ*>'>410|.ĜK7ď21:>0Ë@>?7&2%?1>1>Ɵ :7:2 ,2 ,4Ð0A@,@?:;ƝGÎ@1Ð0A@Ŋ?:;Ɲ ,GÎ@1Ð0A@:@,@Ë7>4Ɲ7¦2Ĉ>1,>4%&'>1®!>-:(®1 ,§®'&'GƟ

July-September 2019 15 ®'>,*>?(7::0>2K; 47GÎ@1>1>41Ɲ,!*>

.Ŋ®'>,*>?(7:Ŋ ,4¸10|47GÎ@1>1>41Ɲ,!*>ý>2>?7?/þ>1É0Ĝƙ®!>-2H4@ƝÐG:7>&>Ɲ8>>Ð0AĜŊ?4.H"?(ƚ> 1K*?1>1>Ɵ Ú7:2,2,!*>4Ŋ4Ð0A@?*1>*(.G;2>Ɲ ,4Ð0A@*2GÏ?:;Ɲ,!*>GÎŊGÎ@1Ð0A@0*@9L2>Ɲ 7¦2Ĉ>1,>4%71®!>-:(®1 ,§®'&'GƟ

47GÎ@1>1>41Ɲ,A%G

47GÎ@1>1>41Ɲ,A%Gý>2>.ŊƢƢƣ7|®'>,*>?(7:,20I#*I4G- @?*1¦20|:>®ŝ?&>1É0>1K*?1>1>Ɵ :>1É0½0A1?&?'0;>2>ćŧ2>10>1?07 &20>1?0?8>.K#½1>@0&@8ŘŒ&4>>4G2;ºƟ:>';@Ɲ :7:2,2 ?7?/þ:>0>?:2K>2:.)@>1É0Ĝ>/@1K*?1>1>Ɵ *>1É0Ĝ0|4Ð0A@ŊŊL)2@Ɲ ,4Ð0A@;2@8(Ɲ ,A%G8;2GÎŊGÎ@1Ð0A@#@Ŋ,K2@Ɲ,A%G?4>GÎŊGÎ@1Ð0A@?*?40K;*Ɲ:G7>?*7C&®!>-:(®1&'>1®!>-:(®1Ĝ½ ¦20>01@ ,§®'?&2;@Ɵ

47GÎ@1>1>41Ɲ2>K!

16 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ 4>1>41Ɲ0A.

.ƢƢƣ7Ŋ ®'>,*>?(7::0>2K;| 7:2,20;>Ð.Ŋ )ǆ:@:@@*7& ?:G ; *Ŋ G&C700| . A 40 ?7?/þ>1| É0Ĝ>1K*?1>1>Ɵ :7:2,2?7:¤04*>/@1K*?1>1>?:0G :@¦2144| Ɲ?77G 7¦2Ĉ«1 >2ǃ@: />9>.2>Ǆ&'>;>®1?77A , 2K#@>2H ǃ@Ð>8,,4Ǆ*B ,*@;>®1?7&>Ð®&G &½Ɵ>1A É0 (L2>*Ŋ 4Ð0 @:1*>2>1%2>A :?;&1>1B ,>47 ®!>-:(®1 ,§®'&' GƟ

=RQDODQG5HJLRQDO2IÀFH%HQJDOXUX

On the occasion of 112th foundation day of Bank, Tree plantation programme was organized at Bangalore University campus, where 112 trees were planted to commemorate the foundation day. Sh. Birendra Kumar, GM-CC South, Sh. Sudarsan S A, GM, Bengaluru Zone and Sh. S Ravi, RH, Bengaluru Rural were present at the event. Dr. Venugopal K.R., Vice Chancellor, Dr. B.K. Ravi. Registrar from Bangalore University graced the occasion.

47GÎ@1>1>41Ɲ/K,>4

®'>,*>?(7:Ŋ7:2,247GÎ@1>1>41Ɲ/K,>4ý>2>?7?/þ>1É01K?&?Ɵ :7:2,2*()>07C÷>00|ƤơŘ?:1>(>* ½ 2?(«1>.ĜŊ?4®ř40|®0>!4>:;G&AÐKG!2Ð(>*?1>1>Ɵ:>';@Ɲ®!>-:(®1ĜŊ?4:>®ŝ?&:1>>/@1K*?1> 1>?:0|4Ð0A@:A2GÏ80>Ɲ0A1?&?'Ŋē,0|@?71Ř0>2*>1Ɲ0;>Ð.)7.?Œ4K,>4Ɲ/>2&@1¦2V7.Ɲ ,4Ð0A @Ð0K(80>ƝGÎ@1Ð0Aƙ/K,>4 2ƚ@2:@1>(7ƝGÎ@1Ð0Aƙ/K,>4(?%ƚ@:@70G**&'>1®!>-:(®1 ,§®'&'GƟ

July-September 2019 17 ®'>,*>?(7::0>2K; =RQDO 5HJLRQDO2IÀFH(UQDNXODP

=RQDO 5HJLRQDO2IÀFH(UQDNXODPFHOHEUDWHGWK)RXQGDWLRQ'D\JUDFHIXOO\2QWKLVRFFDVLRQ%DQNGLVWULEXWHG medical kits to the inmates of Thripunithura Taluk Hospital in the presence of Shri P V Gangadharan, renowned Oncologist and Shri. K Venkatesan, Zonal Head, Ernakulam. Also an ‘Early Cancer Detection Camp ‘was arranged with doctors and team of General Hospital and Amrita Institute of Medical Sciences. A cultural program for staff members and their family was also organised. The evening get together was graced by Shri. Prasanth Nair, IAS, Managing Director, Kerala Shipping and Inland Navigation Corporation Ltd.

47GÎ@1>1>41Ɲ.2G4@ƙ0G2"ƚ

42GÎ@1>1>41Ɲ.2G4@ý>2>.>ƢƢƣ7>®'>,*>?(7:.WG)B0)>0:G0*>1>1>Ɵ :7:2,24Ð0A@:&@8Ř0>22KW> ½1&>0|:>0>?:2K>2:G:.?)&>1É0;H¨'Gǆ,?8?72Ɲ?7ü>410|,A®&7®!G8*2@?7&2%Ɲ7C÷>00|7ď2>*,>* :>0Ë@?7&2%Ɲ7C>2K,%H:G>1É01K?&?1GƟ :7:2,2 ,4Ð0A@;2(@,?:;2:;>10;>Ð.)@&A4.:4Ɲ7¦2Ĉ >1,>4%&'>1®!>-:(®1 ,§®'&'GƟ 47GÎ@1>1>41Ɲ;H(2>.>(

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,24Ð0A@,@@?*7>:½1&>0|47GÎ@1>1>41Ɲ;H(2>.>(ý>2>>ē&>2H4@>1K* ?1>1>Ɵ:>';@8>00|:>®ŝ?&>1É0>1K*?1>1>Ɵ :7:2,2&G4>*>GÎŊGÎ@1Ð0A@Ŋ?712>BƝ;H(2>.>(GÎŊGÎ@1 Ð0A@?7*K(Ř0>2 ,>1>1:?;&17¦2Ĉ>1,>4%&'>®!>-:(®1 ,§®'&'GƟ

18 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ 47GÎ@1>1>41ƝK4>&>

47GÎ@1>1>41ƝK4>&>0|.ŊƢƢƣ7|®'>,*>?(7::0>2K;K@2?7(4K;@Ɲ4Ð0A½1&>0|1K?&?1>1>Ɵ : 7:2,2?7?/þ:>0>??&?7?)1ĜH:G?*ƫ8A¨®7>®1?8?72Ɲ:>0>?>ē&>;G&A,(ǆ1>Î>77C>2K,%Ɲ:¤0>*:0>2K;?(>1K* ?1>1>Ɵ:0>2K;Ŋ(L2>*:>®ŝ?&>1É0>/@1K*?1>1>7ƣƦ79½:G7>,B%2*G7>4G®!>-:®(1ĜK?:¨72:>¨72/|!?1>1>Ɵ :7:2,2@?.¬7Ē,(>:Ɲ0;>Ð.)ƙ0A1:071ƚ71>1,>4%7®!>-:(®1 ,§®'&'GƟ

47GÎ@1>1>41ƝHþG

.ŊƢƢƣ7|®'>,*>?(7:Ŋ:72,247GÎ@1>1>41ƝHþG0|?7?/þ>1É01K?&?Ɵ :7:2,24Ð0A@2: 2>0ŝ%*Ɲ ,4Ð0A@?*4Ř0>2?:;ƝGÎ@1Ð0Aƙ:@02ǆƢƚ@7|!:Ɵ?*ć>4>ƝGÎ@1Ð0Aƙ:@02ǆƣƚ@2>0>*A80>Ɲ?78G9 ?&?'@>?4(;0(Ɲ :2KŊ/B&,B7Ð0A,û@#IƟþ>(Ã2H0H4:>0@&'>8>ď@1:@&:A@?*1@0;>(G7**G/>2&0|;¦2&É>?&Ŋ* 0>*G>*G7>4G#IƟ0Ɵ:Ɵ®7>0@*>'*>:¤0>*?1>Ɵ =RQDO 5HJLRQDO2IÀFH0DQJDOXUX

%DQN·V WK )RXQGDWLRQ GD\ ZDV FHOHEUDWHG MRLQWO\ E\ =RQDO 2IÀFH DQG 5HJLRQDO 2IÀFH 7KH IXQFWLRQ ZDV inaugurated by Shri P S Yadapadithaya, Vice Chancellor, Mangalore University. Zonal Manager Shri M J Nagaraj, Deputy Zonal Head Shri E S S R Ramachander, Regional Head Shri Shivaram B and Deputy Regional Manager Shri Chidananda Hegde were present on the occasion. As part of bank's CSR activity clothes and grocery items were distributed to Olavinahalli Rehabilitation & Community Development Centre.

July-September 2019 19 2&0.| K ?741> ?&;>:.Ĩ&;@Ŋ .ĜK :>:>0*>2*>,W2;>;Ɵ*H A!>*>>;&K1;/@:| /7*;º;K>1Ĝ?K /> ,A2>*>;Ɵ:.:H ,;4G ƢƪƣƢ0G &@*.| Ĝǆ §®&1Ĝ½:0®1>>2%.Ŋ Ĝ½, @0B / | @ /@?*780K2.G 0 ?*7| 8*;º2*>>;G >ƟG .-.>4Ɲ. -0;>2>ć 2.ŧ - 1;K&>;2,¦2%>0®7ē,.H 7¬10>Î> .?1?(K!.G Ĝ>?741.W .G 0 2?(1>| 0Ï>: > ?741 ?1> 1> 2 ,¦2%>0®7ē, 0| %*;º(,>&G ;G Ɵ. Ĝ0 *G §®&1Ĝ Ŋ > &K ?*78G ý>2> ,@B !>*>A .Ĩ& :>* ;K ,@¦214 . - ?#1> §®&7 0| 1> K .X>*:G ,G @,1>B ÿ&>* ,>&71*A ,>&A >>2.Ĝ½, @½:0®1>0;K>@ƟB >4>&20 ƢƪƦƦ0| />2&@1®!| !.G .*>Ɵ Ð/>?7&;K&;G Ɵ &&?*1>0: ®'>K.Ĩ&:>2 G ,B@2%:Ŋ .G . :4ƤG 0>,(#ĜK,Ŋ 2>*;ºB 7H:G&K?7?/þ.K ?741;K&Ŋ 2;G ;G 4 ?*ƢƪƪƢG Ð?&.)4>* ,W&G ;G ?::H .G Ĝ½§®'?&2 2,>&Ɵ.G :4ƤG 0>,(#ĜK,Ŋ 2>2*B G ?4Ŋ 0| (>2@2%.>(:2>2K/@:>7Ŋ ?* GÎ 1>(>2>.;K>&@;Ɵ :H (G *>.G ,2,@Ɵ:@ƟƟ .ĜK,@½7¬1&>,W&@;B ?:H ?47Ŋ G Ŋ.Ĝ ?741½7¬1&>0;:Ŋ :Ĩ Ɵ.B Ĝ Ŋ?741,2?"&*2?:¤;*:?0?&*/@?7¬7G ®&2,2/>2&@1.Ĝ½Ð?&®,)> K: ?*?¬&A 2*G Ŋ ?4.Ĝ½?Î®&2@1: 2*>½: ¨,*> 1>:>7?*GÎŊ.>| (@Ɵ :Ŋ & &Ƥ: Ʀ.WG .G ƝƩ: Ƣơ2>ćG @1ŧ .2.>½.W@:1>0 | Î@12®'>*@1G ..*>*½:4>;(@ '@Ɵ?7411>:0>0G 4*G >?7417¬1;Hư ½ ,1K?&> :Ɵ Ɵ >* :?0?& ƙƢƪƪƨƚƝ *2?:¤;*:?0?&ǆǑǑƙƢƪƪƩƚƝ22>02>*:?0?&A ƙƣơơƪƚƝ -4Ř ?,!4ŋ > ! *7?!?.?4!@ ƙ?ý&@1&>2>,2:?0?&ǆƣơơƧƚ2?7@1A GÎ 4*:?0?&ƙƣơơƪƚ½:?0?&ý>2>(K;2> Ɵ *:/@:?0?&1Ĝ*.&>1>?/>2&@1.G ? Œ Ð%>4@ ,Ŋ *A "* ½ 7¬1&> ;H 2 : ,A*"*K«17;>1 &>24>/Ð(&> )>2,2Ŋ :>?4&?1>>*>>?;Ɵ.>(0,@Ɵ| Ɵ*>1G :?0?&*/@:2>2@.G Ĝ .WŊ .G Ĝ0 | ?7412*G 1> *>?*@2%2*>:G >7?(1>Ɵ Ɵ.@ƟA ƟŊ WĜ *Ŋ :>2ƢƪƩƦ:A /@&Ʀơ:G G 1>(>.>H >?741;K| >;A ?:0 />2&@1®!G G! .:>':K?:1!.Ŋ 2/>2&@10?;4>. &'>.-.WL(> :>'?71>.Ŋ 2( *>G .>?741Ð0;A HƟ Ð¬*1; "&>;?1>.H Ĝ>?7417¬1 ;Hư 1> :>7?* ÎG .Ŋ Ĝ > ?741 (G8 Ŋ?'?7>:Ɲ. Ĝ ®7>®12.Ŋ Ĝ0 | >12&0>*7: :>)* ?4?;&>2@;Ŋ ư1>H Ŋ& & %( G*G,24>Ð?&.): :0 >G :2>2½&2-(&G ;G Ɵ. Ĝ½ :7¬1&> 4KĜ>0&:;@;H ?.Ĝ>?7410>*7 >:&>;Ɵ1 .H Ĝ,2/@,@Ɵ:@ƟƟ Ŋ K,2>2*B G >2%:2>2,2?&¦2Ú.K Ŋ ::>)*?4?;&>2@*;º;Ŋ Hư &;&?7?/þÐ>2Ð?&.Ŋ )4>; Ɵ* ,W&>;Ɵ.H Ĝ ?741:Ŋ ?78G 9&K!G .G Ĝ Ŋ §®&1Ĝ½:0®1>>2%K! Ŋ .G Ĝ K,@B .W.0G | Ĝ ?741:Ɲ.G . :4ƤG 0>,(#ĜKŊ 1?(;0/>2&@1®!!.G 2 : :K?:!:Ŋ Ŋ Ŋ/>7>:>0*>2*>,W&>;1Ĝ?*H :>*@:,G 2>2:B ŌG2:2>2,2?&¦2Ú ?741,;4Ŋ ?7¬7®&2,2/>2&@1.G Ĝ>®'>* §®&1Ĝ?4Ð>7)>*2*>,W&>;Ŋ ?::H ,G @B .K /@*;º,W>ƟG (G|&K :Ð'0Ƨơ0G /@®'>*Ð>ÿ*;º'>K| 7Ē÷;K>&@;ƟK!H .G Ĝ .WŊ .G 0 ?741| :?741.>(.:Ŋ /7;K:>; Ɵ1?(;0H ?7¬7| .?:Œ 7>½ ,4¢)&>0G | Î@1:0>*&>«1>ÿG :G,@½1;:0®1>0;K>@Ɵ.WB .G Ĝ0 | ;HƟ?7¬7. Ŋ WĜ *Ŋ :>2/@/@/>2&½A ®&2,2.? Œ Î0G Ð?&®,)>| 2*@; &K?7¬7H &*@½0&>/@ ®&2½;K&@;21H .G ®&2,2,*.G Ĝ>®'>*: ?*?¬&2*>,WA >ƟG ƢƪÐ?&8&*:1>K. ? :Œ 7> ,4¢)*;ºG *§®&1Ĝ½:0®1>K. ;&2&2@G :Ŋ G ;HƟ ::0®1>>?*2>2%/@.Ĝ ?741:Ŋ ;@G 7&0>* :01 0(| G| &K .Ĝ Ŋ ?4 * :A4 >:&;G Ɵ :/7;Ɵ/@/@ H ÎĜ0G Ɲ>:20;>*2@1| §®&1Ĝ½:0®1>?7!;20K.H 8:/@G K!20K2.G 1?(?*7 8G ý>2>/@,Ŋ @B 28;2@ÎĜ0G ;@®'>*,2 .| Ĝ½

20 A4> ǆ?:&.2ƣơƢƪ 8>>; .?Ë>0@% ÎĜ0G /@/@.| ? :Œ 7>G .ĜK .>2&24&>:Ŋ !>/@:>0*> :>7?* ÎG .WŊ .G Ĝ2K! .G Ĝ 7Ŋ &*G ½ ,4¢)&>,1>ÿ*;º; 2.H Ĝ½8>> 2*>,W&>;?:H ?47Ŋ 72*> !.L2K?7G &K :0>* ;K&;G 4 ?*G 1 :?7)>A K 4>/ 1¨,;Ɵ. Ĝ ?741:Ŋ 8>>ĜG ¦7®&>2>Ŋ G Ŋ?42.@ ,2?*/22;& ;G Ɵ. Ĝ ?741Ŋ ,2 ?*/2 2&@ ;Ɲ 4ǆ4 ;K&@ ; 1Ĝ? &œ:&.*>1>>:>Ɵ7Ŋ H:GÎĜ0G ;>| ;@ :G.Ĝ ,>:,1>Ŋ ÿ, @;K>@?::B .G Ĝ½ ;2.>4>/4ǆ4;K&>; Ɵ:>7H ?* ®'>*,2 .Ĝ½8>> ; ;H .G (2. 2.@ 2:2>2,2?*/2&>0;K>@Ɵ GÎ.Ŋ Ĝ ?741:Ŋ .WG .G 0Ŋ >¦21Ĝ7 2?;&ÎĜ0G .G ? :Œ 7>:G ?*?¬&2> >:A @Ŋ :>7?* ÎG .Ŋ Ĝ ?741:Ŋ .G Ĝ½: 1> ?)>¦21Ĝ K ?04 2;@ :?7)>A K!.G Ĝ Ŋ ?:::0>7G 8@?7>:G 4¸1K/@Ð>ÿ?1>Ŋ 0 ;K >@ 2 ?*1>0 :®'> K .Ĝ ½ 0>¦21Ĝ7?)>¦21ĜK/@?04* 4G @2| >:>ƟŊ ?*2>*@0/@:>*@;K>@Ɵ:>7| ?* ÎG Ŋ 1;:0>*>1 ?4:0>*7Ŋ &*2:G ?7)>A ½ .Ĝ?741:Ŋ Ë>;ĜK/@.W@:G 1>0 ,>(| &>>?4 §®'?& 0.W| G )>2&>Ĝ K :¨,*>>0B&ē,;K>Ɵ.Ĝ>>2.X* G ,4¢);K:ŌGK.Ĝ >2K!Ŋ ;K*G G Ŋ I:K?810 «17®'> 0 | % 4*>G ,W&> ;ƟH : :G,(Kþ?&7:2/@1>(>;ĜŊ K0G >¦21Ĝ >2% ;?04*;º,>&>Ɵ| «17®'>0 .>2 ;| %4| G*G?4 .Ŋ Ĝ 7 ?)>¦21Ĝ K ¦212ŕ Ŋ ?7>: 0| :;>1&> > (27>> !!>*> ,W&> ;H ?:0| :01 /@ :2>2ý>2>:01ǆ:01,2:>7?* ÎG .Ŋ Ĝ Ð(>*2|GƟ Ŋ?741?7?/þ?*%Ŋ 1?4>& 2;G ;G 4 ?*G ?)4&>;2.H ĜK/@?*2>*@2* 0G | 1ü?,?741½4K*>½>&@;Ɲ;2.H ½ :2>2>1;?*%14K*>Ĝ: ,2G *;º;G HƟ 44:® ?&>;7>4>?(1>>&>;ŝ ƝH ?741 ?7?/þ0>2@: Ĝý>2>:2>2 :?*%Ŋ 1½ K.Ĝ0 >1| 2&0 >¦21Ĝ2?)>¦21Ĝ Ŋ 4K*>½>&@2;@;2 :H 0G >¦21Ĝ Ŋ ?4?;&2.&>1>1>;4H ?*4K*>ĜG Ŋ ?4 1& ?;&>2@ 0>*> >&> 2;> ;ƟH &4*A ,Î*>2>0Ŋ WĜ>;7>4>( 2G .Ĝ Ŋ Ř0AöG®'>1@;2 )>2;@*Ð&@&;K&Ř G ?;&?4/@ :Ŋ .G 2>0>*>1>;A Ɵ0H >2@: Ĝ ;Ɵ1?(2>ć?;&½.>&½>&K?741(ŧ 8?;&0G | ý>2> 1; 0ö>A /@ ">1> >&> 2;> ;H ? ;2 . ;H1Ĝ??741.>(;@/>2&@1.Ŋ Ĝ>>2 ½:® ?&4;K&@;ŝ 2?741H .>(0>*7Ŋ .W>;K:>&'>;0?7¬7®&2,2Ð?&®,)>Ŋ 2 ::>)*>:>® ?&½2%:ŝ /7*;º;K,>&> :ŌGƟ;>;0>2@Ð?&1K?&>. -> *> H:G ;HƟ0>¦21Ĝ½ !*@2. 2K>2@/@4K*>G .W.G Ĝ: ;G 7;>H ;0K! >2G ;K2*;º?!Ŋ Ŋ01?7912;A ;G Ɵ :ŌG2 ::0®1>>:0>)>*:>7?* GÎ Ŋ.Ĝ>?741;@; Ɵ .>2H Ř W ?741½G Ð'0đć1>1M 4K*>G :1Ð&@&;K&@; 4 ?*G 7¬1&>K*>2&; G Ɵ ?7418Ŋ Ē&@?(*Ĝ0A | 1?(;0?7¬7. Ŋ WĜ,2*2#>4 &K;0| .>2&4*,ÎA Ŋ W G *>2>0Ð/>7Ř ,>&;G ?/@/@( 8½ƢƪÐ?&8&*:G 1> /@(8>&G;4 ?*1G *>2>0Ð/>7®'>1@G Ŋ ,>: .? Œ :?7)>A ,4¢) *;º ;ƟH 1?( ;0 ;K&;G 2:01 :>'1Ŋ &G 4*,Î½0.A &@0B G *:1> :/>K/@.Ŋ ? :Œ ?7)>:A ?*?¬&A ,¦27?&&;K>& ;G Ɵ. -.WL(>* :0>0G 4*G 2*>>;&;G &K2?): 1>0 .| ? :Œ 7>>G | 0|?*1?Ú½7¬1&>;A Ɵ?7¬7.H ;@Ŋ Ŋ4;@?&0>;@0G ƨƢƢ2KW>4>/(8>| 1>; H WG *Ŋ :>2?,4A 79G 0 | A4G>&Ĝ0| K?741Ơ:0>04*½:>'G &>?:÷2&>; Ɵ;KH :0®1>;K&@;Ɵ.H Ĝ>>2.W>;K* :G .WG G ,¦2>4**;º;Ɵ1?(:/@>&Ĝ0H ,¦2>4*;K*| G :&>;8H Ē&@?(*Ĝ0A G :0®1>Ř 4*@,WG G )>2&>ĜK/@1> .Ř Ĝ: ;@ %G 4&K/>2@:G 1>0 0>*7:G :>)*½7¬1&> 4G?*7®'>1@;G Ɵ?7¬7®&2,22>ć >?7>:ŧ ?04:>2 %Ð®&>7Ĝ>8@ĕ?*,!>*:Ŋ /7 ,W@Ɵ&:>7G ?* ÎĜG .Ŋ Ĝ ?741:Ŋ G 22>ć?;&:7ĝ,¦2; ŧ ƟH ::(/ 0 ?7*| "@G ;K:>ƟŊ 0>*7 ::>)* ½ !*@ ;K@Ɲ 1; 4K*> ;@;>;?H ?741:.G Ĝ½,¦2>4*4>&0 /@0@&@| ?*2'Ð&@&;K&@; Ɵ:2>2ý>2>/@,*H 7Ú«1G ƘƘ1;@*;º;K&@?B (@0 &¢(@?41>| Ɲ ;HƟÐ?&0>2@«110;K>&>; ?::H .G Ĝ½ 0|1;®,ćē,:;>1>;G ?:>7H ?* ÎG Ŋ 2L8*;K*G ?40K0K/@?,4*>,W&>;Ŋ ƟƘƘH .Ĝ?741Ŋ .>(?:@/@0Ŋ >2@½ !*@ 4>/Ð(&>.X&@;Ɵ.H Ĝ :Ŋ ! ?4&*@½Ŋ YYY 0&>/@?¤0(>2;G ƟK!H .G Ĝ .WŊ .G Ĝ0 | *;º½>@Ɵ:>7?* ÎG .Ŋ Ĝ ?741:Ŋ G ?741: ::0®1>>/@.Ĩ&;(&:0>)>*G .Ĝ>>2.W>;K>>?::0G >¦21Ĝ Ŋ (B2ǆ(2®'>*>B &2%½:0®1>/@0;K>@ :/7;1Ĝ?.WH .G Ĝ ,>:,Ŋ @½,1>B ÿ&> 1>?0> Ŋ>2%&*@½0&>K,¦2&2*ŝ G ?4Ŋ 27>1>G 41 >1Ŋ 4>7>,*Ŋ ,¦27>2G Ŋ :>'/@?):01«1&@&2:ŌGƟ 7¦2ĈÐ.)Ɲ.WL(>>(0@ :/@:>)* ,4¢);K&;G Ɵ * ?(¨4@

July-September 2019 21 :>>>2 ?*)>¦2&4¸1ĜKÐ>ÿ2|21?(,:>2,>&G;&K;0.K#½ >0@.H"4* 0|2|GƟ ¬72Ŋ8@7>(2!@0Ŋ:(®1Ĝ½ 4*:G;0>2>4¸1,B2>ĨƟ :.@@8G%I1@;0>2G:@0#@;KAŊ 'G2 ;Ĝ*G,*G7>(GŊ*A:>2..K#½.H"4* 0|1K?& 2>1@2 :Ŋ(L2>*;0>2@!@0K:¤0>?*&?1>1>Ɲ:>';@;0|,*> ÐG!G8*(G*G>/@0L>?04>&>?;0.K#Ŋ:0,*@>1Ð%>4@:G ,§®'&>1,>4ĜK7&2>:ŌƟ7¦2ĈÐ.)Ŋ?4 ::G.W@ .>&21>;K:&@'@ư , . Ŋ >,ĝ2G! 7:®'>& :.) H:G 0;7,B% ,K!-K?41K :/>42;G'G2>,ĝ2G!GÎ0|.Ŋ?4 %?7®&>2½,>2 :/>7*>;Ɵ>,ĝ2G!GÎ0|0LB( %:/>7*>Ĝ>?)&04>/ ŋ:G ">1>>:&>;H2 :Ŋ?4.½1>>1*@?&;K*@ >?;ư !@0/>7*>Ŋ:>' :É00|0,*GÐ.)?*(G870A1>1,>4?)>2@@,@Ɵ:Ɵ 1Ř0>2@K,B2>G1(G&>ĩƝ?;Ĝ*G :*?7/>½8Aē&2>1@ 20A ,2/2K:>2Ŋ :*?7/>>,;4>Ð/>2@0;>Ð.)?*1AÚ :®'>KG.X> ?1>Ɵ :½®'>,*>2*GŊ,@G;0>2>0A1 öG¬11;@'>?;0>E,ĝ2G! &0|1;:(G8-ŋ4>*>>;&G'G?.WG>,ĝ2G! %0|;0>2G.½ ǆ*>G8@7>®&7Ɲ0;>Ð.)ƙ:G7>?*7Cƚ :;/>?&>;HƟ.;0>2>1;4¸1;K*>>?;?;0:GI,ĝ2G!Ë>;Ĝ½ ?7@17¬1&>Ĝ>?*2&24*2&GĨ ;|,*@:G7> ,4¢) @*>G8@7>®&7ƤƢ*72@ƝƣơƢƪK.:G:G7>?*7C 2>Ɵ ĨƟ,*@4/ƤƧ79Ğ½:A(@.?Œ:G7>Ŋ(L2>* 1&«1®&.?Œ,G8G0|,*G,*G>1>417«1?Ú&Ơ,>¦27>¦2 ,*G.0|?7?/þ®'>*Ĝ,20;7,B%>1(>?17Ĝ>?*7>; @7*Ŋ.@ŋ:G:&A4*.*>1>ư ?1>Ɵ,*@:G7>?*7C?Ŋ:01,.Ŋ>,ĝ2G! %7 0*G,B2G:G7>>4Ŋ(L2>*.K,*>,B2>:01?(1>Ɵ :Ŋ:>';@0*G ,*G,¦27>2>/@,B2>1>*2>Ɵ.Ŋ.>;2?*4>*GŊ.>(02ǆ :®'>&:.)?7/>>*G&C722;G'GƟ!@0.I.0HÎ@*G@ ,¦27>2Ŋ?4:K&>'>Ɵ.;0>2@0>&C:®'>;HƝ :?4;0| :ŊÐ?& @7>®&7:G *Ŋ@7*2*A/7ĜŊ.>2G0|.>&@&½Ɵ ,B2@&2;:0?,&;K*>>?;Ɲ02:>';@,¦27>2Ŋ4KĜK/@:>'4G2 Ð®&A&;Ɲ *:G.>&@&ŊŘ8ǆ:,>( 4*>>?;Ɵ?.*>,>¦27>¦2:;1KŊ&K,:®'>K,*>8&Ð?&8& *;º(G:&G;Ɵ ŝ,1>,*@,>¦27>¦278H?%,CĈ/B?0Ŋ.>2G0|;0|Ř.&>Ɵư ,7&0>*.?Œ,¦2đ¬1K?:Ð>2(G&G;Ɲ?78G9&ƫ.Y .WL(>Ŋ:(/0|ư 00B4ē,:G?-2K>.>(ƙ1BƟ,@Ɵƚ>2;*G7>4>ĩƟ?,&>@ 4>;>.>(.0|'GƟ .>(0|ƢƪƨƢ0|;0>2>,¦27>24* 1>Ɵ79ƢƪƩơ0|0Ɵ::@ƙŝ?9ƚ .? Œ Ŋ Î0G 4>&>2* ǆ* | *L?&1>A :>0* 2;@;G Ɵ.(4&@Ĩ ½,X> Ŋ(L2>*;@:.@ 7> *2?41>Ɵ#GX797;>>02*GŊ.>( ?',¦2§®'?&1Ĝ0 ;0| ,;4| :G /@1>(>:&G ;K22:2>2@?*( 8Ĝ} Ŋ ?(*>ƣƥƟơƥƟƢƪƩƣK0H*G.Y.WL(>½:G7>Ë;%½Ɵ0*G¤ 1B!2 *:>2;@>02&A >*>;G Ɵ;>H &,* .G >:7>4; Ɵ;0>2H .G ½>1 ??*1¦20|?# 4K0>7ǋǉǑǑǊ/@?1>;HƟ :®?&>-½@;ŝ Ɲ?:H :01ǆ:01,2 üK&*G /@>-½:2>;>;G HƟ ,*G.?ŒKŕ¦212Ŋē,0|1ĜA*>ư ;08>;| ?;0?*2H &2 >1G ?*,>(*2& 2;G |GƟ. >1Ŋ ?*,>(* Ŋ)>2,2;@:2>2*0G 2 ?4.WŊ .G ē,0Ŋ ;0>2>1*?1>;| HƟ ?,&>@.0|'GƝ&0A G;0G8>1;4&>'>?.½*L2@@ ;HƟ *?(*Ĝ.0|ŝ?9?)>¦21Ĝ½/&»;K2;@'@Ɲ0*G:K>?ŝ?9 ,.Ŋ/?71Ŋ.>2G0|1>:K&G;7.WL?(1*ĜŊ?4, ?7>*½,X> 2*GŊ.>( ::GAW@*L2@2*>"@2;G>Ɵ *?(*Ĝ 1>:(G8(G*>>;&G;Ɲ?78G9&L2,2;0>2G1A7>:>?'1ĜKư .?)>2@>:0>0|>-½ÉŊ'>2:0>0|>-½Ð?&Ĉ>'@K .>/?71>-½ 74;HƟ,(G??.WGǆ.WG.ĜŊ,@:@0|*G ?/@/@;H24K *>:¤0>*/@2&G;Ɵ1;@:.:K20*G. Ŋ.>7B(;0>2>.@&2;,2-I02&>2;>2;0*G:G?"*(L20| 7> *?1>Ɵ /@,*@4>/Ð(&>.X>1@Ɵ1;;0>2@:AđX§®'?&>:B;HƟ0,*G1A7> ,K.½?7?/þ8>>Ĝ7>1>41Ĝ0|>12*G>«1>, :>?'1ĜK;*>>;&>ĩ?,*G>00|*2?8,4|Ɲ&/@:-4;K:&G *A/7;HƝ *0|:GL*:@8>>'7>>1>410|>12*G> ;Ɵ:>';@ !@21GÎĜ0|2;@A*L?&1ĜK0:>&2&GĨ *A/7:.:G>2;>ư >2K.>27C?÷0|,*>0B¨11K(>*(|2!@0/>7*>Ŋ:>'>02&G .0|;2®&2,2>02*G0|,*@?¤0G(>¦21ĜK.B.@?*/>1>2 Ĩ:®'>KG4G>*G0|:;1K2|Ɵ 0A G:/@,K§®!0|*ǆ*$>>12*G>0L>?04>K0G2Gŕ¦212 ,:G7>?*7C?Ŋ.>(,*>:01ŋ:G«1&@122;G;ư KG.X>*G0|>-½:;>1:>?.&Ĩ Ɵ0G2G@7*>:.:G?7®02%@1 0G2>0>**>;H?Ƨơ79½ Ô &*@1>(>*;º;H?;0,*GK,B%ē, *A/7,*@K0&@*28>>ƙ4* ƚ:GAW>;HƟ0*G :8>>½ :G:G7>?*7C:0 4|Ɵ0>;&>ĩ?,*G>*2*A/7>Ð1K2 8Aē&½'@2 :Ŋ2/:G;0>2G&>4@*>1,>4?*(G8@ :řŒ&K>;HƟ:G7>?*7C?&Ŋ.>(0Ř:01Ŋ?40A. 0|;@ĩ2, ,@Ɵ:Ɵ8G%I1:2*G0A G;>'>? :8>>>Ð0A?*1AÚ2&GĨ0 /@/@0G2G0K.> 4*ƟƨơƥƦƩƤƢƤƪƪ,2:,2:&G;Ɵ ,KA*L&@(G2;>ĩ?,>2K.>2Ŋ:/@0>*(#Ĝ,2.Ŋ YYY

22 A4> ǆ?:&.2ƣơƢƪ your stress quotient. Make reading D- it’s not just the fourth member of your most favorite habit! English alphabet family, rather may The ‘D’ Erase:- We all get good days and be the most interesting one as you go on reading this piece. As a banker, EDGGD\VDWZRUNDPLGVWWUDIÀFDQG at home too. When you face such mentioning this one letter may now Factor an unfavorable situation, try your remind you of so many things at best to control how you react to it. once, like, deposit, debt, debenture, But the next most important thing denomination, depreciation, is, erase the moment’s bad impact disbursements, defaults etc. Being from your mind as soon as you can. sincere in exercising your duty is Do not keep on carrying unnecessary worth appreciating, but if these are burden of negative feelings in your the only things you are continuously mind. It has much more important engrossed with and taking yourself and useful things to store, rather than to the danger zone of diseases and memory of an argument with your disaster, that cannot be considered client or difference of opinions with as a satisfactory life performance. your colleague/seniors. Assignment should be completed, but not at the cost of health! 6LQJ You love to listen to songs, you hum the music, but you feel In today’s competitive and fast world, uncomfortable to sing because so many factors are causing the of being a bit off tune. If that’s the most common problems to almost Smile:- When you smile, movements scenario, you must keep in mind that everyone and every day, be it in the of the muscles in your face triggers you are not preparing yourself for any ÀHOGRIVWXG\FDUHHUDUWRUDQ\WKLQJ brain to release neurotransmitters singing audition. When stress starts to that involves people more than one. called endorphins. Endorphins are That problem is named- ‘Stress’! responsible for making us feel happy, VHWLQ\RXUV\VWHPÀQGDFRPIRUWDEOH place for you, close your eyes and sing This mental hazard is in turn causing and they also help in lowering stress your favorite songs from your heart. physical complications. Then, what’s levels. As you smile, you create a Even if you don’t know exactly what the solution of this cumulative crisis? positive and happy environment physiological changes it is bringing in De-Stress ! in your surroundings. Hence, keep your worries aside and smile. Also, \RXU V\VWHP \RX FDQ GHÀQLWHO\ IHHO Yes, you have read the word right. if possible, try to make at least one that your mood is getting better with We all know that it doesn’t seem that person smile each day. Your DESTRESS every passing minute. Isn’t that the easy to apply in reality as easy to say. squad will get stronger by this act. thing we are concerned about? Hence, now we will explore each Silent stroll:- In today’s world full of letter and get to know some simple Travel:- There are so much to see, cacophony, sometimes a peaceful but effective tricks to win over this experience and feel beyond your stroll in darkness and silence, can challenge thrown by life. every day’s familiar world. When you are exposed to the bigger world, have a miraculous effect to keep Diet:- Are you skipping your breakfast it becomes easier to realize the your nerves calm. It would be a or lunch due to meeting or pending limitations you unnecessarily put on beautiful experience to get back tasks? Are you taking junk food in yourself because of your problems the composure after a hectic day between for killing your hunger? Then and worries. Life is not meant for investing few moments in solo and you are killing yourself too! If you need FRQÀQLQJ \RXUVHOI LQ WKH FRFRRQ RI silent stroll. to increase pace of eating to attend worries and tension. Take breaks and $ÀWERG\DQGUHOD[HGPLQGFDQKHOS a meeting, that is way better option travel! you excel more in your work as well than skipping it. Replace junk food as in life. Working is for adding value Read:- Devote at least half an hour with fruits, green vegetables and to your life and your family. Health plenty of water. Maintaining proper of your day to a good book. You can is not meant to be the exchange diet and taking meals in proper schedule it just after you wake up to value for it. Striking a perfect balance LQWHUYDOV LV WKH ÀUVW VWHS WRZDUGV D a beautiful morning, or while you are between work and life is what makes balanced life. sipping your evening tea after coming you a successful person in all the back from work, or before you go to bright spheres of life. So, don’t allow Exercise:- Don’t have time in the your bed to restore your energy for more Damages to yourself, start the morning? Tired in the evening? We the next fresh day. Choose a book process of DESTRESS today! want to talk about exercise here, not which is no way directly related to YYY excuses. Just half an hour time from 24 your work. It should not necessarily hours of a full day is to be devoted for EH RQ VRPH SUHGHÀQHG VXEMHFW $ some simple and free hand exercises wide variety of genre is awaiting your including meditation. This is surely the interest in the ocean of books. While Reema Mukhopadhyay second most important step to arm exploring that wonderful world, your Information Security Deptt. your body and mind against ‘Stress’ body and mind will get relaxed on Baroda Corporate Centre, enemy. their own, which will in turn reduce Mumbai

July-September 2019 23 ®'>,*>?(7::0>2K; GÎ@1>1>41ƝB*>X GÎ@1>1>41Ɲ-&G;,A2

®'>,*> ?(7: Ŋ 7:2 ,2 B*>X GÎ@1 >1>41 ý>2> Ë>; -&G;,A2GÎý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2?7?/þ>1É0 >ē&>.> 2H4@>1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A 1K?&?Ɵ :7:2,2-&G;,A2Ŋ?4>?)>2@@:@7Ř0>2 @G.@2K;W>Ɲ7¦2Ĉ>1,>4%&'>GÎ@1>1>41Ŋ:>'ǆ:>' ?:;&'>GÎ@1Ð0A@&A4Ř0>22GŊ*G&C70|2Ú(>*?872 ?7?/þ8>>ĜŊ®!>-:(®1 ,§®'&'GƟ >1K*?1>1>Ɵ

GÎ@1>1>41ƝK2,A2 GÎ@1>1>41Ɲ*>,A2

K2,A2GÎý>2>.Ŋ®'>,*>?(7:Ŋ7:2,2?7?7)>1É0 GÎ@1>1>41Ɲ*>,A2ý>2>.Ŋ®'>,*>?(7:,2:G7>?*7C®!>-ǆ 1K?& ? Ɵ >1É0 ½ 8AĒ& 4 Ð0A @ .:& :(®1Ĝ&'>*>,A28;2½8>>ĜŊ®!>-:(®1Ĝ7 *Ŋ,¦2*>| ?:; L)2@ &'> , GÎ@1 Ð0A @ :1 Ř0>2 ?:; ý>2> Ŋ Ŋ?4:>®ŝ?&>1É0>1K*?1>1>Ɵ :>1É00|GÎ@1 >!2 ½ Ɵ : 7:2 ,2 GÎ@1 >1>41 Ŋ :/@ ®!>- :(®1 Ð0A@7@0*::> .>.BƝ ,GÎ@1Ð0A@?7>:Ř0>2Ɲ@: ,§®'&'GƟ Ŋ2>%>&'>1®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ2>.>( GÎ@1>1>41Ɲ,%@

GÎ@1 Ð0A @ 2>0>7&>2 ,>4@7>4 ½ A7> 0| ®'>,*> ?(7: ,2 GÎ@1Ð0A@0B¨1Ř0>2Ŋ*G&C70|GÎ@1>1>41Ɲ,%@ý>2> 2>.>( GÎ 0| ?7?/þ >1É0 1K?& ? Ɵ : 7:2 ,2 ®'>,*>?(7:Ŋ7:2,2?7?/þ>1É01K?&?Ɵ :7:2 />2&@1G4Ð>?)2%Ŋ:;1K:GGÎ@1>1>41&'>®'>*@18>>Ĝ ,2:>®ŝ?&>1É0&'>0H?8K>/@1K*?1>1>Ɵ * Ŋ®!>-:(®1Ĝý>2>7C>2K,%>1É0>1K*?1>1>Ɵ >1É0Ĝ0|.W@:1>0|®!>-:(®1 ,§®'&'GƟ

24 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ GÎ@1>1>41ƝK¨;>,A2 GÎ@1>1>41Ɲ4>7

K¨;>,A2 GÎ 0|. Ŋ ®'>,*> ?(7: Ŋ 7:2 ,2 ?7?/þ >1É0 GÎ@1>1>41Ɲ4>7ý>2>®'>,*>?(7:>1É00|:0>?:2K>2 1K?&?Ɵ :7:2,2>Ē&>;G&A.> 2H4@?*>4@ Ŋ&;&®7>®1Ɲ,1>72%:2%Ɲ:>0>?(>?1770*K2*,22H4@ 2®!>-:(®1ĜŊ?4:>®ŝ?&>1É0>1K*?1>1>Ɵ >1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A@Ē%?0>Ɲ , *>1É0Ĝ0|GÎ@1Ð0A@?77GŘ0>2L)2@7>-½:1>0| GÎ@1Ð0A@G8Aÿ>7#IƟ/@7>2>0L)2@21®!>-:(®1 ®!>-:(®1 ,§®'&2;GƟ ,§®'&'GƟ GÎ@1>1>41Ɲ/A7*G¬72 GÎ@1>1>41Ɲ08G(,A2

.ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10|GÎ@1>1>41Ɲ/A7*G¬72ý>2> GÎ@1>1>41Ɲ08G(,A2ý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10| .> 2H4@>1K*?1>1>Ɵ :7:2,2/A7*G¬72GÎŊGÎ@1 .> 2H4@>1K*?1>1>Ɵ :7:2,208G(,A2GÎŊGÎ@1 Ð0A@:K0*>'*(Ɲ ,GÎ@1Ð0A@/>2&/B9%7@;¦28Ï Ð0A@(@8&A>¦21>7 ,GÎ@1Ð0A@*@:Ř0>2:?;& ?:;>&'>1®!>- ,§®'&'GƟ ?7?/þ®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ0A´Y2,A2GÎ@1>1>41Ɲ1>

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,20A¡-2,A2GÎý>2>4GÐK:@ .ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10|1>GÎý>2>.>4:A)>2C; ?08*:®'>Ɲ0A¡-2,A2Ŋ0G?#4?-:2#IƟ:A/>9:A0*K:®'> 0|7>!2ř42&'>7>!2?-¨!2/|!?&'>.>4:A)>2C;Ŋ.Ĝ Ŋ:G7>'ƣ#G!ř42 7 ƥ «;@4 G12 Ð(>* ? Ɵ : 7:2 >G7ď?7&¦2&?Ɵ :7:2,21>GÎŊGÎ@1Ð0A@0*@9 ,20A¡-2,A2GÎŊGÎ@1Ð0A@.>%@Ò&?7¬7>:Ɲ ,GÎ@1Ð0A Ř0>2&'>1®!>-:(®1 ,§®'&'GƟ @:@.@,@70>Ɲ2>0.>8>>Ŋ8>>Ð0A@2>G8Ř0>2&'>1 ®!>-:(®1 ,§®'&'GƟ

July-September 2019 25 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ:.4,A2 GÎ@1>1>41Ɲ,B?%1>

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2:.4,A2GÎý>2>:.4,A2§®'& .ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10|>,ĝ2G!:>0>?(>?17Ŋ đ?ć.>?)&70B7.?)2?7ü>41Ŋ>ÎĜŊ?4G4:>0Ë@Ɲ¤1B?4 &;&,B?%1>GÎŊGÎ@1Ð0A@@7Ř0>2>1:Ɲ ,GÎ@1Ð0A ½ǆ.K#7ř42/|!?Ɵ :7:2,2:.4,A2GÎŊGÎ@1Ð0A @1Ř0>2@7>®&7Ŋ2ǆ04Ĝ:G®'>*@1*@K?:4> @?77GAÿ>Ɲ ,GÎ@1Ð0A@?*ē÷?0&'>1®!>-:(®1 08@*/|!½ Ɵ ,§®'&'GƟ GÎ@1>1>41Ɲ?(¨4@0;>*2 ÎƢG GÎ@1>1>41Ɲ?(¨4@0;>*2 ÎƣG

GÎ@1 >1>41Ɲ ?(0GǆƢ 0|Ŋ >!2 ®'>,*> ?(7: > 1K* .Ŋ®'>,*>?(7:Ŋ ,4¸10|?(¨4@0;>*2GÎǆƣý>2>I,ĝ2G! ?1> 1>Ɵ : 7:2 ,2 0;>Ð.) ƙ0A1 :071*ƚ @ 2 Ŋ :>0>?(>?17Ŋ&;&4Ð0A@(?7(2,>4ËK72&'>GÎ@1 ?04>*@Ɲ4Ð0A@(?7(2,>4ËK72Ɲ ,4Ð0A@2,@ Ð0A@0)A2Ř0>2Ŋ204Ĝ:G::@Ơ:!@:0A(>1½?*¤*1 .¢.2ƝGÎ@1Ð0A@*¬1>0?:;Ɲ ,GÎ@1Ð0A@,@Ŋ?:;7 7½Ʀ0G)>7@>Î>ĜK>Î7C?&Ð(>*½ Ɵ @.4@&?:;&'>GÎ@1>1>41Ŋ®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ?(¨4@0;>*2 ÎƤG GÎ@1>1>41Ɲ 4>;>.>(

.Ŋ®'>,*>?(7:Ŋ ,4¸10|?(¨4@0;>*2GÎǆƤ½ ?(2>,A20 .ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1>1>41Ɲ 4>;>.>( 8>>0|/>2&:2>2Ŋ:W7,¦27;*2>10Î@*24ƙ:G7>?*7Cƚ ƙÐ1>2>ƚŊ&7>7)>*0|GÎ½?7?/þ8>>Ĝ:G:.?)&?:>* @7@Ŋ?:;ý>2>8>>,¦2:20|7C>2K,%?1>1>Ɵ :>1É00| , Ë>;Ĝ;G&A0G> %?8?72>1K*?1>1>Ɵ :7:2,20A1 4Ð0A@2,@.¢.2ƝGÎ@1Ð0A@Ć*@80>Ɲ ,GÎ@1Ð0A ?&?' Ŋ ē, 0| ?4> ?)>2@ @ />*AÏ K®7>0@Ɲ 0;>Ð.) @.@Ɵ:ƟAÿ>Ɲ@Ŋ,@80>71®!>-:(®1 ,§®'&'GƟ : ƙ0A1 :071*ƚ @ 20G8 Ř0>2 ?04>*@ &'> 1 ®!>- :(®1 7:2,2:2>2@®ř40|(K7>!2ř42Ɲ,>12ř42/@/|!?Ɵ ,§®'&'GƟ

26 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ GÎ@1>1>41Ɲ-ŋ>.>( GÎ@1>1>41Ɲ>0*2

-ŋ>.>(GÎý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2:>0>? ®'>,*> ?(7: Ŋ 7:2 ,2 >0*2 GÎ ý>2> :>0>? :2K>2 :G (>?17Ŋ&;& >1É01K?&?Ɵ :7:2,22>?9 :.?)&?7?/þ>1É0H:G>ē&>2H4@Ɲ2Ú(>*?8?72Ɲ7C>2K,% (82'2>½10G?#4>4GƝ(8**2ŊÐ>%0|7C>2K,%>1É0 ?(>1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A@:Ŋ2>"K#Ɲ >>1>G*?1>1>Ɵ *>1É0Ĝ0|GÎ@1Ð0A@?*;>22*Ð)>*Ɲ ,GÎ@1Ð0A@?7>:>74>&'>?7?/þ8>>ĜŊ4/ƣƦơ:G ,GÎ@1Ð0A@,@,@1>(7Ɲ0G?#4>4GŊÐ>>1#IƟ?71Ř0>2 ?)®!>-:(®1 ,§®'&'GƟ &'>1®!>-:(®1 ,§®'&'GƟ GÎ@1>1>41Ɲ*>?: GÎ@1>1>41Ɲ7>2>%:@

;0>2G *>?: ÎG ý>2> . Ŋ ®'>,*> ?(7: Ŋ 7:2 ,2 >Ē&> .Ŋ®'>,*>?(7:Ŋ7:2,27>2>%:@GÎý>2>,?#&(@*(1>4 ;G&A .> 24@H > >1>*G ?1> 1>Ɵ .> 24@H > 8/>2A / :;>1 ,>1>12>½10,÷?&?7ü>410| !@Ŋ0G)>7@?7ü>?'1Ĝ ,A?4:1Ú@8K*>&A @*G ?1>Ɵ :7:2,2*>?:G ÎG Ŋ K:¤0>?*&?1>1>Ɵ :7:2,27>2>%:@Ŋ0A1?7>:?)>2@ GÎ@1Ð0@2>A 8Ŋ 0>2Ɲ ,Ř Î@1Ð0G @?*4.W>1>Ɲ ,A ƙ:@#@ƚ@L2>2>"@ƝGÎ@1Ð0A@Ð&@?Ý;KÎ@Ɲ:0>¨1>% GÎ@1Ð0@:A A2G82*>2Ɲ:/@8>>Ð0H 21®!>-:(®1A ?7/>Ŋ ,?*(G8@;H1>4>4Aÿ>&'>?7?/þ®!>-:(®17 ,§®'&'GƟ ?7ü>'» ,§®'&2;GƟ GÎ@1>1>41Ɲ.÷0>* GÎ@1>1>41Ɲ/ē

. Ŋ ƢƢƣ7| ®'>,*> ?(7: Ŋ 7:2 ,2 .÷0>* GÎ@1 >1>41 /ēGÎ0|GÎ@1Ð0A@2ŊK14½A7> 0|.ŊƢƢƣ7| ý>2> :>®ŝ?& >1É0 > 1K* ?1> 1>Ɵ : 7:2 ,2 , ®'>,*> ?(7: Ŋ 7:2 ,2 ?7?/þ >1É0 1K?& ? Ɵ : 0;>Ð.)@8>&*A0A»Ɲ ,GÎ@1Ð0A@?(4@,Ř0>2Ð:>( ,4¸10|7C>2K,%>1É0>1K*/@?1>1>Ɵ :7:2 &'>®!>-:(®1ĜŊ:>' *Ŋ.äG7.Ŋ:G7>?*7C&0>2@% ,2 ,GÎ@1Ð0A@20L&0Ɲ7¦2Ĉ>1,>4%&'>1®!>Y ,§®'&2;GƟ :(®1 ,§®'&'GƟ

July-September 2019 27 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ (1,A2 GÎ@1>1>41Ɲ2*>4

.ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10| (1,A2GÎ0|;H¨'G,ŏ, GÎ@1Ð0A@:1Ð>8½A7> 0|.ŊƢƢƣ7|®'>,*>?(7:Ŋ >1K*?1>1>?:0|.Ŋ7&0>*7:G7>?*7C0>¦21Ĝ7 7:2,22*>4GÎý>2>?7?/þ>1É0ĜŊ:>'ǆ:>'>ē&>2H4@ *Ŋ,¦27>2*Ĝ½?*8A¨®7>®1>½1@Ɵ :7:2,2GÎ@1 >1K*?1>1>Ɵ2H4@>8A/>2/ƢƢƣA¢.>2G;7>0|KW2?1> Ð0A@8K#>1&'> ,GÎ@1Ð0A@Ð?&Ř0>2?(7>2 1>Ɵ :7:2,2 ,GÎ@1Ð0A@:2.@&?:;7@*@Ř0>2 :?;&:/@®!>-:(®1 ,§®'&'GƟ ?:;4:?;&1®!>-:(®1 ,§®'&'GƟ GÎ@1>1>41Ɲ:B2&8;2GÎ GÎ@1>1>41Ɲ%(

.ƢƢƣ7Ŋ ®'>,*>?(7:| 7:2,2I,ĝ2Ŋ !:>0>?(>?17G &;&Ŋ %( GÎ 0|. Ŋ ƢƢƣ7| ®'>,*> ?(7: Ŋ ,4¸1 0| @ ŊG :B2&8;2½:/@8>>Ĝý>2>,B2G?(*4ǆ4:>0>??&?7?)1>½ "2 Ð>'?0 ?7ü>41 0|®ř4 .H 7 ?! > ?7&2% ?1> 1>Ɵ 2:>'0.| ;&2Ë>;:G 7>G ?4®!020@!>1K*/@?1>Ŋ :7:2,2GÎ@1Ð0A@2Ŋ,>!@47 ,GÎ@1Ð0A@ 1>Ɵ :7:2,2Î@1Ð0G @A Ŋ ?:Ŋ ;2@?;& 8K1>Ɲ#@#@ƝG 2?7( ?704 &'> ?7ü>41 Ŋ Ð)>*>>1Ŋ :>' ®!>- :(®1 :B2&*G >!227Ŋ >2K,%2>1C É0½8 ē&½ƟA ,§®'&'GƟ GÎ@1>1>41ƝK!> GÎ@1>1>41Ɲ.@>*G2

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2 ,0;>Ð.):A@:?7&> .ŊƢƢƣ7|®'>,*>?(7:Ŋ ,4¸10|K!>GÎý>2>GÎ@1Ð0A@ #@Ŋ%@Ŋ*G&C70|.@>*G28;2Ŋ>8;2§®'&(G7GÏ1K:®'>* 2Ŋ0@*>7 ,GÎ@1Ð0A@00G;2>7@0K³00:B(½ ý>2>:>?4&:®>2 äÐ>'?0?7ü>410|?7ü>?'1ĜK,>*@½ A7> 0|Ë>;>ē&>2H4@>1K*?1>1>Ɵ :7:2,2 .K&47?!?-*.I:?7&¦2&?Ɵ :7:2,2.@>*G2GÎŊ :>®ŝ?&>1É0>/@1K*?1>1>Ɵ:/@?&?7?)1Ĝ0|®!>- ,GÎ@1Ð0A@?87>*(7@1KG81>(7&'>1®!>-:(®1 :(®1Ĝ*G :>;,B7/>?41>Ɵ ,§®'&'GƟ

28 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ .W>H(>,G:>(0@Ɲ>)@*2 GÎ@1>1>41Ɲ.|4BĒ 2GÎ

GÎ@1>1>41Ɲ/K,>4 2 GÎ@1>1>41Ɲ0G2

GÎ@1>1>41Ɲ4A?)1>*> GÎ@1>1>41Ɲ.WL(>?4>GÎ

.WL(>?4>GÎ0|.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2?7?/þ 4A?)1>*>GÎ0|GÎ@1Ð0A@7> ŊAÿ>Ŋ*G&C70|.ŊƢƢƣ7| >1É0Ĝ>1K*?1>1>Ɵ :(L2>*1A7}?(;I§®,!4ŋ¤,:Ɲ ®'>,*> ?(7: Ŋ 7:2 ,2 ?7?/þ >1É0 1K?& ? Ɵ : :>74@0|2Ú(>*?8?72Ɲ?*8A¨*GÎ>?8?72Ɲ¬0>?7&2%?8?72 ,4¸10|:®ŝ?&>1É0>/@1K*?1>1>?:0|GÎ@1 &'>7C>2K,%>1É0>1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A >1>41:?;&?7?/þ8>>ĜŊ®!>-:(®1 ,§®'&'GƟ @0&@1K?&,!G47 ,GÎ@1Ð0A@:@7*( ,§®'&2;GƟ

July-September 2019 29 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ #ţ,@ GÎ@1>1>41Ɲ;:*

®'>,*>?(7:7:2,2 #Ŋ ,@ţ Îý>2>?7?/þ?&?7?)1Ĝ>1K*G ;:*Îý>2>.G ƢƢƣ7Ŋ ®'>,*>?(7:| 7:2,2?7?/þ>1Ŋ É0 ?1>1>Ɵ01:0>2K;½8A ē&(@,ÐĐ74*2½ Ɵ :7:2,2A 1K?&?Ɵ>1É00 0| 1?&?'A ē,0Ŋ 1| ?*>;K4ÐKG !G Ŋ 0?%,>4#0@Y;>12Ŋ BŊ8*ÐK>Ŋ :42@:.4> Ɲ, B77&» :;>11Ú@?2@8*A (* ,§®'&2; Ɵ : ,4¸10G 2Ú(>*?8?72| ?71>. ,Ŋ B7>1,>4?*( 8@G 2?8*I1Ɲ #Ŋ ,@ţ Ð1>&Ŋ >/@1K*?1>1>Ɵ>1É0 (L2>*;:*Ŋ ÎG Ŋ Î@1Ð0G @A Ŋ :0>ǆ:7@#IƟ@8G 2&'> # ,@ţ ÎG >1Ŋ ,>4 ,§®'&' GƟ 2>(4&'>1®!>-:(®12?7?/þË>;%/@ ,§®'&2;GƟ

7H?Ć 0>ƙ4K.47>?0ƚŊ1A0| ®7> *¡4B?(>&2K/1>7;ē,)>2% 7H?Ć>>?791.*>Ĩ;HƟ:,B% 2AŊ;Ɵ.A?÷0>*«1?Ú½.W@ǆ.W@?#?Ë1> ?7Ć 0| :/@ ?7ý>* 7H>?* ::G .>7 Ŋ &'> )*7>* «1?Ú ½ .W@ǆ.W@ )*2>?81> ,1>72% *G>*G ,>1K2;G;Ɵ;0:/@>*&G; Ř/@>0*;º&@Ɲ1?()A?*«1?Ú ?,1>72%½2>2;04K.47>?0Ŋ * 2KĜ Ŋ& :G0A?Ú >;&> ;H &K 7; :2%0|1 Ð/>7ĜK02:&G;Ɵ,1>72%½2> Ð?&?(*,*G20| *7*®,?&1ĜƠ9?)1Ĝ 0|,GWĜƝ7*®,?&1Ĝ24ĜƠ7*Ĝ½0;&@ Ŋ ,1Ký>2>1?1>2GƟÐ>&>4Ŋ74 /B?0>;H2/>2&@1(8*0| ;º7*®,?&1Ĝ .@:?0*!Ŋ:010|'KW@:@:>0Ë@&'> ½/B?0> Ŋ:;>2Gǁ1ǂ02*G½.>&½ ;HƟ C&:G;K*G7>4>1Ơ;7*,KL.@:!G ǁ1ǂ 8¢( > ä>2% 0>Î ;@ 8>2@¦2Ɲ & 7 ½ &2; Ð(Ä?9& 7>&>72% :G 0>*?:7§08>?&Ð(>*2*G7>4> .>&>2;G>Ɵ ;HƟ :C?ć Ŋ2?/ >4 :G ;@ ǁ1ǂ K ?7>*Ŋ0B4ďK&'77G(0|1;/@7?%& 0;7?(1>>2;>;HƟ;0>2G7G(Ë'Ĝ7 ?9 ;H?1Ơ;7*2*G7>4ĜK1Ơ;7*½ 0A?*1Ĝ*G/@ :½?*7>1&>7A%7>K ,>7*?Ý0C1A½K:G/@.>4>*G½ :0 &GĨ;0| :G@7*>?/þ.*>*G 8?Ú2&@;HƟ,:/@*G :0>>2,ÎĜ0|,X> >:A >7?(1>Ɵ *Ŋ*A:>21Ŋ74 ;K>?/K,>4H:Î>:(@Ŋ(L2>*7K,¦27>2 0>#;@*;ºƝ?,&A)2&@>4A:B1;HƟ 0Ð/>?7&Ĩ'G?*2Ĝ0|1Ơ;7*;K&> (G8ǆ?7(G80|*G®'>*Ĝ,2?>AŊ '>Ɵ1½ :7H>?*Ð?É1>ý>2>,1>72% ,2@%Ĝ:G1;?:÷;KA>;H?10>Î 8A÷ ;K&> ;H &'> :0|,A* :@* ½ )>?0 ,B>ǆ,>" ;@ *;º ?,&A7&0>* 7C?÷;K&@;HƟ :Ð>21;0|*G2KĜ7 ŊÐ(Ä?9&7>&>72%:G0AÚ2;*G>0;>* Ð>ŝ?&,(>Ĝ:G.>&>;HƟ :A2> 7 ;HƟ 1 ;> 0>*?:Ɲ 8>2@¦2 & 1 ½ ,2KÚ ?78G9&>Ĝ K (G&G &'> 7*®,?&1Ĝ Ŋ Ð1>G :G ?7?/þ 2KĜ K Ĩ;0|,1>72%½8A?÷Ɲ2KĜ½?*7C?7 (Ä22Ŋ ;|®7®'&'> þ&2&>;HƝ7;º (@>1A;G&A1Ơ;7*2*>>?;Ɵ 7&0>*ŊÐ(Ä?9&7>&>72%:G.*G> YYY Ð0A7H>?*:>)*/@;HƟ 7&0>*>Ð1G.A?÷@7@:0>0|.X&GĨ *ƟŊƟ>.W> Ð(Ä?9&7>&>72%:G?78G9?§&&;H1Ĝ? 0A1Ð.)ƙ2:@,@:@ƚ ::G.X*G7>4Gŏ:2Ɲ(0>Ɲ,K?41KƝ4»Ɲ Ð)>*>1>41Ɲ.WL(>

30 A4> ǆ?:&.2ƣơƢƪ *A8>:*>0 >17>;@ǆÐ?É1>7

ƘƘ?:@/@:"*½§®'2&>2Ò>#?7K.*>*G0| :0Ð>?)>2@ *A8>?:&0>;L40;7,B%.A?*1>(@>2;HK ,>(&> 7C?÷24>/Ð(&>0|1K(>*(G&>;H_:"*0G>12*G ?8>1&Ơ)K>)W@Ơ:(G;>®,()K>)W@,>>*G,2Ơ?*1?0&&>?( 7>4>?)>2@1>0>2@?*10>|Ɲ?7?*10ĜƝ>*B*ĜƝ«17®'> Ŋ)>2,2®!>-7>.(G;@½>½>&@;HƟ:/@H2?*,>(>&Ĝ 70>1&>K>*&>;H2 ;|,B2>2*G0|:0;HƝ :Ŋ 0|(K?&0>;@½®'*7?)Ŋ.>(®!>-7>.(G;@>,2@%?1> ,¬>&/@1?(7;:Kǆ:0 2(K9,B%«17;>22&>;H&. >&>;HƟ&'>?,1;7¦2&*¬72&>0>04Ĝ0|20>*:G;>?*70|:@)G *A8>:*>0>27> 7¬1;K>&@;HƟƘƘ H2?*,>(§®&1Ĝ0G7»ŝ&>&ĜŊ?44>B*;º;HƟ:G>&K0G 7¦2&>>Ð>7)>*;HƟ Ŋ4;K*Ŋ*A:>2ƘƘ*A8>:*8?Ú;HƝK«1?Ú1Ĝ&'>:0B; ®!>-7>.(G;@½> ,2?7>22*GŊ?4?*¤*?4?&:0 K *?*10KƝÐ0>,K1>0>*K2,÷?&1ĜŊ*A8@4*;G&AÐG¦2& Ð>?)>2@;ƫ 2&@;H?;G:"*Ŋ?47¬1:0 >>&>;HƟƘƘ ǬƟ GÎ@1:?0?&ƙ:@®&2@1>&ĜŊ?47»ŝ&ƚǆG%@ǑƝǑǑ1>ǑǑǑ *A8>:*>0>17>;@ƫ ½7»2%7>4@8>>Ĝý>2>0B21>.XK2@Ŋ:>':0@?& :"*Ŋ?*10KƝ?7?*10ĜƝ«17®'>7 ä>?)>¦21ĜŊ(G8K½ :/@?Ë0>&G *A,>4*>*2*G½(8>0GK:A)>2>0>17>;@½>&@;HƝ :G ǬǬƟ 4 :?0?& ƙ.@ ®&2@1 >&Ĝ Ŋ ?4 .*> ƚ ǆ G%@ *A8>:*>0>17>;@;&G;Ɵ ǑǞ 2 ::G ,2 Ŋ ē, 0| 7»2% 7>4@ 8>>Ĝ 1> B?:1:Ŋ*A:>2ƝƘƘ*A8>:*>0>17>;@>'7>K1?( GÎ@1 >1>41 ®&2 ,2 0B2 1> .XK2@ Ŋ :>' :0@?& :/7;K&K :Ŋ>2%KK"@2*G;G&A?4(0K:G;HƟƘƘ :/@?Ë0>&G ;0>2G.0G*A8>:*>00>04Ĝ0|*A,>4*½>*G7>4@Ð?É1>7 ǬǬǬƟ I,ĝ2G! :?0?& ƙ ®&2@1 >&Ĝ Ŋ ?4 7»ŝ&ƚ ǆ 4 ?7?/þ:0Ð>?)>¦21ĜŊ:.)0G;0 :4GŊ0>10:G:0 *G> >1>41ƠI,ĝ2G!>1>41Ð>?)>¦21Ĝý>2>0B21>.XK2@Ŋ Ð1>:2|GƟ :>':0@?&?Ë0>&G *A8>:*>0 >17>;@ > Ð¬* 0A1 ē, :G (K >2%K:G ,þ Ŋ74:.?)&:?0?&ý>2>*A8?:&2(K?&0>?;1Ĝ½®'*'7> ;K&> ;HƟ . K >&> H2 ?*,>( §®& 0| 7»ŝ& ;K&> ;H ř?47?)Ŋ.>(*,@70|>2@>&ĜŊ?4;@®!>-7>.(G;@ 1'> ,¦2>4* 7 >?0 7> :.)@ K ?*1?0&&> ,> ½>½>&@;HƟ 1@;KƟ ;>,2:.?)&:?0?&ƙƝ.@1>:@ƚý>2>Ð'0đć1>®!>-7>.(G;@½ ;01;>,20A1ē,:G %:.)@0>04K0G*A8>:*>0>17>;@:G 7¬1&>0;:B:½>&@;H *0>04Ĝ0|>½>&@;HƟ>2>*G :.?)&>2|GƟ ;G&AÐ>?)>2@Ơ>2*G7>4G?)>¦21Ĝ>®&2?*¤*>*A:>2;Hƫ .K >&>H2?*,>?(&,¦2:,?0G7»ŝ&;K>&>;H1>.K :@0> Ð>?)>2@ >&> :&&>đ?ćK%:.)@K ?8>1&Ð>ÿ;K&@;H&K)K>)W@Ơ:(G;>®,( )K>)W@ > ,&> 4*G ,2Ɲ ?*2@% 74G>ǆ,2@> ?( 0|/@2 ēƟƢƟơơ2KW& GÎ@1Ð0AG%@ǑǑǑ7ǑǞŊ ?*1?0&&> ?04*G ,2Ɲ 1; 7¬1 ;K >&> ;H ? />2&@1 ¦2V7 Ð>?)>¦21Ĝý>2> .ƠŌÏ@1 :&&> 1KƠ?7 0Î>41 Ŋ 0LB(> ?*(}8Ĝ Ŋ*Aē, ēƟƢƟơơ2KW:G 4Ð0A ?:@1GÎŊǑǞ ®!>-7>.(G;@½>½>Ɵ ?)2ēƟƦƟơơ 7 ::G ,2Ŋ H2 ?*,>( .*G >&GŊ 0>04G0|®!G!: *K! Ŋ )>2 ,2 2Ơ1> 2KW& Ð>?)>¦21Ĝý>2>

July-September 2019 31 ēƟƦƟơơ2KW 4Ð0Aǆ ?4?*2@%7 2 *A8>:*>0 >27> 2*G 1> 1'> ;G&A ,1AÚ :G?)2 ?4?*2@%7 ?#!?7/>ŊG%@ *A8>:*>0Ð>?)>2@Ŋ:0Ð®&A&?1>>&>;HƟ®!>- ēƟƢơƟơơ2KW& ?#!?7/>Ð0A ǑǞ7 ::G ,2Ŋ 7>.(G;@¦2,K!½>Ŋ*Aē,>¦2,K!Ŋ,A*2@%½ K?*(}?8&2&>;HƟ Ð>?)>¦21Ĝý>2> 7¬1&>*;º;K&@;HƟ ēƟƢơƟơơ2KW:G 4Ð0AǆŌÏ@1 ?4?*2@%7 ƣƟ ;>,2>¦2,K!0|1;,>1>>&>;H??*1?0&&>ĜŊ?4 ?) ?*2@%7?#! ?#!?7/>Ð0A 7>.(G;Ð>?)>2@>?*)>2%4&Ĩ;H7;>*A8>:*>0 ?7/>Ð0AK ý>2>Ɲ?*½:;>1&> ?)>2@ :Ð>?)>2@Ɲ?:*G>:ğ,@'@ƝŊ:>*0|0>04> *A2K)2&>;HƟ G%@ǑǑǑ7ǑǞŊ 4>&>;H21?(>Ð>?)>2@Ŋ®&2,2?*1?0&&>,>1@ Ð>?)>2@2&G;HƟ >&@;&K :G4:G(G>>&>;HƟ H2?*,>(>&Ĝ0|®!>-7>.(G;@½>Ŋ4>7>,¦2>4*& ƤƟ ;>®!>-7>.(G;@Ŋ?*)>2%Ŋ,;4G;@:G?Ë0>&GƝK 0>04ĜŊ>2% ,þ(A2>>2Ŋ0>04G/@;K:&G;Ɵ:G0>04Ĝ0|/@ *,@Ơ7¦2&*¬72&>0|7»ŝ&;K&G;Ɲ.KK 2>®7;>?* ,1AÚÐ>?)>2@ý>2>>2> >&@;HƟ Ĩ?.*>>&ĜK,B%ē,:G:0>1K?&?1>1>;HƝ:>0>1&L2 ,2:G0>04Ĝ0|®!>-7>.(G;@½>*;º½>&@;H.& >&>?)>2@,*@¦2,K!:0*A(G?8&@?)>2@K:ğ,&G;K1; ?K ?78G9>2%Ơ>2*;ĜƟ ¦2,K!4Ð0AKÐ®&A&2&G;Ɵ4Ð0A1;¦2,K!*A8>:*>0 Ð>?)>2@KÐ®&A&2&G;Ɵ ƥƟ ®!>-7>.(;@½>G 2& :011?(*G 8>:*>0?)>2@A &1Ĝ7:0?'&(®&>7GĜŊ)>2,21;,>&>;H?>&> ®!>-7>.(G;@¦2,K!½>2*GŊ?4?*¤*>?&?(8>?*(}8;ƫ Ð>?)>2@ Ŋ ý>2> .&> ?*1?0&&>Ơ?01> 7>®&7 0| ƢƟ >&>Ð>?)>2@:G®!>-7>.(G;@¦2,K!½>Ð>ÿ;K*G :.?)&Ð>?)>2@ƙ¦21Ĝƚ:G:.?)&*;º;H&K7;1;?*%14G ,2 :G ®!>- 7>.(G;@ ½ > '>& ¦2,K! ½ ®7@>1&> :&G;H?K ®!>-7>.(G;@*;º;HƟ ::.)0|7¬1*A8>:*>0>27> 2*GŊ?4:0?)>¦21Ĝ:G:.§)&?772% :Ð>2;Hƫǆ *A8>:*>0Ơ:0Ð>?)>2@ƫ *A8>:*>0Ơ:0Ð>?)>2@ 7>#®!>-Ơ?)>2@ :G7>?*7C&?)>2@ 7G&*0>* :0Ð>?)>2@ ,@4 :0@> :0Ð>?)>2@ ,@4 :0@> 7># GÎ@1Ð0Aƙ7G&*0>*Ǟƚ ,4Ð0A ǆǆǆ 0;>Ð.) >1,>4?*(G8 ǆǆǆ ®!>- ƙ*A>1ƚ ǑƝǑǑ ,4Ð0A >1,>4?*(G8 Ð.)?*(87G 0;>Ð.)ƙ*A>1ƚ >1,>4?*(G8 Ð.)?*(87G ƙ7G&*0>*ǞǑƚ 0A1>1,>4?)>2@ 0A1>1,>4?)>2@ ǑǑǑ 4Ð0Aƙ7G&*0>*ǞǑǑƚ >1,>4?*(G8 Ð.)?*(87G 0;>Ð.)ƙ*A>1ƚ >1,>4?*(G8 Ð.)?*(87G 0A1>1,>4?)>2@ 0A1>1,>4?)>2@ ǑǞ 4Ð0Aƙ7G&*0>*ǞǑǑƚ >1,>4?*(G8 Ð.)?*(87G >1,>4?*(G8 Ð.)?*(87G .K# 0A1>1,>4?)>2@ 0A1>1,>4 ?)>2@ Ǟ 0;>Ð.)ƙ*A>1ƚ >1,>4?*(G8 Ð.)?*(87G >1,>4?*(G8 Ð.)?*(87G .K# 0A1>1,>4?)>2@ 0A1>1,>4 ?)>2@ ǞǑ >1,>4?*(G8 Ð.)?*(87G .K#Ð.)?*( 87G .K#½:?0?& .K# 0A1>1,>4 0A1>1,>4?)>2@ ?)>2@ ǞǑǑ Ð.)?*(G87 .K#½:?0?& .K#Ð.)?*( 87G .K#½:?0?& .K# 0A1>1,>4?)>2@ 0A1>1,>4?)>2@ 7>.(G;@?*)>2%Ŋ,¬>&?*¤*>?&(0 ">>&G;ƫ Ð>?)>¦21ĜK®,ć@2%*K!>2@2&G;Ɵ ƢƟ :G 0>04Ĝ 0| ;>*A8>:*>0 ?)>2@ ¦2,K!:G:&Ać ; ƣƟ ®,ć@2% *K! > Ð1A2 Ð>ÿ ;K*G ,2 1?( *A8>:*>0 2 :G ®7@>2 2&G; &'> *> 1; 0& ;H ? >&> ?)>2@:&Ać;K&G;&K7;0>04GK.(2:&G;2 ?)>2@ ý>2> ?: ?)>2@ Ŋ ?7ē÷ ?*1?0&&>Ơ?01> 1?(7;:&Ać*;º;&K:&&>1>H2:&&>ƙ?7@1ƚŊē, ¦2,K!½ ;Ɲ :Ŋ?7ē÷ ?&*A8>:*>0>27> ? 0|7»2%2*GŊ?40>04GK&¦2:4>;>2:?0?& >*G ½ 7¬1&> ;HƝ 7;>*A8>:*>0 ?)>2@ :.?)& ƙ :@ƚK/G>>&>;HƟ

32 A4> ǆ?:&.2ƣơƢƪ ƤƟ &¦2 :4>;>2 :?0?& 0>04G K :&&> 1> H2 :&&> :G0>04Ĝ0|;>*A8>:*>0?)>2@(#Ð®&>?7&2&> ƙ?7@1ƚ Ŋ ē, 0| 7»ŝ& 2&@ ;H 2 ,2>08Ŋ ?4 :G ;H27;7.@Ð>?)>¦21Ĝ'>&K0>04GŊÏ@1:&&> 0A1:&&>?)>2@K/G&@;H1'>&¦2:4>;>2 1K?,¦2?):G.>;2;ƝŊ:.)0|:@7@½Ð'0®&2@1 :?0?&0>04G,2,A*?7>22*GŊ?4:.?)&*A8>:*>0 :4>;Ŋ*Aē,;K7;>?ý&@1®&2@1:(/½7¬1&>*;º ?)>2@K7>,:/@2:&@;HƟ ;H217Ŋ?)>¦21ĜŊ?40A1:&&>?)>2@:G ƥƟ 7»2% Ŋ .>(Ɲ 1?( 0>04G K :&&> Ŋ ē, 0| 7»ŝ& ?ý&@1®&2@1:4>;½7¬1&>;K@Ɵ ?1>1>;H&K*A8>:*>0?)>2@1;?*%14G&>;H? ǬǹƟ *A8>:*>0?)>2@ý>2>H2:&&>ƙ?7@1ƚŊ?40A1 .#@(#>0>27> ½>1>K!@2?-20A1:&&> :&&>?)>2@ƠŊÏ@1Ð>?)>2@70>Ɵ:ƟÐƟ?7/>ƝÐƟ>Ɵ ?)>2@KÐ'0®&2@1¦2,K!ƙ-:2ƚ/G@>&@;H_1?( .WL(>KÐ?&?4?,(G&GĨ?&0(#(G8>2@?1>>&>;HƟ 0>04GKH2:&&>ƙ?7@1ƚŊē,0|7»ŝ&?1>1>;H&K . 4A(#>0>27> Ŋ0>04G0|2K?,&?)>2@Ơ0>2@ ŊÏ@1Ð>?)>2@KH2:&&>ƙ?7@1ƚǆÐ'0®&2@1¦2,K! K 1B!G8*Y4H :G:Ŋ:>'>,*?(1>>&>;H&'> /G@>&@;HƟ :Ŋ ,2>&?*¤*Ð?É1>:,>?(&½>&@;Hƫ ƦƟ 0A1 :&&> ?)>2@ƠŊÏ@1 Ð>?)>2@ :GH2 :&&> Ǭ 2K?,& ?)>2@ :G Ð?&2> Ŋ ?4 ?4?& .1>* Ð>ÿ ;K*G ƙ?7@1ƚ ;G&A Ð'0 ®&2@1 #7> : Ð>ÿ ;K*GŊ .>( ?*1?0& Ŋ.>(*A8>:*>0?)>2@1;?*%14G&>;HƝ?>½ ?7/>@1>27> ½Ð?É1>?*¤*>*A:>2Ð>2¤/½>&@;Hƫ 7¬1&>;H1>*;ºƟ .W@ (#>0 >27> Ŋ 0>04G0| 2K?,& ?)>2@ K ǬǬ 1?(*A8>:*>0?)>2@K4&>;H?>½7¬1&> 2K,,Î'7>®!G!0|!Y4@G8*#?!4Y *;º;H&K7;(#Ŋ®7ē,Ŋ:.)0|?*%14G&>;HƝ1'>.W@ >}Ŋ:>'>,*?(1>>&>;HƟ :Ŋ.>(½Ð?É1> (#>0>17>?;1ĜŊ0>04G0G>Ð?É1>8Aē27>:&>;HƟ ?*¤*7&;Hƫ .*G(G8,ÎŊ?4>-,@47:0@>>Ð>7)>*2>;HK ??*¤*7&;Hƫ ƢƟ 0>2@( #( 8Ð>ÿ;K*G G .>(ƥƦ?(*ĜŊ /@&2Ɲ4>Ŋ ?&0 (#?7Ē÷:0?)>2@Ŋ :0,@42:&>;Ŋ Ɵ&'>?,ƝH 1?(,@4@1Ð>?)>2@>;&K:;@7G ,1> ÿ>2%;K* ,2ǆƥƦǆG ?(*Ĝ½7?):0>ÿ;K*G .>(/@,@4®7@>22:&>;Ŋ HƟ ƣƟ 1?(?)>2@,@4@1Ð>?)>2@Ŋ(G8:G:&Ać*;º;H&K7; (G8Ð>?ÿŊƧ0;@*ĜŊ/@&2,@4@1Ð>?)>2@ý>2>,>¦2& (G8½:0@>Ŋ?4*A2K)2:&>;HƟ :0Ëƙ¤,K?!ƚ0>04Ĝ0|Ð?É1> :G0>04Ĝ0|;>?7?/þ*A8>:*>0Ơ:0?)>2@Ŋ&&*G 7>4G 4ǆ4 7ƠG%@Ơ7G&*0>* Ŋ :G ?) 0>2@Ơ,B7 ǬƟ 2K?,&?)>2@:GÐ?&2>Ŋ?4?4?&.1>*Ð>ÿ;K*GŊ 0>2@;ĜƝ *0>04ĜK:0Ë'7>¤,K?!0>04G;>>&>;HƟ .>( 1?( 7; :&K9* *;º ,>1> >&> ;H &K *A8>:*>0 ¤,K?!0>04Ĝ0Ɲ ä7| ?)>2@Ơ,Ŋ B7?)>2@*Ŋ 8>:*>0ƠA ?)>2@Ɲ>?)>2@7Ð®&K&>?)>2@½?*1A?Ú2G> :0Ð>?)>2@?7?/þ®&2Ĝ,2?*%14 G&G;Ɵ&'>?,Ɲ ä7 ?)>2@Ơ,Ŋ B7 27;2K?,&?)>2@Ơ2K?,&0>2@Ŋ?7ē÷4> ?)>2@K*8>:*>0Ơ:0Ð>?)>2@ý>2>?4?*%A 1Ĝ )>2Ŋ 2K,ĜŊ)>2,2>Ð?É1>8Aē2&>;H&'>>½ ,2:.?)&*8>:*>0Ơ:0Ð>?)>2@ý>2>>2A 7> ½>@Ɵ &:&:0>?ÿŊ.>(>?)>2@,*G?*9ĞKG½ (>;2%Ŋ?41?( ä7Ŋ?)>2@Ơ,B7?)>2@Ŋ*A8>:*>0Ơ >27> ;G&A*A8>:*>0?)>2@Ŋ:0Ð®&A&2&>;HƟ :0Ð>?)>2@ý>2>Ƙ2K,,Îǂ>2@2*G>?*%1?41>1>;H&K ǬǬƟ >&>Ð>?)>2@Ŋ?*9Ð>ÿ;K*GŊ.>(*A8>:*>0 2K, ,Î :.?)& *A8>:*>0Ơ:0 Ð>?)>2@ ý>2> >2@ ?1> ?)>2@1>&K¦2,K!K®7@>224G&>;H1>?*9Ğ,2 >>Ɵ :Ŋ 4>7> 1?( ä 7Ŋ*A8>:*>0Ơ:0 Ð>?)>2@ :;0?&7 :G.(4*GŊ(G8>2@2&>;HƟ :Ŋ.>(> ½,¦2?)0|*G7>4G?)>2@Ơ,B7?)>2@Ŋ?7Ē÷0>04G K.( ?)>2@Ŋ?*9*A8>:*>0?)>2@½:;0?&Ŋ 2 (G&G; &K 1 ?)>¦21ĜƠ,B7 ?)>¦21Ĝ Ŋ 0>04G :.:G 7¦2Ĉ (G8Ŋ:>'2K?,&?)>2@Ơ0>2@K *Ŋ74K*>' ?)>¦21ĜƠ,B7?)>¦21ĜƝ?*Ŋ?7Ē÷?*%1?41>>*>8G9;HƝŊ Ð®&A&?1>>&>;HƟ :.?)&*A8>:*>0Ơ:0Ð>?)>2@ý>2>(GG>GƟ YYY ǬǬǬƟ 2K?,& ?)>2@ :G ?! ,%@ Ð>ÿ ;K*GŊ .>( *A8>:*>0 ?)>2@ý>2>(#Ŋ®7ē,Ŋ:.)0|?*%1?41>>&>;H2 #IƟ:Ŋ7®'@ H2:&&>ƙ?7@1ƚ0>04ĜŊ?4H2:&&>ƙ?7@1ƚ;G&A :;>10;>Ð.)ƙ*A8>:*>0>17>;@ƚ ŊÏ@1Ð>?)>2@K?ý&@1®&2@1:(//G>>&>;HƟ&'>?,Ɲ >,ĝ2G!>1>41Ɲ0A.

July-September 2019 33 :>>>2 ;0>2G.½:®ŝ?&47?7?8ć;H ǆ2>GÏŘ0>2Ɲ0;>Ð.)ƙ:G7>?*7Cƚ

@2>GÏŘ0>2?(*>ƤơÐH4 ,K?7(G8@>1>41Ɲ4(*Ŋ:>'ǆ ?*)*,¦27>22;&G'GƝ?*Ŋ@7*ǆ1>,*> ƣơƢƪK.:G:G7>?*7CĨƟ :>' (G8/2 ½ ?7?/þ 8>>Ĝ 7 0A1 :>)* ?2> > ¦28> 4>*> '>Ɵ ,*@4/Ƥƨ79Ğ½:A(@ >1>41Ĝ0|>12*G>«1>,*A/7 ?(*0*G *:G:,?1>&'> ;|ƥƖ¢1> .?Œ:G7>Ŋ(L2>*,*G. ;HƟ *0|:GL*:@8>>'7>>1>41 ½(2:G¦28>;G&A % ,4¢)27>1>ƝK 0|>12*G>*A/7:.:G>2;>ư *Ŋ ®72K>2 > 0;7,B% :>)* .*>Ɵ 0G2G 0|?7?/þ®'>*Ĝ,20;7,B% 0A GǝǓǜǨǵǵǬǷǲǵǼ0|>02*GŊ:>'ǆ:>' ý>2>? :>1:G *4KĜ*G0A G.Ĩ& >1(>?17Ĝ>?*7>;?1>Ɵ (G8Ŋ?7?/þ8>>ĜƠ>1>41Ĝ0|>02*G :¤0>*?(1>&'>.0G2>®'>*>&2% :8>> ,*@:G7>?*7C?Ŋ:01, >7:2?04>Ɵ0A G0G2@Ð1G?¤0G(>2@:G :GĨ&K:/@4KƝ?;|0*G¦28>;G&A % .Ŋ,!*>4>*G&C72 Řǆ*ǆŘ :@*G > 7:2 ?04>Ɵ 1?( 0 ,4¢)27>1>'>Ɲ:>'¦28>4G20A G 2G47G®!G8*&KW*GƟ0/@ : 2;G'GƟ!@0.I.0HÎ@*G@Ř0>2 ,*G,B2G.?Œŕ¦212,2*V2#>4B&K0 1;;:&>ĩ?2>@0A18>>ŊÐ0A 8>>0|>12*GŊ:A(*A/7K,*G :G *Ŋ@7*2*A/7ĜŊ Ŋē,0|Ɲ?7(G80|,K§®!Ŋ(L2>*4(*0A1 0>*:,!4,2:KĨĩƟ7&0>*0| *:/@ .>2G0|.>&@&½ƟÐ®&A&;Ɲ *:G .>&@&ŊŘ8ǆ:,>(

ŝ,1> ,*@ ,>¦27>¦2 78H?% ,CĈ/B?0Ŋ.>2G0|;0|Ř.&>Ɵ 0G2@,>¦27>¦2,CĈ/B?0.G;&22;@;HƟ0G2G?,&>@ 2>@0|ǐǨǤǹǼǍǱǪǬǱǨǨǵǬǱǪǋǲǵǳǲǵǤǷǬǲǱ 0|>1,>4Ŋē,0|>12&'GƟ0G2@0>&>@ C?;%@;Ɵ0G2@(K.G?!1>;Ɵ.W@.G!@ŋ?4-K?*1> 0|;&'> :Ŋ,?&7;>®!G!.Y ?#1> 0|:;>10;>Ð.)Ŋē,0|>12&;Ɵ0G2@ K!@.G!@7 :Ŋ,?&(K*Ĝ#I!2;HƟ0*G/>2& Ŋ :.:G,A2>*Gŝ?9 0;>?7ü>41 ƙ?.;>2 ŝ?9 0;>?7ü>41:.L2Ɲ/>4,A2ƚ:Gŝ?9?7>* 0|®*>&½,X> ,B2@½;HƟ :Ŋ4>7>0*G ǋǉǑǑǊƝ ǕǊǉ ǎǬǱǤǱǦǨ 2 ǔǔǊ ?1> ;HƟ 0*GǋǕǋǔǷǧ:GǌǬǳǯǲǰǤǬǱǑǱǩǲǵǰǤǷǬǲǱ ǜǨǦǫǱǲǯǲǪǼ/@?1>;HƟ0G2@,$> ǆ?4> .K?#®ř40|Ĩ ;HƟ0G2G?,&>@*A8>:*?Ð1 8>>ŊÐ0AŊē,0|>12*G7.I.>: 4KĜŊ.äG:2>2@*L2@0|;Ɵ 2;G;Ɵ0G2@,27¦28G0>;L40|Ĩ ;HƟ ŊÐ.)?*(G8Ŋē,0|>12*G>*A/7 ,>:.:G?)A*L&@,B%>1(>?17 ,*G.?Œ K ŕ¦212 Ŋ ē, 0| 1Ĝ >2;>Ɵ0*G,*G:/@>1(>?17Ĝ:G:@> L*:>2;>ư &'>*1>*A/7Ð>ÿ?1>Ɵ A*>ư 0G2G(K>1(>?17:.:GA*L&@,B%2;G;Ɵ4(* 0 . .?Œ :G7> :GAW>Ɲ * ?(*Ĝ 1A7> 7 ,Ŋ.?Œ ŕ¦212 > :.:G0G(>2 0A1 8>> 0| 8>> Ð0A > >1(>?17 ?:?74:?7:Ŋ.>(.?ŒKŕ¦212Ŋē, *A/7L*:>2;>ư :7>?) A*L&@,B% 2;>Ɵ : :01 ,;4@ 0|A*&G'GƟ *?(*Ĝ.?)>2@½4 -I2?7:8>>0|?Ë0?)>2@Ŋē,0| .>2 ?:@ ǗǹǨǵǶǨǤǶ ǜǨǵǵǬǷǲǵǼ 0| ǏǯǲǥǤǯ Ð?&Ĉ>;K&@'@Ɵ *?(*Ĝ0*G/@?:?74:?7: >12*GŊ(L2>*?!&!*>0G2G.?Œ ǜǵǨǤǶǸǵǼ ǘǵǲǭǨǦǷ ½ 8Aē& Ĩ '@ 7 Ŋ:>'ǆ:>'.?Œ:?7:½,2@>(@'@Ɵ ŕ¦212Ŋ:.:G0VG(>2!*>Ĝ0|:G;HƟ ?-*G4 0| ǑǱǷǨǪǵǤǷǬǲǱ ½ ?!4 :0®1> .?ŒKŕ¦212Ŋē,0|A*20A G&¦2 -I2?7:8>>:G2*Gǆ>*GŊ2>®&G0| '@Ɵ7H?¬7,¦2đ¬10|>Y½§®'2&>'@&'> A8@?04@'@Ɵ 0A§®40:0A(>1Ŋ4/Ʀơ:G?)1& ǎǸǱǧǕǤǱǤǪǨǰǨǱǷ½/@:0®1>'@Ɵ,*G

34 A4> ǆ?:&.2ƣơƢƪ >1>4Ŋ(L2>*0A G *:0®1>Ĝ>:>0*> 0:>0>*&>ĩ?0G2>8>?&?Ð1®7/>77 ?/þ 0>*&@ ;HƟ ;0>2> . ,*G :/@ 2*>,W>Ɵ 0>*?::&A4*;@7K>2%;H?*Ŋ:;>2G0 ®!>- :(®1Ĝ K Đ74 /?71 > ?*0>% 0G2G.?Œŕ¦212>(B:2>A*L&@,B%>1(>?17 >1>417«1?Ú&Ơ,>¦27>¦2@7*Ŋ.@ 2*G &'> :¤0>** &2@Ŋ:GG .X*G ǜǫǨǊǲǥǦǤǵǧǶǔǷǧƙ7&0>*0|ǜǫǨǊǗǊ :&A4*.*>22,>1>Ɵ0*G,*@:/@.?Œ >7:2Ð(>*2&>;HƟ0G2G:/@.WL?(1* ǎǬǱǤǱǦǬǤǯǛǲǯǸǷǬǲǱǶǔǷǧƟƚ0|Ð.)?*(G8 ?¤0G(>¦21ĜK1K*>.÷&2@Ŋ:G?*/>1>;HƟ0 :>?'1ĜƝ?78G9&L2,2;0>2G1A7>:>?'1Ĝ:G Ŋ ē, 0| >1 2*> '>Ɵ : (L2>* Œ,*@ ǟǲǵǮǔǬǩǨǊǤǯǤǱǦǨ,2?7¬7>:2&>ĩ2 Ë; ;H ? ,*@ ?7 GƝ 0>*(>2 7 ½ §®'?& 2>. '@ &'> Œ,*@ 7®&A&ƫ ,*G:>'>12*G7>4G:/@®!>-:(®1Ĝ Ř84 ®!>- :(®1 Ŋ ē, 0| .*>Ɲ ,*G ǛǬǦǮŒ,*@'@ƟŒ,*@½:>K.*>7 K/@:>2>07&*>72?;&0>;L4Ð(>* /@&2ǘǨǵǩǲǵǰǤǱǦǨǋǸǯǷǸǵǨ?7?:&2|Ɲ .> 2*GŊ ?4 ǊǊǞǉƝ K? ®,G* > 2&> ĩ &>? :/@ ®!>- :(®1 ®7ÐG2%> :G .?Œ:GAWG:/@Ð>2 Ŋ*?7>27&1Ĝ . '>Ɲ Ŋ :>' ǒǲǬǱǷ ǞǨǱǷǸǵǨ 2*G >12|Ɵ ½>*>2@2|Ɲ&*>7:G(B22;|Ɲ0>*?: Ŋ ?4 ǌǸǨ ǌǬǯǬǪǨǱǦǨ ǤǱǧ ǌǬǶǦǯǲǶǸǵǨ ,7&0>*.?Œ,¦2đ¬1K?:Ð>2 8>?& &'> :0®1> > :0>)>* &4>8&G2;|Ɲ ǘǵǲǦǨǶǶ42;@'@Ɵ ::014.@7?):G (G&G;Ɲ?78G9&ƫ.Y.WL(>Ŋ:(/ K /@>12*G:G,B71K*>.*>&'> ǚǨǦǲǱǦǬǯǬǤǷǬǲǱ*;ºĨ'>Ɲ*,@>Y½.X 0|ư .*> 1K*>,21K*>.÷&2@Ŋ:G>1 2|Ɲ 8>>Ơ>1>41 0| >1 2*GŊ (L2>* 1>'>2 :(L2>*Œ,*@Ŋ:I¡!7G120|/@ 0G2>:>0>**>;H?*G7>4G?(*Ĝ0|.?Œ «1?Ú&0&/G(K(B2224¸1Ð>?ÿ;G&A Ř?01>'@Ɵ *7;Ĝ:GǒǲǬǱǷǞǨǱǷǸǵǨ üK .Ĩ& ǌǼǱǤǰǬǦ ;K>Ɲ :0|&GV@ !@0Ŋē,0|>12|2,*G>1Ğ:G ½Ð?É1>G*;º.X:½2ǊǊǞǉ,@G :G .(4>7 ;KGƝ *ǆ* 1>0 GƝ * ,*G äÐ.)*½,G>Ĝ,22> &2*G ;! Ɵ :@ ?790 ,¦2§®'?& 0| .K#*G0A G ǊǸǶǬǱǨǶǶ ǕǲǧǨǯǶ GƝ ǎǨǨ ǊǤǶǨǧ >Ð1>:2|Ɵ ǘǨǱǧǬǱǪǚǨǦǲǱǦǬǯǬǤǷǬǲǱ,B2>2*GƝ*,@ ǑǱǦǲǰǨ,2YK:2;G>Ɵ;0>2>.:0>0G4* 7:B4@2*G&'>:I¡!7G12½:0®1>K(B2 Ŋ,¬>&:8Ú78?Ú8>4@.Ŋē,0| ,:G7>?*7C?Ŋ.>(,*>:01ŋ:G 2*G½?¤0G(>2@:ğ,@Ɵ0G2@!@0*GƧ0>;Ŋ /2G>Ɵ;0>2G.> äÐ.)*>Y½(B2(8» «1&@&2*>>;|Gư /@&2ǚǨǦǲǱǦǬǯǬǤǷǬǲǱ>>1,B2>2?41>Ɲ 78>7>(@;H2;0>2G.½*º7>Y½ :G7>?*7C? Ŋ :01 0 ?: 0&> 7 > :I¡!7G12 ½ :0®1> K (B2 ?1> 1> &'> :AđX;HƟ K 0;:B: 2 2;> ĩƝ ::G ?*?¬& &L2 *,@2>?8½&GV@:G7:B4@½ Ɵ;0>2@!@0 ,20;*>>ĩ>??:@*?:@ē,0| Ŋ:>0B?;Ð1>:Ŋ>2%Œ,*@4>/?& ,.Ŋ/?71Ŋ.>2G0|1>:K&G; 7.WL?(1*ĜŊ?4,1>:(G8(G*> Ð1ƠÐ1&L2,2.½:G7>ē>Ɵ 2*G7>4@Œ,*@½G%@0| Ɵ;0>2G>1 0 ,*G ®7>®1 ,2 1>* (B>Ɵ ,*G 8L :G ä Ð.)* >Y½ :&Ać Ĩ &'> .K#*G >;&G;Ɲ?78G9&L2,2;0>2G1A7>:>?'1Ĝ Kư Ŋ*Aē,:@&½Ē?K.22>22B>Ɲ Œ,*@ŊÐ1G?)>2@K.K*:Ŋē,0| (G8ǆ?7(G8 > Ó0% ē>Ɵ 0 ?.*> ?:@ 0:/@.WL?(1*:>?'1ĜƝ?78G9&L2,2;0>2G ēƟƣơƝơơơƠǆ½2>?8Ð(>*½2Œ,*@ ,>¦2?0 ƙǐǲǱǲǵǤǵǬǸǰƚ Ŋ ?:@ Ð.) 1A7>:>?'1Ĝ:G;*>>;&>ĩ? ;| :.>& Ŋ0>¦21Ĝ½:G7>8&Ğ0|/@:A)>2?Ɵ :®'>* ƙǕǤǱǤǪǨǰǨǱǷ ǑǱǶǷǬǷǸǷǨƚ :G ,272*>>?;? ;|,G8G72ē,:G:AđX Œ,*@½§®'?&0|:>2>0.(4>71>Ɵ AW2,"*ǆ,>"*>>12*>>ĩ>Ɵ0 7:A«17§®'&.0|>12*G>7:2Ð>ÿ 1& «1®& .?Œ ,G8G0| ,*G ,*G ,*G,A2>*G(K®&ĜŊ:>'2?):01 Ĩ;HƟ;0>2G.½:®ŝ?&47?7?8ć >1>41 7 «1?Ú&Ơ,>¦27>¦2 @7* «1&@&ē>Ɵ ;HƝK:/@Ë>;Ĝ7®!>-:(®1ĜK,*> Ŋ.@ŋ:G:&A4*.*>1>ư YYY .*22>/>9>>1>71*:?0&@Ɲ.2G4@K2>/>9>½?&,A2®>2

;0>2G.Ŋ:1K*0|>12&.*22>/>9> >1>71*:?0?&Ɲ.2G4@K ŝć>1?*,>(* Ŋ ?4 ?(*> Ƣƥ ?:&.2 ƣơƢƪ K ?7>* /7*Ɲ* ?(¨4@0|1K?&>1É00|2>/>9> ½?&,A2®>2 1K*> Ŋ&& ?ý&@1 ,A2®>2 :G:¤0>?*&?1>1>Ɵ :7:2,2C;0Î@@ ?0&8>;ý>2>.*2>>:Ɲ.2G4@Ŋ17 0;>Ð.)@:&@8Ř0>22KW>K8@¨#Ð(>* 2 &'> :(®1 :?7Ɲ 7¦2Ĉ Ð.) @ ?0& L)2@KÐ0>%,Î:G:¤0>?*&?1>1>Ɵ

July-September 2019 35 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ*7:>2@ GÎ@1>1>41Ɲ(A

*7:>2@GÎ0|.Ŋ®'>,*>?(7:Ŋ7:2,2GÎ@1Ð0A@0*K .ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1>1>41Ɲ(Aý>2>®!>- Aÿ>½A7> 0|.> 2H4@?*>4@ Ɲ2Ú(>*?8?724>1>1>&'> :(®1ĜŊ?42K4@Ð?&1K?&>>1K*?1>1>ƟGÎ@1Ð0A :>®ŝ?&>1É0>1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A #IƟ2Ŋ0K;&@Ɲ ,GÎ@1Ð0A@2?7(>!27@Ð(@,Ř0>2 @0*>GAÿ>Ɲ:/@7¦2Ĉ>1,>471®!>-:(®1 ,§®'&'GƟ 1>(7ý>2>?7G&>Ð?&/>?1ĜK,A2®ŝ&?1>1>Ɵ

GÎ@1>1>41Ɲ2> GÎ@1>1>41Ɲ0A2>(>.>(

GÎ@1>1>41Ɲ2>ý>2>. >ƢƢƣ7> ®'>,*>?(7:;9ĝ¨4>: :>'Ŋ GÎ@1>1>41Ɲ0A2>(>.>(ý>2>.ŊƢƢƣ7G®'>,*>?(7:Ŋ7:2,2 0*>1>1>Ɵ :7:2,2:>® ?&>1ŝ É0>/@1K*?1>1>Ɵ ?7?/þ>1É01K?&?Ɵ : ,4¸10|:>®ŝ?&>1É0 >1É0 (L2>*Ŋ Î@1Ð0G @2?7A 0>2Ɲ ,Ř Î@1Ð0G @;9A .@1>(7 >1K*/@?1>1>Ɵ>1É0Ŋ(L2>*GÎ@1Ð0A@!@,@*(> &'>1®!>-:(®1 ,§®'&'GƟ :?;&17¦2Ĉ>1,>4&'>®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ:B2&?4>GÎ GÎ@1>1>41Ɲ (L2

36 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ GÎ@1>1>41Ɲ0G2" GÎ@1>1>41Ɲ(G;>2>(B*

GÎ@1>1>41Ɲ0G2"ý>2>.>ƢƢƣ7>®'>,*>?(7:)B0)>0:G0*>1> (G;>2>(B*GÎ0|.>ƢƢƣ7>®'>,*>?(7:;9ĝ¨4>::G0*>1>1>Ɵ : 1>Ɵ : ,4¸10|GÎ@1Ð0A@2>Ŋ80>?*½1&>0| ,4¸10|2Ú(>*?8?724>1>1>2:>®ŝ?&>1É0>1K* >1É01K?&?Ɵ :7:2,2¦2::|!20|*2G!2(>*?1> ?1>1>Ɵ :7:2,2GÎ@1Ð0A@:B2Ř0>2@7>®&7:?;& 1>Ɲ0K!2:> ?42H4@&'>:>®ŝ?&>1É0>1K*?1>1>Ɵ ®!>-:(®1 ,§®'&2;GƟ

GÎ@1>1>41Ɲ?:4@AW@ GÎ@1>1>41ƝK),A2

?:4@AW@GÎ0|GÎ@1Ð0A@?-4@,.AWŊ*G&C70|.ŊƢƢƣ7| K),2A Î0G .| ƢƢƣ7Ŋ ®'>,*>?(7:| ,4¸10Ŋ .| Y.WL(>7 ®'>,*> ?(7: Ŋ 7:2 ,2 ?7?/þ >1É0 1K?& ? Ɵ : 1>&>1>&,?4:ƝK),A 2A :Ŋ 1AÚ&7>7)>*0:W:| 2>7A 4: 2% ,4¸10|:>®ŝ?&>1É0>/@1K*?1>1>Ɵ :7:2 '@0,27>;*24@?*>4@ Ɵ :7:2,21>&>1>&,H ?4:)@@A ,2 ,GÎ@1Ð0A@4K,:>8G2,>&'>1®!>-:(®1 ,§®'&'GƟ ;*0>*?:A ;7 Î@1Ð0G @A :@,>"*Ŋ .G Ŋ ®!>-:(®1Ĝ:!G ?-ŧH ?*10Ĝ>,B%,>4*2*&'>4:G 2%2* >Ď>*?1>ƟG GÎ@1>1>41Ɲ74:># GÎ@1>1>41Ɲ.4,A2

74:>#Î0G .| ®'>,*>?(7:Ŋ 7:2,2Ŋ Î@1Ð0G @0&@7A 9>4@C >.4@ *Ŋ G&C70 >1| É0Ĝ>1K*?1>1>Ɵ :7:2,2: 7>?*7G C .4,A2 GÎ 0| ®'>,*> ?(7: Ŋ ,4¸1 0|GÎ@1 Ð0A @ .@ ®!>-:(®1ĜK?789&L2,20G ?Î&2:¤0>?*&?1>1>Ɵ:>';@2Ú(>* 2 70>7 , GÎ@1 Ð0A @ 2>@7 Ř0>2 ŊA7> 0|2G#ÉI: ?8?72>1K*?1>1>&'>0'*-> #G8*Ɲ*2>:*>Ɲ*>'0Ɲ :K:> !@ý>2>:>?4&?*2>?&7C÷>0ƠŘĈ>00|7>?808@*7 74:>#0.& | * ?7&2%?Ɵ :7:2,2 ,Î@1Ð0G @2&*4>4A -4 ?7&¦2& ? Ɵ : 7:2 ,2 :>®ŝ?& >1É0 > /@ 27>?*1>7 @#@*> )@&'>. 1®!>-:(®1 ,§®'&'Ŋ GƟ 1K*?1>1>Ɵ

July-September 2019 37 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ;¨ý>*@ GÎ@1>1>41Ɲ8>;;>,A2

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2;¨ý>*@GÎ0|GÎ@1Ð0A@ GÎ@1>1>41Ɲ8>;;> ,A2ý>2>.>ƢƢƣ7> ®'>,*>?(7:) 0)>0:B G :7}8/:@*Ŋ*G&C70|?7?/þ>1É01K?&?Ɵ :7:2 0*>1>1>Ɵ :7:2,2:;>10;>Ð.)@?*4 0>20;Ř ¬72@½G ,2:>®ŝ?&>1É0>/@1K*?1>1>?:0|:/@®!>- 7> 0A ?7?/þ>1| É01K?&??*0 | ÎG :/@>1Ŋ ,>4> | :(®1Ĝ2 *Ŋ,¦2*Ĝ*G/>?41>Ɵ :?;&1®!>-:(®1 ,§®'&2;GƟ

GÎ@1>1>41ƝK2;>! GÎ@1>1>41Ɲ/2&,A2

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,22>1.2G4@GÎ0|?7?/þ On the occasion of Bank’s 112th Foundation Day Tirupati Region distributed Cots and Blankets to >1É0 1K?& ? Ɵ : 7:2 ,2 GÎ@1 >1>41 &'> Navjeevan Blind School. The Programme was ?7?/þ8>>ĜŊƢơơ:G?)®!>-:(®1Ĝ*G0?40 §®'& attended by DGM & Regional Head, Tirupati Region GÎ@1>1>41:G>Ē&>;G&A.> 2H4@?*>4@Ɵ Shri Y. Srinivasulu and Deputy Regional Heads Shri Ezhil Arasu & Shri S. R. Tagore.

38 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ GÎ@1>1>41ƝK)2> GÎ@1>1>41Ɲ0;G:>%>7.*>:>">

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1>1>41K)2>0|2Ú(>* ?8?72Ɲ 7C>2K,% >1É0Ɲ :>®ŝ?& >1É0 H:G ?7?/þ >1>É0Ĝ .Ŋ®'>,*>?(7:Ŋ ,4¸10|0;G:>%>7.*>:>">GÎ0|:1AÚ >1K*?1>1>Ɵ :?(*.0|ƣƦ79Ğ½:G7>,B2@2*G7>4G ē,:GGÎ@1Ð0A@/7>*@?:;2>"LW7@0;GÏ?:;2K;?#1>½ ®!>-:(®1ĜKGÎ@1Ð0A@#@280>ý>2>:¤0>?*&?1>1>Ɵ A7> 0|?7?/þ>1É0Ĝ>1K*?1>1>Ɵ :7:2,2,1>72% :7:2,2 ,GÎ@1Ð0A@7@Ŋ>?!1>71®!>-:(®1 K.>*GŊ?47C>2K,%>1É0>1K*?1>1>&'>.> ,§®'&'GƟ 2H4@?*>4@ Ɵ>1É0Ŋ(L2>*:/@>1,>4&'>®!>-:(®1 ,§®'&'GƟ GÎ@1>1>41Ɲ/A GÎ@1>1>41Ɲ/>7*2

.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1>1>41/Aý>2> :>®ŝ?&>1É0>1K*?1>1>Ɵ>1É0½1&>GÎ@1 .ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1Ð0A@7> :">Ř2 Ð0A@0;G8(Aÿ>ý>2>½ Ɵ :7:2,2/AGÎŊ®!>- ½A7> 0|?7?/þ>1É0Ĝ>1K*?1>1>Ɵ :7:2,2 :(®1Ĝ*G :>;,B7/>?41>Ɵ .> 2H4@?*>4@ &'>:>®ŝ?&>1É0>1K*/@?1> 1>Ɵ *>1É0Ĝ0| ,GÎ@1Ð0A@?78>4Ř0>2H*&'>@ÐG0( 7>2@12:?;&1®!>-:(®1 ,§®'&'GƟ GÎ@1>1>41Ɲ>*,A2 GÎ@1>1>41Ɲ?78>>,é%0

July-September 2019 39 ®'>,*>?(7::0>2K; GÎ@1>1>41Ɲ:A¨&>*,A2 GÎ@1>1>41ƝK1¤.B2

GÎ@1>1>41Ɲ:A¨&>*,A2ý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2 K1¤.B2GÎý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2GÎ@1 ,2.> 2H4@>1K*?1>1>Ɵ :7:2,2&>4@*GÎ@1 Ð0A@:@:G¨72>B½1&>0|?7?/þ>1É0Ĝ>1K*?1> Ð0A@4K?:4Ɲ:;>10;>Ð.)7 ,GÎ@1Ð0A@#@ 1>Ɵ : 7:2 ,2 . Ŋ ®!>- :(®1Ĝ ý>2> :>0>? :2K>2 ,2 : ?0> 7 , GÎ@1 Ð0A @ * 2 Ë7>4 &'> ®!>- :(®1 2H4@?*>4@ ?:0| 4>§®!Ɲ&.>řƝA!>2?;&@7*Ŋ:.)0| ,§®'&2;GƟ >ē&>-ŋ4>1@ Ɵ

GÎ@1>1>41ƝGW> GÎ@1>1>41Ɲ&G4>*>

GW>GÎ0|.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2?7?/þ>1É0ĜH:G GÎ@1>1>41Ɲ&G4>*>ý>2>®'>,*>?(7:Ŋ7:2,2.>2>?;¨:Ŋ .> 2H4@Ɲ7C>2K,%?(>1K*?1>1>Ɵ :7:2,2GÎ@1 :2>2@®ř40|>,ĝ2G!:>0>?(>?17Ŋ&;&®ř4K.#:>0>* Ð0A@0;|Ï.@7>4>7.Ŋ1®!>- ,§®'&2;GƟ 20> :G!/|!?1>1>Ɵ :7:2,2GÎ@1Ð0A@Ŋ?712>BƝ ,GÎ@1Ð0A@!@7@7@:80>21®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ0(Ã2H GÎ@1>1>41Ɲ:>.2>">

40 A4> ǆ?:&.2ƣơƢƪ ǎǲǸǱǧǤǷǬǲǱǌǤǼǋǨǯǨǥǵǤǷǬǲǱ GÎ@1>1>41Ɲ4)2 GÎ@1>1>41ƝA4.>

GÎ@1>1>41Ɲ4)20 .| ƢƢƣ7Ŋ ®'>,*>?(7:| ,4¸10Ŋ ®!>-| :(®1Ĝý>2>0>*74>.*> Ɵ :7:2,2C Î@1,G 0A@ (20K;*?: ;Ɲ ,Î@1Ð0G @2?.(A 0>271®!>-:(®1 ,§®'&'Ř GƟ GÎ@1>1>41ƝA4.>ý>2>.ŊƢƢƣ7|®'>,*>?(7:Ŋ7:2,2 ?7?/þ>1É0Ĝ>1K*?1>1>Ɵ :7:2,22Ú(>*?8?72 GÎ@1>1>41Ɲ?717>W> >1K*?1>1>?:> >!*A4.>Ŋ ,>1AÚ@7|!G8 Ř0>2Ɲ :*G?1>Ɵ :7:2,2GÎ@1Ð0A@>7A#H1 ,*Ɵ: &'>1®!>-:(®1 ,§®'&'GƟ

GÎ@1>1>41Ɲ2>1,A2

.>ƢƢƣ7>®'>,*>?(7: Î@1>1>G 41Ɲ?717>W>0 ¦20>01$| : G 0*>1>1>2?7?/þ>1É0Ĝ>1K*?1>1>Ɵ *>1 É0Ĝ0 ,0;>| Ð.)7 Î@1Ð0G @A ?7*K(.>.Ŋ Ɲ:;>10;>Ð.B )7 , Î@1Ð0G A @7> 7@:K!Ć22>7,@G 7@02*>'2 ï@/@ ,§®'&2;G GƟ GÎ@1>1>41ƝA7>;>!@

2>1,A2GÎý>2>®'>,*>?(7:Ŋ7:2,22Ú(>*?8?72Ɲ7C>2K,%Ɲ ®7>®1>?8?72ƝË>;K?Ĉ1Ĝ?(>1K*?1>1>Ɵ:>';@Ɲ ?(*>ƣơƟơƨƟƣơƢƪKGÎ@1Ð0A@2@&Ř0>20#4½A7> 0| >ē&>2H4@?*>424:2%>:(G8?(1>Ɵ :7:2,2 :>®ŝ?&>1É0>1K*/@?1>1>Ɵ A7>;>!@Î0G .| ƢƢƣ7Ŋ ®'>,*>?(7:| 7:2,2?7?/þ>1Ŋ 0 H:G:> ?424@Ɲ.äĜH ?4?Î>Ŋ *Ð?&1K?&>Ɲ?É !Ð?&1K?&>ƝŊ -Ř!.I4 Ð?&1K?&> > 1K* ?1> 1>Ɵ : 7:2 ,2 Î@1G Ð0A GÎ@1>1>41Ɲ/@47>W> @:K*>0!@/?!1>7B , Î@1Ð0G @0&@ 4@*#A K!>?(#K;7G @0)>7*>'&'>1®!>-:(®1 ,§®'&'GƟ GÎ@1>1>41ƝĨ.4@

July-September 2019 41 A(2> %0|)K>)W@ 2K*GŊ ,>1

?7&79Ğ0|A(2> %*G7>?%§1.?ŒŊGÎ0|.2(®&.(4>74>?(1> ¦2!*>:>7)>*@,B711*2*>>?;ǆH:G?!L?&1Ĝ>?7®&C& ;HƟ :Ŋ,@G:B*>ÐLüK?½ŊGÎ0| É>?&Ɲ(G8>0> ÉK70HÉK ?772%(G2:&Ać;K*>>?;Ɵ.K#ŧ>¡!.*>2?)ŝ&#@42K;@ *I?07>&>72%&'>?7@1GÎ0|:A)>20A1>22;G;Ɵ*A0>*Ŋ ?(1>>*>>?;Ɵ:?7&2% ,2>&>W@½ ?*7G?:::1>>2*>Ɲ *A:>279ƣơƢƩ0|Ř4. %>ƣƦƖ:G1>(>A(2> %'GƟ(G8Ŋ 2?®!ŧG8*:?!?-Ŋ!&'>.@0>>>&0|.:G?7@1:;>1&>Ð>ÿ> ŘÐ0A.Ĝ :@ :@ Ɲ#@Y:@Ɲ:.@ Ɲ§::.ƝK! ¨4G;K*>:A?*?¬&?1>>*>>?;Ɵ>W@Ŋ>>&K¨(:G¨(Ð>ÿ 0?;Ï>.>&K)G:G1>(> %A(2>GÎ0|;HƟ :>Ð0A>2%;H 2*>:A?*?¬&2*>>?;Ɵ ?.A(2> %K1>(>:A2?&:0 &G;ƟǋǑǊǑǔƝǍǻǳǨǵǬǤǱƝǍǴǸǬǩǤǻƝ C; %ǆ1; %2Ơ0>*Ơ¡4H!2@(*G'7>0@*2@(22.*>*G ǋǵǬǩǐǬǪǫǰǤǵǮH:@ÉŊ?#! -I0}8*Œ,?*1Ĝ:G.ĜK :?(8>0|>-½ ;G&A?(1>>:&>;HƟ7G&*/K@7«17:>1@:/@ :Ŋ,>Î;Ɵ1;4.G 0((?04@;HƟ:>';@:>'.WG«1>7:>?1 %ĜŊ?#Y>¨!2G!0|.XK2@Ŋ :01> %;H?:½2>?8/@.W@;K&@;H&1>(>:>7)>*@.2&*G½ >2%/@.A(2> %ĜŊ ,21>(>1>*(G2;G;Ɵ.Ë>;ĜK>2Ɲ2Ɲ 7¬1&>;HƟ %@½0(*@Ơ7G&*,»Ơ!H:¦2!*?(½:>7)>*@:G 2G4B:0>*Ɲ?8>Ɲ:,?Ŋ70|Ɲ,:*4}?(Ŋ?4 %(G&G;Ɵ. >2*>>?;Ɵ1>(> %Ð>ÿ2*GŊ?4 0>04Ĝ0|:; %@K K!GK!G %.Ĩ&:>2GË>;ĜK?7?/þ0(ĜŊ?4Ð(>*22;G; ::G.Ĝ /@8>?04?1>>&>;H?:½0(*@>ÖK&?*?¬&;K1;:A?*?¬& Ŋ %,K!-K?41K0|?7?7)&> ;H&'>K?0Ð.)*/@:AđXĨ;HƟ * ?1>>*>7¬1;HƟ?:0@*Ơ0>*Ŋ ,2 %?41>>2;>;H :Ŋ :.Ŋ.>7B(;0>2>A(2> %:G:42G4B ,>(>*A,>&?7?:&(G8Ĝ ®7>?07½@&2;>?1>>*>>?;Ɵ :Ŋ?4.Ŋ,H*4Ŋ7½4 Ŋ0AS>.4G.Ĩ&0;HƟ ½2>14@>*@>?;Ɵ7½4½¦2,K!>G:G11*2*>>?;2 H:G?;2@@Ŋ:>'.A2> 1>/@&@;Ɲ7H:G;@A(2> %Ĝ0|/@ K/@>>&:A >;Ĝ *K4G*>>?;Ɵ:2:> ƙǋǍǚǛǉǑƚ,K!40|/@ )K>)W@½!*>;K2;@;Ɵ:.:G1>(>)K>)W@ŒB02 %ŊGÎ0|(G*G 0@*Ơ0>*?(>?772%:2Ŋ:&Ać;K*>>?;?Ð®&>?7&:,? K?042;@;H?:0|,;>*½K2@Ơ>4@,;>*,Î:.§)&!*>1>(> Ŋ ,2?:@2>>*;KƟ:>';@ %0B22*GŊ,¬>&ǰǲǵǷǪǤǪǨ Ð>80|2;@;Ɵ:>';@:>'ÉŊ?#!>#&'>>24K*>&Ĝ0|/@>-½ 2*G7:2:> ƙǋǍǚǛǉǑƚ0|>*K?!2*G0|K ?74.*;º?1>>*> )K>)W@;K2;@;HƟ>24K*ŊƩƦƖ0>04Ĝ0|1;,>1>1>;H?,;>*7 >?;Ɵ)K>)W@Ŋ 0>04Ĝ0|1;(G>>&>;H?17,;>*:.)@ ,&GŊ>4@(®&>7GVŊ)>2,2 %?4Ɵ >*>2@4&Ơ.X>X>2(@1@'@Ɵ0@*Ŋ-»(®&>7GĜŊ)>2,2 %4G*G½!*>:2Ð>80|&@2;&@;Ɵ 0>04Ĝ0|ǰǲǵǷǪǤǪǨ ?7?/þÐ>2Ŋ (2> %>&Ĝ0A )K>)W@| ?*¤*?4?&Ð0Ŋ &2@A 'Ŋ ǆG *;º;K*G:G.K %0|*A:>*½:/>7*>.*@2;&@;HƟ *:.:G.*G ,:*44K*ǆ1; %Ë>;½:H42@Ɲ!L?&1>|7*G!:H42@Ŋ)>2,2 Ŋ?41;7¬1;H?0B2@,B7>Kē!@*>0:0 2H:G ?(1>>&>;HƟË>;K8>>>>&>)>2;K*>>?;?:0G :½:H42@ &H:G2*G½.>1>-½1>*,B77.Ŋ?*10>*A:>22*>>?;Ɵ :0G &@;KƟ>&G>4G*(G*:&K9*;K*>>?;Ɵ)K>)W@Ŋ0>04Ĝ0|1;(G> %@Ơ0>*&(>2'7>?:@1½0((*4G2:.§)& ?)>2@ý>2> 1>;H? %@>:H42@>&>?:@1.0|;K&>;HƝ :Ŋý>2>(@1@ A(:G?1>>*>>?;ƟǦǬǥǬǯ¦2,K!>G:G11*2*>>?;ƟY> *|: :H42@Ơ *0Ŋ(®&>7GV-»;K&G;Ɲ0(*@1>(>?(> ;K&@;HƝ!L&@ ½>2;@>1(>(Ŋ ,2K 1 %Ơ.>1>*;º;H :½>.Ŋ >?772%4&;K&>;HƝ *0!H:½¦2!*-»;K&@;HƝ,;>*&'>,&G ,H*4Ŋ7½4:G2>*GŊ:>':>'A(/@:,>:1ÖK&Ĝ:G,&>2*> Ŋ(®&>7GV4&;K&G;2*L2@>?772%/@4&;K&>;HƟ.K>?; >?;ƟË>;>>&>2?:@1.0|;H&K4G*(G*½?772%@@ ?7H:GË>;?*>:&K9Ð(:H42@>&>,*G,>:;K ;|;@,:*44K*(|Ɵ &2;(G*>>?;?1K !L&@&K*;º;K2;@Ɵ 0>04Ĝ0|1;/@,>1> %(G*GŊ,;4G1;:A?*?¬&24|?>&G0|:H42@Ð?&0>;2;@;KƟ1; 1>;H?:,?>0B¨1>*ǹǤǯǸǨǵý>2>:;@*;º?1>1>;H2.X>X> /@:A?*?¬&?1>>*>>?;? %4G*GŊ,¬>&:H42@>&>1.0| 2?(>1>1>;H?:Ŋ>2%1>(> %½0>Î>(G(@>&@;HƟ .>2?.¨#2 ®'>*>&¦2&*;KƟ /@)K>)W@2Ŋ;@¡4H!K 4KĜK.G(G&>;HƟ ::G.*GŊ?4 >2 %ǆ1; %Ë>;½:H42@Ơ *0!H:¦2!*Ŋ)>2,2?(1>> ?.¨#2Ɲ.7 %@Ŋ.@?Î,@1:0 L&>?1>>*>>?;Ɵ.1;/@ :&>;H_ :0GË>;½,;>*7,&GŊ:>':>'0(*@:A?*?¬&2*> 1>*2*>>?;?ÐKG!ǚǍǚǉý>2>0>1&>Ð>ÿ;KƟ 7¬1;HƟË>;ý>2> :>4Ŋ *0!H:¦2!*:>'0>? &0|Ɲ;0:/@Ŋ?41;7¬1;H?.ý>2>?(1G?(8>?*(}8Ĝ> ;Ĝ&K ;G®7@>2*;º2*>>?;1Ĝ? :.>&½Ð.4:/>7*>;H?1; 28,>4*?1>>2 :0|K 8I!!*;º,*>1>>Ɵ:01:01 :½7>®&?71K*;º(8>&>;K2?:- %Ð>ÿ2*GŊ öG¬1:G ,2.ý>2>Ð>80|)K>)W@Ŋ&2@ĜŊ.>2G0|>;?1>>&>;H2 0>?1>1>;KƟ *0!H:¦2!*>?7?),B7:1>,*/@2>1>>*> *:G.*GŊ&2@ĜŊ.>2G0|/@.&>1>>&>;HƝ?:G;0|7¬1,X*>>?; >?;Ɵ?:#@42:G>22@(@>2;@;K :>/@ñB?#?4G:2*>?& ?::G?:.:A2?&2;:ŌƟ)K>)W@:G>*>2@;@.>7;HƟ 7¬1;HƟ?)ŝ&#@42:G>W@2@(*GŊ?4;@ %?(1>>*>>?;Ɵ YYY .>21;(G>>&>;H?:.ǆ#@42'7>-»#@42Ŋ0>10:G;@>2 K .Ĝ:GY> *|:2>?41>>&>;HƟ.?)>2@:;@&2@Ŋ:G:?7&2% Ē%Ř0>2,>" ,2>&>2*G0|:-42;&G;Ɵ ::G.*GŊ?4Ë>;Ŋ *0!H: :>1Ɲ.WL(>>(0@Ɲ08G(,A2

42 A4> ǆ?:&.2ƣơƢƪ 7RGD\ZKLOHLQVWDQWJUDWLÀFDWLRQLVWKHQHZQRUPDOGHDUWK of planning for the future is commonplace too. If we do QRWUHDOLVHWKDWGLVFLSOLQHLVWKHÀ[IRUWKHVHVWDWHRIDIIDLUV ZHPD\EHKHDGHGWRZDUGVÀQDQFLDOGLVWUHVV :LWKLPSURYLQJ/LIHH[SHFWDQF\RXUVDYLQJVDOVRVKRXOG A matter deserving serious deliberation for professionals in their early 50s is – how am I going to save or invest the lump-sum I will receive upon retirement. Worryingly, amongst the 47% whose savings are open to doubt, 22% constitutes people in their 60s, and 14% in their 50s who have not even begun saving for their non-earning years. Also, the World Bank reports state that life expectancy Protect your money in India has risen to 68+, which means there’s at least a decade more of existence, but without income. The more I interact with the millennial generation, the from yourself! PRUH FHUWDLQ , EHFRPH DERXW D VWXG\·V ÀQGLQJ WKDW claims only 5% of this group saves money. Consider this: Financially savvy friends and associates are often ready 20% Indians go ballistic and spend beyond usual on the ZLWK DGYLFH RQ GLVFLSOLQH LQ ÀQDQFLDO SODQQLQJ 7KH pay day. The indulgences, more so among the Gen Y, “advice”, often ill-timed, come in when you are reeling occur perhaps because of the belief that there is enough from the aftermath of economic faux pas. “You lost time to earn in the future. money because you invested in xyz stocks.” “I’d have told &HUWDLQWLHVLQOLIHDUHPRUHWKDQXQFHUWDLQWLHVVRSODQ you buying a property now was a bad call, if only you’d consulted me.” Just a handful of uncalled-for reactions The general thinking until one turns 35 is to make basic coming in retrospect, when you’re already wishing you provisions for sudden death, and then with rising income had quality advice before you made these mistakes. in future start savings. What one fails to realise is ‘life is full of certainties’ TM, hence one should start savings in early 7KHWKHPHRI\RXUÀQDQFLDOJDIIHPD\EHSRRULQYHVWPHQW days in one’s career, when the responsibilities are fairly decisions, market volatility, defraud by parties you lesser, and is just the time to plan for given milestones in trusted, or even – a distressing pattern among us Indians – life. These life milestones could be – higher education HPRWLRQDOGHFLVLRQVDIIHFWLQJRXUÀQDQFLDOKHDOWK abroad (for ambitious ones among us), buying home, At all times, balance is recommended – balance in how marriage, children, and retirement. much you would like in liquid, proportion of investments Once 35+, planning for living too long – not just dying too in equity-linked and in those offering guaranteed returns, early – is just as vital. Provide for hindrances to your earning DQGVKDUHRIVWUXFWXUHGÀQDQFLDOSURGXFWVYVXQVWUXFWXUHG capability in the future by considering retirement plans. If high-risk products in your portfolio. one lives long enough, and has not saved, sustenance :KDW FDQ EULQJ VRPH RUGHU WR \RXU ÀQDQFLDO SODQV LV D FRXOGEHQLJKWPDULVKOHDYHDORQHEHLQJDEOHWRIXOÀOELJ long-term orientation through life insurance which would and small whims, post-retirement. WDNH FDUH RI DVVHWOLDELOLW\ PDQDJHPHQW DQG ÀQDQFLDO When young, one is perhaps not earning enough to set risks associated with market volatility and reinvestment. aside money for the future, but then an insurance cover Not letting the seemingly urgent take over the necessary is an important requirement. That way, if something 'LVFLSOLQH LQ WKH SDUODQFH RI PDQDJLQJ ÀQDQFHV ZRXOG unforeseen happens, the money one would have saved mean, guarding and nurturing your resources in such a upon climbing professional ladders, might come to their way that it matches the requirements one foresee over family’s aid. Insurance covering all the loans taken, are the lifetime. It also entails not letting the seemingly urgent just as important. WDNH RYHU WKH LPSRUWDQW $ODUPLQJO\ D VWXG\ ÀQGV WKDW 7DNLQJWRXJKÀQDQFLDOFDOOV almost 30% of all Indians never invest money and over Protect your money from yourself. How do you do that? ,QGLDQV ZLOO GUDZ IURP WKHLU VDYLQJV WR IXOÀO QHHGV that momentarily feel pressing. Ironically, the same study The plans that offer constant liquidity that seem to garner points that the fear of not having adequate savings to attention and popularity. But, why do you want liquidity of support loved ones is the greatest fear among Indians. funds you’re building for your child’s future? Why do you ZDQWDQ\VKRUWWHUPEHQHÀWDWDOO":HOFRPHORFNLQV/HW $ÀUPKDQGRQÀQDQFHVDVDIXWXUHÀ[ \RXUFKRLFHVKHOSFUHDWHWKDWÀQDQFLDOGLVFLSOLQH 47% of working Indian population have either not started Financial discipline is about being practical and saving for their retirement or have stopped or faced having oodles of common sense. It’s really not about GLIÀFXOWLHVZKLOHVDYLQJIRUWKHLUIXWXUH²VOLJKWO\KLJKHUWKDQ understanding intricacies of how a market works, but the global average of 46%. having a general, broad understanding of simple features ,QDOOFRPSDQLHVPRYHGIURPSHQVLRQVWRGHÀQHG such as lock-ins, guarantees, market-linked risks, matching contributions, so our future is not going to be so looked- of long-term needs to long-term assets. after, as there is no concept of guaranteed pensions any YYY longer. To back ourselves, investing a fraction of earnings into government-introduced insurance schemes or RM Vishakha retirement plans may well be considered. MD & CEO, IndiaFirst Life Insurance

July-September 2019 43 :>>>2 Ð1?(*;0®71G Kü&*2 | ǆ2>G8Ř0>2Ɲ0;>Ð.)ƙ:G7>?*7Cƚ @2>G8Ř0>2ƤơÐH4ƝƣơƢƪK.:G:G7>?*7CĨƟ,*@ 4/ƤƧ79Ğ½:A(@.?Œ:G7>Ŋ(L2>*,*G.0|?7?/þ ®'>*Ĝ,20;7,B%>1(>?17Ĝ>?*7>;?1>Ɵ,*@:G7>?*7C? Ŋ:01,.Ŋ,A%G4>*G&C722;G'GƟ!@0.I.0HÎ@*G @Ř0>2:G *Ŋ@7*2*A/7ĜŊ.>2G0|.>&@&½ƟÐ®&A& ;Ɲ *:G.>&@&ŊŘ8ǆ:,>( ŝ,1>,*@,>¦27>¦278H?%,CĈ/B?0Ŋ.>2G0|;0|Ř.&>Ɵ ®'>?,&2,>1>Ɲ1;0G2G?4.Ĩ&:A(*A/7/@2;>Ɵ;0>2G>1>40| 00107»1,¦27>2:GĩƟ0G2G?,&>@0> ?* @?*12'G70>C?;%@;Ɵ >1(>?17>0B40Î!@0'>Ɵ 0G2@.W@.;*;H2;0(KAW7>/> ;4G?*;0>2G.@AW7>ĜH:@K 1& «1®&.?Œ,G8G0|,*G,*G>1>417«1?Ú&Ơ,>¦27>¦2@7* :0>*&>*;º;H*;@?(*G0|*;@>14>,0|Ɵ0*G.0|*L2@7> *?1> Ŋ.@ŋ:G:&A4*.*>1>ư 20G2>/> «17:>1@;HƟ0*GƢƪƩơ0|?&2Ĩ&I4G-Ë@¨2ƙ,B:>ƚƝ 00*G; G8>,*G.?Œ öG¬1ĜK«1?Ú&7,>¦27>¦2@7*:G ,22> :0®&@,A2ƙ?.;>2ƚ:G.@::@ƙŝ?9ƚ0|?1>20*G.H0|!I,?1>'>Ɵ. 4G?*:G7>?*7C?Ŋ.>(,*G«1?Ú&2,¦27>¦2@7*,2,B2>1>*(B>Ɵ 0®*>&K222;>'>&.0G2GÐK-Ŋ:2*G.½*L2@ŊÐ®&>7K®7@>2 ?&A.?Œŋ¦212Ŋ(L2>*/@0*G,*G.ĜK@,27¦28(@Ɲ ;|@7* 2*G½:4>;(@Ɵ Ŋ0B¨1Ĝ:G7&27>1>2 *½@?8>>Ð.)?1>Ɵ0G2@(K*Ĝ ,*G.?ŒKŕ¦212Ŋē,0|1ĜA*>ư .G?!1>,*G,H2Ĝ,2W@;Ɲ®7&Î;Ɵ1;@0G2G?4A8@>?791;HƟ *?(*Ĝ. ?)>¦21Ĝ½0>'@7.ĜŊ2>ćŧ@12%Ŋ.>(.Ĩ&.WG®&2 ,7&0>*.?Œ,¦2đ¬1K?:Ð>2(G&G;Ɲ?78G9&.-.WL(> ,2.Ĝ0|/?&1>;K2;@'@2.7> *2*G>>2%1;/@'>?0A G Ŋ:(/0|ư 0G?#4!ŧH:0|:-4&>*;º?04@'@2.½*L2@0A G:0>0|4KĜ½ 7&0>*.?Œ,¦2đ¬1>-½A*L&@,B%;H2?'GÎ0|&@Õ?&:G?*&* :G7>2*G>0L>(G2;@'@Ɵ ,¦27&*2;G;HƟ :?41;1&7¬1;H?;2?(*;0®71Kü&* ,K. ½?7?/þ8>>Ĝ7>1>41Ĝ0|>12*G>«1>,*A/7;HƟ 2GƟ?*&*ÐK#!:½>*>2@2*>ē2@;H2Ë>;Ĝ½ ¤0@(ĜŊ *0G:GL*:@8>>'7>>1>410|>12*G>*A/7:.:G>2;>ư *Aē,,*@>18H4@K$>4*>.Ĩ&7¬1;HƟ.-.WL(>0.B& 0A G.½.Ĩ&:@8>>ĜƠÐ8>:?*>1>41ĜƝÐ?8%ŌÏƝ72:@ 0B4/B&?:÷>&Ĝ,2)>¦2&;HƟ:0>0G4*Ŋ.>(;0>2G®!>-½:1>2 >1>41Ĝ0|>02*G>0L>?04>2:/@;*A/7>2;>_0G2@ «17:>10|:>)>2%7C?÷Ĩ ;H&ƫ:/@.#K?(1:½1;?V¤0G(>2@;H? ,;4@8>>A4>..>Ɲ?4>,B?%1>'@2 :8>>0|0A G %?)>2@Ŋ Ð?&79;0>2GŘ4«17:>10|0:G0ƢƦƖ½.XK2@;KƟ ē,0|>12*G>0L>?04>Ɵ:G&K:/@>1>40|*A/7.Ĩ&>2;>Ɲ ,.Ŋ/?71Ŋ.>2G0|1>:K&G;7.#L?(1*ĜŊ?41>:(G8(G*> :;1K@/@G?04G?&AGÎ@1Ơ4Ð0A>>1>4A*L&@,B%2;>Ɵ >;&G;Ɲ?78G9&L2,2;0>2G1A7>:>?'1ĜKư ;0>2@:-4&>>:>2>G10,*G7¦2Ĉ:>?'1Ĝ7:;?01ĜK(G*>>;&>ĩ ,*G .>:A(@ ?&;>:2;>;H2:2>2*G/@;0>2G.,2/2K:>?(>1> 1Ĝ??:@/@>1K:¤,þ2*G0|:/@>,B%1K(>*'>Ɵ/@>& ;HƝ8>1( :?4;@:0>0G4*>,;4>0L>;0>2G.K?(1>1>;HƟ. :010| *,4ĜK1>(2@*A/B?&;K&@;HƟ >/?71 Đ74;H22;G>/@Ɵ;0>2G®!>-:(®18&Ð?&8&Ð?&.÷&>Ŋ ,Ŋ.?Œŕ¦212>:.:G0G(>2*A/7L*:>2;>ư :>',*G>1Ğ0|2&;H2 *>;@1G1;HƝ.K.G;&2:G.G;&2@* 7H:G &K.Ĩ&:>2G0G(>2*A/7;Ɲ?:@K.&>*>>-½A*L&@,B%;HƟ .*>*>Ɵ0,*G1A7>:>?'1ĜK.:1;@:(G8(G*>>ĩ>ǣǜǫǨǼǶǫǲǸǯǧ ?Œ&A.0®Ŋ4ǆǑ?)>2@'> ::01Ë>;K:> 4¦2,G12½ ǲǺǱǷǫǨǊǤǱǮƗǧǨǹǨǯǲǳǷǫǨǯǨǤǧǨǵǶǫǬǳǴǸǤǯǬǷǬǨǶƗǨǰǨǵǪǨǤǶǤ (A>*Ŋ?4ēƟƦơơơƠǆ> %?(1>1>&K %&>½1;8&'@? ǶǸǦǦǨǶǶǩǸǯǊǤǱǮǨǵǂƟ (A>*> >!*0A G2*>;K>Ɵ&ƫ&1?&?'K0,*G8>>Ð.)7 ,:G7>?*7C?Ŋ.>(,:01ŋ:G«1&@&2*>>;|Gư ?*2@%?)>2@K *?(*Ĝ8>>>?*2@%22;G'GƝŊ:>'?*)>¦2& :G7>?*7C?Ŋ.>(0,*G,H&C®'>*,2> >20>Ŋ:>'Ř?(* ;,Ĩ>&K:/@Ë>0@%4KĜ*G;0>2>®7>&?1>7(A>*>-½&>>!*G 2ĩ>1Ĝ? &*G4.Gŕ¦212Ŋ(L2>*2,2,K§®!/@*;@Ĩ Ɵ:G7>?*7C? >Ë;?1>Ɵ0G2G1;;*G,2? (>!*8>>Ð.)2|G&KK 2>@ Ŋ,¬>&4G?(*ƪ.G?-:Ŋ*A:>2&H1>2'>?&A#ŧ> 72*;º ;@*;ºĨ2.K4*G4G?;0>2G8>>Ð.)&K,;Ɵ :,2;0>2G8>> 1> &ƫ 1G />: Ĩ ? . 0 :?É1 :G7> 0| *;º ĩMƟ & 0|0 :/@ Ð.)/@A8Ĩ70A G(A>*> (>!*2*G>(G8?(1>Ɵ&,¬>& .WK?(1::>?'1Ĝ:G*A2K)ē>?ǟǨǶǫǲǸǯǧǧǲǲǸǵǺǲǵǮǺǬǷǫ 8>>0|?*2@%?)>2@*G/@:2>;*>½Ɵ1;0G2G?41>(>22 ǶǬǱǦǨǵǬǷǼǥǨǦǤǸǶǨǯǤǥǲǸǵǱǨǹǨǵǪǲǨǶǬǱǹǤǬǱ0,*G,K?:@ :A(*A/72;>Ɵ *?:@>10|«1®&2B>Ɵ,*G,¦27>2K:01(B>Ɵ?:@ǖǏǗ0|>1 ,>:.:GA*L&@,B%>1(>?17L*:>2;>ư 2*G½K?88ē>Ɵ0A G4> 7?ÉŊ!0H(G*>Ɲ,A2>*G>*G:A**>ƝB0*> GÎ@1Ð0AƝ/K,>474Ð0AƝ,A%G4>>1?*,>(*>-½A*L&@,B% ,:( ;HƟ & . ,¦27>2 Ŋ :>' ?*?¬& ;K2 B0B> 7 @7* >G 2 2;>4G?* :>:,>(*@«17:>17C?÷ƝG0>*7::>)*:.)Ĝ:G @7&.*> >Ɵ ?1>Ɵ0,*G:;1K?1Ĝ>0*K.4.X>,>1>2GÎK4 > ,2 YYY

44 A4> ǆ?:&.2ƣơƢƪ :0>>2

Bank enters into MoU with CRISIL for SME grading

Our Bank entered into a Memorandum of Understanding (MoU) with CRISIL Ltd on 03.07.2019 for assessing the credit quality of its existing and prospective customers in the small and medium enterprises (SME) segment. Along with our MD & CEO Shri P S Jayakumar and MD & CEO of CRISIL Shri Ashu Suyash, Executive Directors and other Top Executives of the Bank and CRISIL were present on the occasion. Bank joins hands with Max Bupa Health Insurance to launch `SwasthaNeev’

Our Bank and Max Bupa Health Insurance have partnered ZLWK)HHGLQJ,QGLDDQRWIRUSURÀWRUJDQL]DWLRQWRODXQFK the `SwasthaNeev’ initiative to cover various hunger points, across 100 cities. Both the organizations have jointly pledged to feed 112,000 meals to the underprivileged citizens, within a span of two months. The initiative is aimed WRFRQWULEXWHWRWKHQDWLRQ·V0RYHWRÀJKWDJDLQVWKXQJHU and enable the underprivileged citizens to lead healthier lives. Our Executive Director Shri Vikramaditya Singh Khichi and Shri Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance were present on the occasion.

0>*7::>)*?7>:Ð.)*:?0?&ý>2>.K,A2®>2

?(*>ơƦƟơƨƟƣơƢƪK0A. 0|0>*7::>)*?7>:Ð.)*:?0?&ý>2> ǂÐ?8%2?7>:0| ŝć&>ǂ2ǂ4>: *4?*##G74,0|!ǂ 0|:7GĈÐ(8*Ŋ?4;0>2G.K2>ćŧ@1,A2®>2:G:¤0>?*&?1> 1>Ɵ :7:2,2.½2:G1;,A2®>20;>Ð.)@0&@*> ,>#G1*GË;%?1>Ɵ

ǣ4KÏ7@2&>:¤0>*ǂ>1É0>1K*

4>1>41Ɲ#@X*G.½:G7>0|,*G&«1Ĝ>?*7;*2&G ĨÐ>%Ĝ½Ĩ?&(G*G7>4G®!>-®7Ɵ@2%?:;*G@K02%K,2>& ǣ4KÏ7@2&>:¤0>*ǂ:G:¤0>?*&?1>Ɵ1;:¤0>*®7Ɵ@2% ?:;*G@½0>@0&@:2,4@*G@*G4Ð0A@042K?;¨4>7 ,4Ð0A@,@!WŊ2ǆ04Ĝ:GË;%?1>Ɵ

July-September 2019 45 :0>>2

2>1.2G4@0|!> *;I4.H">1K*

2>1.2G4@2:A¨&>*,A2GÎŊ®!>-:(®1ĜŊ?42>1.2G4@0|;0>2GÐ.) ?*(G870A1>1,>4?)>2@@,@:1Ř0>2½ ,§®'?&0| !> *;I4.H">1K*?1>1>Ɵ2>1.2G4@0|1;7C;(:¤0G4*. ½ ,§®'?&Ŋ,>:79,B2G;K*GŊ ,4¸10|1K?&?1>1>?:0| 0;>Ð.)ƙ:071*ǆ 2ƚ@20G8?04>*@Ɲ4* 4Ŋ4 Ð0A#IƟ2>0:1>(7Ɲ.WL(> 2Ð(G8Ë>0@%.Ŋ1@#@,@ Aÿ>22>1.2G4@GÎŊGÎ@1Ð0A@01Ř0>2?0> ,§®'&2;GƟ

1,A2GÎý>2>:A >77,2>08?/1>*>1É0

?7@1:G7>?7/>Ɲ?70Î>41ƙ/>2&:2>2ƚ½:A >77,2>08 ?/1>**>0,;4Ŋ&;&ƢƨǆƢƩ®&ƝƣơƢƪK1,A2GÎý>2> .Ŋ>1,>4?*(G8@8>?&4>4H*½1&>20;>Ð.) @Ð>87@22>"@½?7?8ć ,§®'?&0|(K?(7:@1>1É01K?& ?1>1>Ɵ :Ð?É1>Ŋ&&1,A2GÎ½ƢơƦ8>>ĜŊ8>> Ð.)Ĝ½&,>79ĞŊ7>?9>1?*,>(*½:0@>/@½1@Ɵ

2>1®&2@1.::?0?&Ɲ2>®'>*½Ƣƥƣ7º.H" 2>1 ®&2@1 .: :?0?&Ɲ 2>®'>* ½ Ƣƥƣ7º .H" ?(*> ƣƧƟơƩƟƣơƢƪK1,A20|>1,>4?*(G8@?7É0>?(1?:;@@ ½1&>7/>2&@1¦27.Ŋ0;>Ð.)7Ð/>2@GÎ@1?*(G8 @Ē%Ř0>2?:;½?7?8ć ,§®'?&0|:,þĨ Ɵ Ú.H"0|#I 0Ð>8ƙ :ƚƝ1AÚƙŝ?9?7/>ƚƝ2>®'>*:2>2Ɲ@0&@ >1>?Î,>"@Ɲ0;>Ð.)ƙ?7@1:0>7G8*7?7>:?7/>ƚƝ/>2&@1 ¦27.Ɲ@Ř4(@,Ɲ0;>Ð.)Ɲ*>.>#Ɲ@Ð>87@22>"@Ɲ0;>Ð.) 7:1KƝ@1KG8Ë7>4Ɲ ,4Ð0A71:/@.ĜŊ Ð?&?*?) ,§®'&2;GƟ 2>ćŧ@1Ð>'?0&>Ĝ,2?7>20'*72>1®&2@1,2>08.H">1K* ?(*> ƣƤƟơƩƟƣơƢƪ K 2>1 ®&2@1 .: :?0?&Ɲ 2>®'>* ý>2> 2>ćŧ@1Ð>'?0&>Ĝ,2?7>20'*7/?71½>11K*>&H1>22*G ;G&A2>1®&2@1,2>08,¦2>.H">1,>4?*(G8@?7É0>?(1 ?:;@@½1&>0|1K?&½ Ɵ :.H"0|0;>Ð.)@ Ð>87@22>"@:?;&/>2&@1®!G!.Ɲ*>.>#Ɲ2>®'>* üK,¦29( :Ɲ2>®'>*H¤.2-I0:&'>:>7?*GÎŊ.ĜŊ>1>41 Ð0A ,§®'&2;GƟ 4* 0|:A >77,2>08?/1>*>1É0>1K*

4>1>414* ý>2>?(*>ƣƤƟơƩƟƣơƢƪK:A >77,2>08 ?/1>* >1É0 1K?& ?1> 1>Ɵ >1É0 Ŋ (L2>* ;0>2GÐ.) ?*(G87:@ @,@:1Ř0>2*GÐG:K:.K?)&?1>Ɵ : 7:2,20;>Ð.)#IƟ2>0:1>(7Ɲ,>.*G8*4.Ŋ0;>Ð.) @:0@2.>,G1@Ɲ/>2&@1®!G!.Ŋ0A10;>Ð.)@0&@:4K*@ *>2>1%&'> 4>;>.>(.Ŋ0;>Ð.)@27@Ï?:;/@ ,§®'&'GƟ

46 A4> ǆ?:&.2ƣơƢƪ NEWS

* ?(Ă@0|?*1>&ĜŊ K?0Ð.)*,2?&0>;@,?Î> ?4?78G9.H">1K* ǣK?0*A/B?&>8A/>2/

?(*>ƤƢ®&ƝƣơƢƪK4>1>41Ɲ* ?(Ă@ý>2> ?#1>;H?.!G! K?0Ð.)*?7/>ý>2>A4> ƝƣơƢƪ:G?&0>;@:0>>2,ÎƓK?0 :|!20|?*1>&ĜŊ?4.H">1K*?1>1>Ɵ>1É00| *A/B?&Ɠ½8Aē&½ Ɵ :ŊÐ'0>?70K*ƢƣƟơƪƟƣơƢƪ Ð0Aƙ!ŧG#Ɲ-I2G:72G?0!|:ƚ@?*8>&2*0A1?&?'Ŋē, K>1,>4?*(G8@:4H*2@7@:@@&'>1 0| ,§®'& 'GƟ : 7:2 ,2 0;>Ð.)ǆ0A1 :071* @ 2 Ŋ >1,>4Ĝ ½ ,§®'?& 0| ?1> 1>Ɵ : 7:2 ,2 Ð0A ƙÉŊ?#! ?04>*@Ɲ4Ð0A@(?7(2,>4ËK72Ɲ ,4Ð0A@2 A%7>7,K!-K?41K?*2>*@2Ð/>2@K?0Ð.)*ƚ@Ŋ@ ,@.¢.2&'>GÎ@1Ð0A@*¬1>0?:;ƙ?(0GǆƢƚƝ@0)A2Ř0>2 K14Ɲ0;>Ð.)@1G8Ř0>27@0G;&>Ɲ0A1'8>ď@7Ð0Aǆ ƙ?(0GǆƣƚƝ@¦¬7*@Ř0>2ƙ?(0GǆƤƚ7®!>-:(®1 ,§®'&'GƟ 1K*>@:0@2*>2&'>Ð0Aƙ&2>ćŧ@1.?Œƚ@7G%AK,>40G** 2 ,0;>Ð.)@2:*G@ ,§®'&'GƟ ,!*>0|®71:;>1&>:0B;;G&A >)@*20|:A >77,2>08 %?7&2%?8?72>1K* >1É0>1K*

?(*>ƣƨƟơƩƟƣơƢƪK,!*>GÎý>2>?.;>2:2>2ý>2>4> > ?70Î>41Ŋ?*(}8,2/>2&½'«17®'>K0.B&.*>*GŊ öG¬1 2;@ ǣ@?7>ǂ >1É0 Ŋ&& ®71 :;>1&> :0B; ;G&A % ?7&2% :G>)@*2GÎ@1>1>41ý>2>ƢƩ7Ƣƪ®&ƣơƢƪK8>>Ð0AĜ ?8?72>1K*?1>1>Ɵ>1É0Ŋ(L2>*,!*>4Ŋ4 Ŋ:>'ǂ:A >77,2>08?/1>*ǂ4>1>1>Ɵ :7:2,2>1,>4 Ð0Aƙ0;>Ð.)ƚ@?*1>*(.G;G2>Ɲ,!*>GÎŊGÎ@1Ð0Aƙ , ?*(G8@?7É0>?(1?:;@@Ɲ,G:>(0@Ð0A@,>*@Ɲ 0;>Ð.)ƚ@0*@9L2>Ɲǣ@?7>ǂŊÐ>?)>2@%7®!>-:(®1 GÎ@1Ð0A@0*@9,>4*&'>8>>Ð0A/@ ,§®'&2;GƟ ,§®'&'GƟ ŝ?9 %?8?72>1K*

GÎ@1>1>41Ɲ2>1.2G4@ý>2>?(*>ơƩƟơƩƟƣơƢƪK2>1.2G4@0| ŝ?9 %?8?72>1K*?1>1>Ɵ>1É0½1&>;0>2GÐ.) ?*(G87:@ @,@:1Ř0>2ý>2>½ Ɵ :7:2,2ŝ9Ĝ K?:>*ÉŊ?#!>#/@?7&¦2&?Ɵ>1É0Ŋ(L2>*0;>Ð.)ǆ :@:@ ƙ 2ƚ @ 2 Ŋ ?04>*@Ɲ 4* 4 Ŋ4 Ð0A #IƟ2>0:1>(7Ɲ2>1.2G4@ŊGÎ@1Ð0A@01Ř0>2?0>&'> 1>1,>4% ,§®'&'GƟ

July-September 2019 47 ŋ?,!4 G:>&> 1>G*>

ŋ?,!4G:>&>1K*>K>*| :A2G8 ǆ 0>®!2@Ɲ ¨,>4@* 2 (@>4@* ,B@& 4>/ Ŋ .>2G0| 2> .G>0|.H"G;ƟŘ.G.G:Ò@:G0>®!2@½Ð&@>22;G;ƟŘ ?7®&>2:G:0 > *Ɵ .Gǆ(B:2G:G.>&|2*G0|4G;Ɵ&/@0>®!2@>0|Ð7G82&G;Ɵ 0>®!2@ǆ7¬1:A2G8Ɵ¨,>4@*2(@>4@*,B@&4>/K:0 *G :/@.G,*Gǆ,*G®'>*,2WG;K>&G;Ɵ Ŋ?4;0|¨,>4@*2(@>4@*,B@&:,?K:0 *>;K>Ɵ 0>®!2@ǆ:AÐ/>&.Ĝƒ ;0 ::>2%@:G ;|:0 &G;ǆ :/@.Gƙ:>'ƚǆ:AÐ/>&0>®!2@ƒ ¨,>4@*,B@& (@>4@*,B@& 0>®!2@ǆ.Ĝƒ,:/@>*&G;@;?Ŋ:010|.½/B?0> :,? :,? ?&*@?).X ;HƟ@7*>K /@GÎ;KƝ?:@ǆ*ǆ?:@ē,0|. ,B@&:,? ®7>?070|2*G ®7>?070|2*G½ ½ē2&,W&@;@;HƟ.?Œ½>*>2@*2;*GŊ>2% .>2*A:>*/@ ½7?) 7?) ">*>,W&>;HƟ 4:,? ƣ79:G0 ƣ79:G?) :/@.Gƙ:>'ƚǆ@;>Ɲ0>®!2@Ɵ 4:,? Ƥ79:G0 Ƥ79:G?) 0>®!2@ǆ1;@>2%;H?;0*G:G8Aē½;Hǆ.?Œ½,>"8>4>Ɵ :B@.÷ ?Ü!@8G12 Ƣ79:G0 Ƣ79:G?) :/@.GA8;K>&G;Ɵ :B@.÷8G12 ƣ79:G0 ƣ79:G?) 0>®!2@ǆ.Ĝƒ.? ½,>"8>4>>,;4>,>";Œ ǆH ŋ?,!4:>&>1K*>ƟG ?7!@¤1BA4YŒ# Ƣ79:G0 Ƣ79:G?) 1;> ?,!4>'ŋ ; ǆ,H @&:B ,?ƟK /@0 ¨17>*7®&B ?:A .G >>:&>;KG #G¢!¤1BA4YŒ# Ƥ79:G0 Ƥ79:G?) 2K«1>,>27, G8G::@)>G W>*;KƝ ;A ,| @&:B ,?;>>&>; HƟ 0>®!2@ǆ20G8Ɲ1>,,B@&:,?> (>;2%.&>:&G;ư .ĜƝ : &2; ;0 (G :&G; ? K ,B@& :,? ¨,>4@* ;H 1> (@>4@*1; :.>&,2?*/22&@;H?;0 :G,*G,>:?&*G:01 20G8 ǆ 0>®!2@ 2Ɲ 0>2&Ɲ (A>*Ɲ 0@*Ɲ 7>;*Ɲ 08@*2@Ɲ :K*>Ɲ >(@Ɲ &2&G;Ɵ¨,>4@*,B@&:,?K.G*G,2¨,>4@*,B@&4>/ /B9%Ɲ8G12Ɲ.I#?(Ɵ 2(@>4@*,B@&:,?K.G*G,2(@>4@*,B@&4>/Ð>ÿ;K&>;HƟ :®ŝ?&ǆ0>®!2@Ɲ1Gŋ?,!4G:1>;K&>;Hư 2>Bǆ0>®!2@Ɲ1>,B@&4>/,2/@;0|K 2(G*>,W&>;Hư 0>®!2@ǆ:®ŝ?&Ɲŋ?,!4G:>';K&>;Hǆ,B@&4>/Ɵ;0:/@Ŋ 0>®!2@ǆ;>Ɲ2>BƟ :,?.G*G,2K->1(>;K&>;HƝ :G:2>2;0>2G1 ,>:K ǆ*ǆK ,B@&:,?;K&@;H2/@ǆ/@;0 :G.G24>/ >?;®:>0>*&@;HƟ:@1,2;0K2(G&G;Ɲ :Gǣŋ?,!4G:!G:ǂ;> /@Ð>ÿ2&G;Ɵ :&2;;0;:&G;?,B@&:,?.G*G,2;0|K4>/ >&>;HƟ¨,>4@*,B@&4>/2(@>4@*,B@&4>/,24ǆ4 ?04&>;HƝ :G;@,B@&4>/1>ǣŋ?,!4G:ǂ;>>&>;HƟ1;,B@&4>/ (2Ĝ:G24>1>>&>;HƟ (K&2;>;K:&>;HƟ,;4>Ɲ¨,>4@*,B@&4>/2(B:2>(@>4@* ,B@&4>/Ɵ 2>7ǆ0>®!2@Ɲ;0ŋ?,!4G:!G:(G*G:G.*;º:&G;1>ư

48 A4> ǆ?:&.2ƣơƢƪ 0>®!2@ǆ?.4Ř42>7Ɵ,*G.Ĩ&;@>Ð¬*?1>Ɵ7>®&70|Ɲ;0>2> 2>Bǆ>&>ǆ:G>&>ǆ1>>&>ǆ:G>&>ǆ0|&¦2&2*GŊ?4 >?791ǣŋ?,!4G:>&>1K*>ǂ :@Ð¬*Ŋ 2Ŋē,0|:>0*G L*:>-I0/2*>>?;Ɵ &>;HƟ 0>®!2@ǆ2>BƝ :Ŋ?4-I0.@/2*>>?;Ɵ :A(20ǆ0>®!2@Ɲ1;ŋ?,!4G:>&>1K*>1>;Hư 2?¬0ǆ0>®!2@Ɲŋ?,!4G:>&G0|*>0>*½1>:A?7)>;ư 0>®!2@ ǆ .ĜƝ ŋ?,!4 G: >&> 1K*> ½ 8AĒ& ŌÏ :2>2 ý>2> 0>®!2@ ǆ ŋ?,!4 G: >&G0| ?)&0 Ƥ «1?Ú > *>0>* ?1> > ƢƪƩƩ0|½ '@Ɵ12?)?*10ƢƪƧƢ½)>2>ƦƥŊ&&ŋ?,!4 :&>;HƟ*>.>?4Ɲ1B-Ɲ,@Ɲ.@ 1>-0œ½2:GK4G>&G G:>&>0|0>2>?8,2ř!>4>/?41>>:&>;HƟŋ?,!4G:>&> 0|*>0>*½*A0?&*;º;HƟ*>0>*Ŋ?4-I0 2*>0>?&«1?Ú> :>0>>&>;H?:0|K 2(>&>,*G,B@&4>/½2>?8K* ,¦27&*2*GŊ?4-I0-> ,1K?1>>:&>;HƟ :,?2@(*G1>.*>*GŊ öG¬1:GŘ:01Ŋ?42:&>;HƟ :A(20ǆ0>®!2@Ɲŋ?,!4G:>&GKŋ:G.(?1>>:&>;Hư :A2G8ǆ0>®!2@Ɲ1>)*2>?80>2*G½K :01:@0>&1½ ;Hư 0>®!2@ǆŋ?,!4G:>&GK.(2>*GŊ?4-I0@Ŋ:>'1>?1 0>®!2@ǆ:A2G8Ɲ2(>&>Kŋ?,!4G:>&>K4&G:01;@1;®,ć2*> 12?)>2@>®7@ŝ?&ǆ,Î0>2*>ē2@;K&>;HƟ0C& 0>&>Ŋ ;K&>;H?7; :>&G0|0>)*2>?8:G* :,?K2@(*>>;&>;H1> ?:@*>0>?&«1?Ú1>>*B*@ 2>?)>2@ý>2>>&GK.(2*GŊ?4-I0 .*>*>Ɵ1?(7;* :,?K2@(*>>;&>;H&K,A2>*@:,?K.G*G½?&?' /2*>;K&>;HƟ :Gƣ79&21?(.*>*>>;&>;H&K,A2>*@:,?K.G*G½?&?':GƤ79 :A2G8ǆ0>®!2@Ɲŋ?,!4|:>&>0A G.&>&>ŊĒ,0|A47>*>>?;1> &,B@&4>/K0>2:&>;HƟ :>7?)0>>&>ŊĒ,0|ư ?7&>ǆ,2&A0>®!2@Ɲ1?(0Ʀ79Ŋ.>(*1>22º(B&Kư 0>®!2@ǆ:A2G8Ɲ1?(,2.*>*G>2;G;Ɲ&K,K,*G>&>:G.@ǆ 0>®!2@ǆ?7&>Ɲ:@§®'?&0|/@,K*1>22@(*GŊ?7@1790| .@0|,H:G?*>4*G½ē2&;K@Ɵ :?4,Kŋ?,!4|:>&>.& (@>4@*,B@&4>/2>/A&>*2*>,WG>Ɵ:>';@,KƣơƢƩǆƢƪ >&>Ē,0Ŋ | 47>*>>?;Ɵ1?(,*1>22@(*>>;&A ;G 2.>20 | 0|20|Ð>ÿř!>/A&>*/@2*>;K>Ɵ ;@:>2>/&>*2*>>;&A ;G Ɲ&K, ?4:>7?)0>>&>Ŋ 47>*>.A ;&2G ;K>Ɵ0;7,B%.>&1;;?>&>ǆ2>&>ǆ(K*Ĝ,2?H &¢1>>* B* ;2GÏǆ0>®!2@Ɲŋ?,!4G:>&>L*ǆL*A47>:&G;ư Ŋ)@*2?4 2(>1@;Ŋ HƟ 0>®!2@ǆ/>2&@1Ɲ?*7>:@/>2&@1Ɲ?;(B?7/>?&,¦27>2Ɲ:> G(>2@-0Ɲ 2?¬0ǆ0>®!2@Ɲ0>*4@??0*Gŋ?,!4G:>&>A47>?41>;H2 :¤,B%®7>?077>4@-0œƝŒ,*@Ɲ«1?Ú1Ĝ>::/@ŋ?,!4G:>&> ƣơ4>Ē,0>/@?1>;HƟ1>0 :0>2>?8,2K %4G:&@ĩư A47>:&G;Ɵ1;>&>.Y.WL(>H:GŊ74/>2&:2>2ý>2>?)ŝ& 0>®!2@ǆ2?¬0Ɲŋ?,!4G:>&>0|0>Ē,,2,K /@ %*;º4G .Ĝ0|;@K4>>:&>;HƟ1>*2*G7>4@.>&;H?1;>&> *.Ĝ½ :&@;Ɵ Ë>0@%8>>Ĝ0|*;ºK4>>:&>;Ɵ 2>7ǆ1>0 :>&GK.:G(B:2G.0|;®&>&¦2&27>:&>ĩư 2?¬0ǆ0>®!2@Ɲŋ?,!4G:>&>?:Ð>2>>&>;K&>;Hǆ.&>&> 1>:>7?)0>>&>ư 0>®!2@ǆ2>7Ɲ,,*Gŋ?,!4G:>&GK.½8>>:G :@ .½(B:2@?:@/@8>>0|;®&>&¦2&27>:&G;Ɲ,2&A.:G(B:2G 0>®!2@ǆ2?¬0Ɲŋ?,!4G:>&>(KÐ>2>;K&>;Hǆ0>>&>ǆ2 ?:@.0|;®&>&¦2&*;º27>:&GƟ 0>>&>ǆƟ0>>&>ǆ.&>&>20>>&>ǆ:>7?)0>>&> Ð>8ǆ0>®!2@Ɲ0>*4@??0G2G,>:0G2G*>0,2.W>:>2;HƟ0 ;K&>;HƟ1G(K*Ĝ>&G:>0>1.&.>&G2:>7?)0>>&GH:G;@;K&G; >;&>ĩ? :2K.G2(K*22@(BƟ1>0A Gŋ?,!4G:,22 2 *,2?04*G7>4@¢1>ǆ(2/@:0>*;K&@;HƟ :Ŋ:>';@:>0>1>&Ĝ 0|ř!?04G@ư ½&2; *>&ĜŊ?4/@*>0>*:A?7)> ,4¢);HƟ 0>®!2@ǆÐ>8Ɲ,A2>*G?*10Ŋ*A:>2Ɲ1?(K 2.G2(K2 :®ŝ?&ǆ0?:@.0|ŋ?,!4G:>&>ŋ:GA47>:&@ĩƝ0>®!2@ư 2@(&>;HƝ&K :G(B:2G2,2(@>4@*,B@&4>/2(G*>;K&>'>Ɵ,2&A 0>®!2@ǆ:®ŝ?&Ɲ:.:G,;4G,K?)ŝ&.8>>0|>2-I0 ǣǂ ƣơƢƪŊ.!Ŋ*A:>2Ɲ12?)?*10ƢƪƧƢ½)>2>Ʀƥ0|:8K)* 0|ŋ?,!4G:>&>Ŋ?47G(*2*>;K>Ɵ7G(*Ŋ:>',K,*> ?1>1>;HƟ.K ,*>2.G2Ð>ÿ)*2>?8:G(K*2/@2@(&> >1>?ÎƝ,H*>#27>:Ð0>%ǆ,Î½>1>Ð?&/@:4Ý2*@;K@Ɵ ;HƝ&K :G?:@/@2,2(@>4@*,B@&4>/2*;º(G*>,WG>Ɵ1;>1>* ,,*G,B@&4>/½)*2>?8K*(1>2G>?&H1>?-2#ŧ>¡!Ŋ 2*G7>4@.>&1;;H?ŋ?,!4G:ƣ2KW:G?)*;K2 ::A?7)> ē,0|/@0>2:&@;Ɵ:>';@,,*@)*2>?80A¬&1>?¬&0|/@ >4>/,B2G@7*0|Ŋ74.>2?41>>:&>;HƟ 0>2:&@;ƟH:>?;0*G,;4G/@.&>1>-I0ǣǂ0|1;.&>*>;K>? >0|?)>8.G8>&?(2;G'GƟŘ.Gǆ(B:2G:G.>&22;G'GƟ ,1;)*2>?84Gƣ79Ŋ(2*1>22@(*G0|2|G1>?-24G 0>®!2@ǆ.ĜƝ2?:@>K Ð¬*ŋ?,!4G:>&>1K*>Ŋ.>2G0|ư Ƥ79Ŋ(2*1>2.*>*G0|4>GƟ,Ŋ :?4?&K9%>Ŋ)>2,2;@ ŋ?,!4G:>&>A4G>2,K :?7@1790|120|ř!?04G@Ɵ :/@.Gƙ:>'ƚǆ*;ºƝ0>®!2@Ɵ 2>7ǆ0>®!2@Ɲ1>ŋ?,!4G:>&>:G?*>:@/@/@½>:&@;Hư 0>®!2@ǆ.ĜƝ;08>2&G;?Ŋ?791ǣŋ?,!4G:>&> 1K*>ǂ,2,:/@½>*>2@.X@;K@Ɵŋ:@4@;0>2@.?Œ½,>"8>4>ư 0>®!2@ǆ2>7Ɲ0>>&>ǆ:G?*>:@,2K Ð?&.)*;º;HƟ,2&A0> :/@.Gƙ:>'ƚǆ.Ĩ&>0>®!2@Ɵ)17>(0>®!2@Ɵ >&>ǆ:G:01:G,;4G?*>4*GŊ?40>2>?8K>&>ǆ0|®'>*>&¦2& 2*>;K&>;H2 :Ŋ?4Ř'(#(G*>,W&>;HƟ?*>4@ 2>?8KƧơ 0>®!2@ǆ,:/@>/@)17>(.ĜƟ;0?04&G;.?Œ½,>"8>4>0| ?(*ĜŊ(2?7?8ć?*7G8Ŋ?4 ,1K2*>ē2@;HƟÐ1AÚ2>?8K&A2& ?-2*?791Ŋ:>'Ɵ1?;(ƒ >&>ǆ0|0>2*>7¬1;HƟ :/@.Gƙ:>'ƚǆ1?;(Ɲ0>®!2@Ɵ 2>7ǆ0>®!2@Ɲ?*>:@Ŋ?4L*ǆ:G-I0> ,1K2*>>?;ư YYY 0>®!2@ǆŋ?,!4G:>&G:G,;4@.>2?*>:@Ŋ?4-I0ǆ:@2 :Ŋ (@,Ř0>2 .>(?*>:@Ŋ?4-I0ǆ#@> ,1K2*>>?;Ɵ1;@>2%;H?0>&> Ð.)Ɲ*:@:G4Ɲ KK G.A1>#G?.!>#>2@*;º?1>>&>;HƟ ?:!@.H?-:Ɲ0A.

July-September 2019 49 :>>>2 @2>Ŋ8Ř0>2/>?!1>ƤơÐH4Ɲ ƣơƢƪK.:G:G7>?*7CĨƟ,*@ .ŊÐ?&?*Ĉ>>/>72| 4/ƤƩ79Ğ½:A(@.?Œ:G7> ǆ2>Ŋ8Ř0>2/>?!1>Ɲ0;>Ð.)ƙ:G7>?*7Cƚ Ŋ(L2>*,*G.0|?7?/þ®'>*Ĝ,2 0;7,B%>1(>?17Ĝ>?*7>;?1>Ɵ ,*@:G7>?*7C?Ŋ:01,.Ŋ * ?(Ă@4>*G&C722;G'GƟ!@0 .I.0HÎ@*G@/>?!1>:G *Ŋ@7*2 *A/7ĜŊ.>2G0|.>&@&½ƟÐ®&A&;Ɲ *:G.>&@&ŊŘ8ǆ:,>(

ŝ,1>,*@,>¦27>¦278H?%,CĈ/B?0 0G(>22;>Ɵ ;Ĝ*G,*G®7>®1½,27>;*2&GĨ,¦27>2> Ŋ.>2G0|;0|Ř.&>Ɵ ,> :.:G ?) A*L&@,B% >1(>?17 ,B%1>*2>Ɵ 0G2>04A?)1>*>Ŋ?*¤*0107»1,¦27>20|Ĩ L*:>2;>ư , 7&0>* .?Œ ,¦2đ¬1 K ?: Ð>2 '>Ɵ0G2@0>&>@C?;%@&'>?,&>@2G47G0|*L2@ 1ü?,0A GGÎ@1Ð0AŊē,0| GÎĜ0|>12*G (G&G;Ɲ?78G9&ƫ.Y.WL(>Ŋ:(/0|ư 2&G'GƟ Ð1G Ʀ 79Ğ 0| ?,&>@ > ®'>*>&2% ;K >*A/7Ð>ÿ;H,2&A* ?(Ă@40|4Ð0AŊ :0>0G4* Ŋ ,¬>& ;0>2> . .W> . .* 1> >&>'>Ɵ?,&>@Ŋ0C&:20|®'>*>&2%Ŋ,¬>&0*G ē,0|>12*G>0A G,;4@.>2*A/7Ð>ÿĨ&'> ;HƟ«17:>1?&2*G7>4G®!>-:(®1Ĝ½:1> #@ƟƟ7@Ɵ ä0>1?0®ř4:GÐ>2§¤/70>1?0 1;*A/7A*L&@,B%/@'>Ɵ* ?(Ă@4>«17:>1 0|.XK2@Ĩ ;HƟ8>>Ĝ½:1>ƦƝƦơơ:G.X2 ?8>Ð>ÿ ½&'> #@ƟƟ7@Ɵ 0;>?7ü>41Ɲ 0C&:2 :G ?,4GŘ79Ğ:G§®'2'>?:G:>2>0ē,(G*> ƪƝƦơơ&'>®!>-:(®1Ĝ½:1>ƦơƝơơơ:G.X2 ®*>&K2ƙ'8>ďƚ?1>?:0|0®7%,(?7G&> .W@A*L&@'@Ɵ;0*G,*@!@0Ŋ:(®1ĜŊ0*K.4 ƩƦƝơơơ;K ;HƟ:/@.WL?(1*Ĝ:G1;,G>;H? : 2;>Ɵ0A G>Ʀ:GÐ1G0>;>Î7C??04*@Ð>2¤/ &'>0?7¬7>:K,A*»?7&?1>Ɵ,*@!@0K :0>0G4*K:-4.*>*G0|/2,B21K(>*(|&>?1; ;K '@K?G½>Ĝ0|/@>2@2;@&'> :8Ú.*>1>Ɵ;0*G40|?7?7)Ð>2½* ,;4Ĝ ?&;>?::0>0G4*.?Œ üKŊ:0 (>;2% >Î7C?Ŋ)>2,2;@0*G:¤,B%?8>Ð>ÿ½Ɵ0*G >8A/>2¤/?1>Ɵ!> *;I4.H"Kǣ?(4½.>& Ŋē,0|Ð®&A&;K:ŊƟ :(H7,*G®77>:@?,&>@K,*>(80>*>;HƟ ?(4:G?(4&ǂ>*>0?(1>&>?!@0Ŋ:/@:(®1 ,.Ŋ/?71Ŋ.>2G0|1>:K&G;7 ;Ĝ*G,¦27>2K:/@:Aǆ:A?7)> ,4¢)2> Ɵ äÐ.)*&,*@.>&,Ĩ>:ŌƟA(2> %Ŋ&;& .WL?(1*ĜŊ?4,1>:(G8(G*>>;&G;Ɲ *Ŋ :@³.G:G0A G@7*0|G.X*G½ÐG2%> *G ?/1>* :>?4& 2> ?:Ŋ ,¦2%>0®7ē, ?78G9&L2,2;0>2G1A7>:>?'1ĜKư Ð>ÿĨ Ɵ 4Ŋ«17:>10|/B&,B77C?÷Ĩ &'>* ?(¨4@ ?71>.&'>(G*>.Ŋ:0>0G4*Ŋ,¬>&;0>2>. ,*G.?ŒKŕ¦212Ŋē,0|1ĜA*>ư 4KA(2> %4Ŋē,0|/@,;>*>>*G :>7?*GÎ>(B:2>.W>..*1>;HƟ.;0>2> 4>Ɵ 4 0| ,(/>2 Ë;% 2&G :01 ƙ*7¤.2ǂƢƨƚ 0' 8>ď?791:G®*>&K222;>'>2:.?)& .:-4&>Ŋ*1>0®'>?,&2G>Ɵ1A7>Ĝ0|>* 4>«17:>1ĒƟƨƨƝơơơ2KW'>K?0>ǂƢƪ GÎ0|;@*L2@2*G> Ř'>Ɵ:>';@2ŊĞ >®&2Ɲ >Ɲ0*K.4&'>0?7¬7>:1?);HƟ &.$2ƢƝƢƩƝơơơ2KW;K1>Ɵ 0|?,&>@K:;1K(G*>>;&>'>Ɵ :@.@.0| 0.WL?(1*ĜK1;@:(G8(G*>>ĩ>? : >Ɲ ?4?,:7½¦2?Ú1>?*4ºƟ0*G7G(*?1>2 ,. ½C;,?Î>ǣ.I.0HÎ@ǂ½?791ǆ 0*K.4Ɲ0?7¬7>:&'>>*>:>2>0ē,:G 1?*&;K1>Ɵ 7®&AÐ.)*:?0?&Ŋ:(®1/@2;G;Ɵ& Ð1K2|Ɵ.ŊÐ?&?*Ĉ>/>72|Ɵ.½8?Ú1ĜK ,K. ½?7?/þ8>>Ĝ7>1>41Ĝ : ,?Î> K 2 ?) 2K .*>*G;G&A :0 |&'>,*G0.B&)Ĝ0| &*@0.B&@,H(>2| 0| >1 2*G > «1>, *A/7 ;HƟ *0|:G ,1>:A >7(G*>>;|Gư ?.Ŋ>1/>27?V¤0G(>2@K.B.@?*/>*GŊ L*:@8>>'7>>1>410|>12*G 0G2> :A >7 ;H ? . ½ ,?Î> 0| ®!>- :(®1Ĝ Ŋ ?4:0';K>Ɵ.Ŋ?;&0|* ,;4ĜK?É1>§7& >*A/7:.:G>2;>ư ?):G?)4GƠ2*>ĜK:0>?;&2*> 2>&'>.½>1Ð%>4@7 ,>(ĜK2?) 0*G :/@8>>Ĝ&'>>1>41Ĝ0|,B%0G;*&Ɲ4*&'> >?;ƟÐ1G0|*7@*&0.?Œ?791ĜŊ:¤.) A%7>,2.*>*GŊ?4Ð1>:2&2;|Ɵ ?*Ĉ>:G>1?1>1Ĝ?0;@0G2@ >>ÖK&;HƟ 0|>*>2@Ð(>*2*@>?;Ɵ,?Î>0|.Ŋ?&0>;@ , :G7>?*7C? Ŋ .>( ,*> :01 ŋ:G ?:&>2ƝË>0@%8>>ƙƢƪƩƪǆƪƣƚ0|>12*G> «1>7:>?1WĜK/@:§¤0?4&2*>>?;Ɵ ä «1&@&2*>>;|Gư Ð.)*Ŋ:(G80|Ð.)*½/>7@:KK/@®!>- 0G2>*A/7:.:G1>(>2&'>>2;>Ɵ :G7>?*7C? Ŋ ,¬>& 0 «1®& 2;*G ½ ,B2@ K?88 :(®1Ĝ:G:> >2*>>?;Ɵ ,Ŋ.?Œŕ¦212>:.:G0G(>2*A/7 ē>Ɵ>1>41@*«1®&&>Ŋ>2%K:01,¦27>2 L*:>2;>ư 1& «1®&.?Œ,G8G0|,*G,*G>1>41 K*;º(G,>1>Ɲ7;.,*G,¦27>2ŊÐ?&:0?,& 7 «1?Ú&Ơ,>¦27>¦2 @7* Ŋ .@ ŋ:G ē>Ɵ:0>ŊÐ?&/@,*G 2(>?17Ĝ>?*7;* *7¤.2 ƣơơƨ 0| . 0*G 4(* :> ';I4 8>> 0| :&A4*.*>1>ư ,(/>2 Ë;% ?1>Ɲ 8>> > «17:>1 ƣƥ ?0?41* ē>Ɵ*>'72@..äĜ½?8>Ŋ?407¬1 '>Ɵ0G2G>279ĞŊ>1>40|8>>>«17:>1ƣƥ .?Œ>1Ð%>4@0|«1®&2;*>®7>/>?7;H,2&A,*@ 1K(>*(B>1Ĝ??8>Ð1G.äG>?)>2;H2 ?0?41*:G.X2Ƣƣơ?0?41*;K1>Ɵ?7(G8@/B?0,2 )0,*@Ŋ:;1K:G0,*G.?Œ,G8G&'>«1?Ú& 1?( :*G>10|0?Œ?&1K(>*/@(G,>1>&K0 ,*G(G8Ŋ.½8>>Ŋ>2K.>20|1;úÄ&7C?÷ Ơ,>¦27>¦2@7*Ŋ.@:&A4*.*>*G0|:-4;K ®71K)1:0 B>Ɵ .W@ ,4§¢)'@Ɵ®'>*@14KĜŊ?(4Ĝ0|®'>* :>Ɵ.½:/@&H*>&@®'4Ĝ,20,*G,¦27>2K & 0|0 ,*G ,¦27>2Ɲ :;?01Ĝ &'> . Ŋ .*>28>>Ŋ>2K.>20|7C?÷Ĩ Ɵ®'>*@1.>>2Ĝ0| :>'*;º4G>:>Ɵ0G2@*A,§®'?&0|0G2@,*@*G ä>?)>¦21ĜŊÐ?&:;1K70>(8*Ŋ?4/>2 .>*>0,A*®'>?,&ĨƟ :Ð>2>1½đ?ć:G ?,&>½?V¤0G(>2@/@/4@/>?&?*/> Ɵ,¦27>20| : Ð!2&>ĩƟ :&A4*K.*>*G0|0G2@0>&>@>/@8@7>(2;>Ɵ :> ';I48>>Ɲ4(*0|>12*G>*A/7:.:G YYY

50 A4> ǆ?:&.2ƣơƢƪ ?;(@?(7::0>2K; ?;(@?(7:ǆƣơƢƪŊ7:2,2Ð)>*>1>41ƝI,ĝ2G!>1>41:?;&(G8/20|;0>2G ?7?/þ4Ĝý>2>?7?/þ>1É01K?&?Ɵ;04>1>41Ĝý>2>1K?& >1É0Ĝ½ 4?1>1;>Ð®&A&22;G;ǆ:,>(

I,ĝ2G!>1>41Ɲ0A. 0|?;(@?(7:>1K* I,ĝ2!>1>G 41Ɲ0 . 0A ?;(@0>;| (L2>*?7?/þÐ?&1K?&>ĜŊ >1K*?1>1>Ɵ:>';@?(*>ƢƧ?:& .2ƣơƢƪK0 8@A ÐG0(½Ð?:÷;>*@ǣ0K! 2>0½#>12@ǂ½*>ëÐ®&G ?&@A 0A@.>*?*(Ŋ 8*0} ½ Ɵ :7:2,2>1| ,>4?*( 8G @8>?&4>4 **H *>ë4>>2ĜK:¤0>?*&?1>Ɵ>1G É0 0|I,ĝ2!>1>G 41 8@9Ŋ >1 ,>4%7 ®!>-:(®1 ,§®'& 'GƟ>1É0>: 1K*:;>10;>Ð. )ƙ2>/>9>ƚ@: 1 ?:;* ?1>ƟG

4>1>41Ɲ* ?(Ă@ ?(*> ƢƧ ?:&.2Ɲ ƣơƢƪ K 4 >1>41Ɲ * ?(Ă@ ý>2> ?(Ă@ 0;>*2ÎƢƝG Îƣ&'>G ÎƤG :Ŋ 1AÚ:1K*: ?;(@?(7:G >1K*?1>1>Ɵ :7:2,2;>®1?7@8¤/?820B 1A ?&?'ē,0Ŋ ,§®'&'| Ɵ>1G É00 ?;(@0>;| (L2>*1K?&Ŋ ?7?/þÐ?&1K?&>Ĝ?7Ŋ &>ĜK:¤0>?*&?1>1>Ɵ :7:2G ,2 0;>Ð.) ƙ01A :071*ƚ @ 2 Ŋ ?04>*@Ɲ 4 Ð0A @(?7(2,>4ËK72Ɲ ,4Ð0 @2,@.¢.2ƝA Î@1Ð0G A @0)2A 0>27Ř @*¬1>0?: ;Ɲ1>1 ,>4%2®!>-:(®1 ,§®'&'GƟ

4>1>41Ɲ4* 4>1>41Ɲ#@X

47 Î@1>1>G 41Ɲ #@X0 ?(*>| ƢƧƟơƪƟƣơƢƪK2>/>9> 4* 4ý>2>?(*> ƢƨƟơƪƟƣơƢƪK?;(@?(7::0>2K;> ,A2®>2?7&2%:0>2K;1K?&?1>1>Ɵ :>1É00 ?;(@?(7:| 1K*?1>1>Ɵ>1É0½1&> 4Ð0 #IƟ2>0:1>(7A Ŋ ,4¸101K?&?7?/þÐ?&1K?&>Ĝ| ?7Ŋ &>ĜK,G 2®A ŝ& *G½Ɵ :7:2,2 ,4Ð0 @1Ð&>,?:A ;Ɲ ,0;>Ð. ) ?1>1>Ɵ :7:2,24Ð0 @042K?;Ă>ƝA Î@1Ð0G A @.4.@2?:;4 '2>Ɲ:;>10;>Ð.B )@?2@8 0>2&'>1Ř @0&@:§¤0&>:(7&'>?7?8ć?&?'74G @;27G 8( 7A ®!>-:(®1 ,§®'&'GƟ 1®!>-:(®1 ,§®'&'GƟ

July-September 2019 51 ?;(@?(7::0>2K;

4>1>41Ɲ2>K! 4>1>41Ɲ1,A2

4>1>41Ɲ2>K!ý>2>?(*> ƢƧƟơƪƟƣơƢƪK?;(@?(7: ?;(@ ?(7: Ŋ ,4¸1 0| 1,2A 4 ý>2> ?(*> ƣƢƟơƪƟƣơƢƪ :0>2K;>1K*?1>1>Ɵ :7:2,20>**@1;0C Î@&'>;0>2 G KƓ02@/>9>ǆ0G 2@,;>*Ɠ?791,2?7>2KĈ@7G , 2®>2?7&2%A Ð.)?*( 87G 0 1>1A ,>4?)>2@ :Ŋ (G8Ĝ>7>*?1> >1É0>1K*?1>1>Ɵ:0>2K;0 Ð1>&:>?;1>2#IƟ;| G&A 1>&'>®!>-:(®1Ĝ?4Ð?&1K?&>>1K*/@?1>1>ƟŊ />2ý>7 @ 80)&47>2Ɲ0;>:?7Ɲ2>®'>*Ð?&8@44A G >1É0 (L2>*Ŋ 4Ð0 @:A @7#K/>4Ɲ , 4Ð0 @A :K01?&?'A ē,0Ŋ 0| ?Î&?1>1>Ɵ :7:2,2?7?/þ Ð(@,:(7>Ɲ2>K!G ÎG Ŋ Î@1Ð0G @:A 1 ÿ>&'>:;>1A Ð?&1K?&>Ĝ?7Ŋ &>ĜK ,G 4Ð0 @1KA 8Ë7>47G 0;>Ð.)@0*K 0>27Ř 1®!>-:(®1 ,§®'&' GƟ %0>1?&?'1Ĝý>2>,2®A &?1>1>Ɵŝ

4>1>41Ɲ;H(2>.>( 4>1>41Ɲ.|4Aē

?;(@?(7:7:2,2.Ŋ 4| ēA 40 ,| 2®>2?7&2%:0>2K;>A 1K*?1>1>?:0?7?/þ?;(@Ð?&1K?&>Ĝ| ?7Ŋ &>ĜKG 4 >1>41Ɲ ;(2>.>(H 0| ?(*> ƢƨƟơƪƟƣơƢƪ K ?;(@ ?(7: ,A2®>2Ð(>*?Ɵ :7:2,2.4| ē(?%A Îý>2>0G )>7@G :0>2K;ǆƣơƢƪ>1K*?1>1>Ɵ :7:2,201?&?'A ?7ü>'»,2®>21K*>A Ŋ&&?7ü>?' 1ĜK:¤0>?*&/@?1>1>Ɵ Ŋē,0*2>>:| ,Ŋ B7:?7@?79%/7>* ,§®'&2;A Ɵ>1G É0 >1É0 ½ 1&> 0;>Ð.) ƙ01A :071*Ɲ (?%ƚ @ 7@2ÏG Ŋ (L2>* , 4 Ð0A @ ?#ţA :1*>2>1%Ɲ :;>1 0;>Ð.) Ř0>2*G ½Ɵ :7:2,201?&?'A ē,0Ŋ #I?*&>ƙÐK-| :2ƝŊ @þ7@2¥1>&'>1®!>-:(®1 ,§®'&'G GƟ H*1?*7?:B !@ƚƝ 4Ð0 @:A (8A *:Ɵ&'>:/@ Î@1Ð0G ĜA :?;&:/@®!>-:(®1 ,§®'&'GƟ

4>1>41Ɲ/K,>4

47GÎ@1>1>41/K,>4 20|?:&¤.20>;K?;(@0>; Ŋē,0|0*>1>1>?:½?7?)7&8AĒ&?(*>ơƣƟơƪƟƣơƢƪ K½ Ɵ :7:2,2 ,4Ð0A@Ð0K(80>Ɲ ,GÎ@1 Ð0A:A@0L:A0@?0Î>Ɲ/K,>4 2GÎ7GÎ@1>1>41Ŋ®!>Y ,§®'&'GƟ

52 A4> ǆ?:&.2ƣơƢƪ ?;(@?(7::0>2K; 4>1>41Ɲ.2G4@ 4>1>41ƝGþH

?(*>Ƣƨ?:&.2ƝƣơƢƪK4>1>41Ɲ.2G4@0|?;(@?(7: GþH4 &'> Gþ 0G!ŧK GÎǆǑǑ 0|:1AÚ ē, :G ?;(@ ?(7: > >1K*?1>1>?:0|4>1>41Ɲ.2G4@ý>2>1K?& 1K*?1>1>Ɵ :7:2,2GÎ@1Ð0A@2>0>*A80>Ɲ , Ð?&1K?&>ĜŊ?7G&>ĜK,A2®ŝ&?1>1>Ɵ :7:2,2 , GÎ@1Ð0A@A%:>2*7@2@1Ð>871®!>-ǆ:(®1 4Ð0A@;2(G7?:;&'>42GÎ@1>1>41Ɲ.2G4@Ŋ ,§®'&'GƟ:>';@:0>2K;0|®!>-:(®1Ĝý>2>:>®ŝ?&>1É0 :/@®!>-:(®1 ,§®'&2;GƟ ½Ð®&A?&½ ?:0|?;(@?7&>,>"Ɲ?;(@Ŋ?7?/þ1>0,2 4G7?;(@@&?(Ð®&A&?Ɵ

4>1>41ƝK4>&> 4>1>41Ɲ,A%G

K4>&>4ý>2>?;(@?(7:Ŋ ,4¸10|?(*>ơƢ?:&¤.2Ɲ ?(*>ƢƤ?:&.2ƝƣơƢƪK47GÎ@1>1>41Ɲ,A%Gý>2> ƣơƢƪ:GƢƦ?:&¤.2ƝƣơƢƪ&?;(@,7>W>ŊĒ,0|0*>1> ?;(@?(7:7,A2®>2?7&2%:0>2K;>1K*?1>1>Ɵ : 1>Ɵ :,7>W>Ŋ:0>,*Ŋ7:2,2?(*>ƢƩƟơƪƟƣơƢƪK :0>2K;½0A1?&?'0I#*I4G-::> :#I0: .C;2K4>&>7K4>&>0G!ŧKGÎŊ:>':1AÚē,:G?;(@ ½?;(@?7/>>1#IÐG2%> .>4G2;ºƟ ::0>2K;0|4Ð0A ?(7:Ŋ0A1:0>2K;>1K*?1>1>Ɵ :>1É00|0;>Ð.) @ŊŊL)2@Ɲ ,4Ð0A@;2@8(ƝGÎ@1Ð0A@#@Ŋ @2?7(4K;@Ɲ0A1?&?'Ŋē,0|Ð?:÷:>?;1>27;>®1 ,K2@&'> ,GÎ@1Ð0A@!@,@&A4®1>* ,§®'&2;GƟ ?7Ŋē,0|@1Ř0>2ē:7>&'>®!>-:(®1 ,§®'&'GƟ 4>1>41Ɲ.WL(> .WL(>4ý>2>Ƣƨ?:&¤.2ƝƣơƢƪK?;(@?(7::0>2K;> 1K*?1>1>Ɵ:0>2K;½1&>.WL(>4Ŋ ,0;>Ð.) @,@:*G@*G½Ɵ>1É0Ŋ(L2>*:;>10;>Ð.)@:A2G8 Ř0>2!KW74Ŋ1>1,>4%&'>®!>-:(®1% ,§®'&'GƟ :7:2,2Ƙ.?Œ,2ÐLüK?½>.X&>Ð/>7Ƙ?791 ,2:KĈ@>/@1K*?1>1>?:0|?&?'7Ú>Ŋē,0| .WL(>>(0@Ɲ.WL(>Ŋ:>177¦2ĈÐ.)@L&0Ř0>2K 0?Î&?1>1>Ɵ

July-September 2019 53 ?;(@?(7::0>2K; 4>1>41Ɲ,!*> 4>1>41Ɲ;0(>.>(

?(*>ƢƧ?:& .2ƝƣơƢƪK 4>1> 41Ɲ,!*>ý>2> 4Ð0 A ?;(@?(7:ƣơƢƪ ,4¸10Ŋ | 4>1> 41Ɲ;0(>.>(ý>2>?(*> @ ?*1>*( .G;G2> ½ 1&> 0| ?;(@ ?(7: :0>2K; ƣơƢƪ > ƢơƟƢơƟƣơƢƪK0;>Ð.)@@,>*Ŋ 2@½1&>0G 0| 1A 1K*?1>1>?:00| 1?&?'A ē,0Ŋ ,!*>?7¬7?7ü>41| Ŋ :0>2K;>1K*?1>1>Ɵ :7:2,2@Ð(@,K8@ƝÐ/>2@ ?;(@?7/>,Ŋ B7?7/>>1#IƟ.42>0?&7>2@ ,§®'&2;Ɵ>1G É0 :,>(Ɲ2>®'>*,?Î>K01?&?'A ē,0Ŋ 0| ?Î&?1>1>Ɵ Ŋ(L2>* ,4Ð0 @*2A Ï?:G ;&'>,!*> ÎG Ŋ Î@1Ð0G A 0A1:0>2K;0?7:¤0| 4*>/@1K*?1>1>?:0G @0&@| @0*@9L2>:?;&47 Î@1>1>G 41 :/@>1Ŋ ,>4&'> :A?7)>,?#&Ɲ?7?8ć?;(@7?1Î@Ɲ@ 2->*¨7@Ɲ08ĩ24>2 &'>@(@8A2Ɲ?71>&;>®1?7K0?Î&?1>1>Ɵ ®!>-% ,§®'&'GƟ

4>1>41Ɲ0|4AĒ ,G:>(0@Ɲ>)@*2

?(*>ƢƩƟơƪƟƣơƢƪK0 4| ĒA 4&'> Î@1>1>G 41ý>2> 4 .WL(> ,:G >(0@Ɲ >)@*2 0| ?;(@ 0>; Ŋ ,4¸1 0| ?(*> Ð0A @ 0Ɵ ƟG *>2> ½ 1&> 0| ?;(@ ?(7: > 1K* ơƦƟơƪƟƣơƢƪK,®&:0@>4A *Ð?&1>G ?&>>1K*?1>G ?1> 1>Ɵ : 7:2 ,2 01A ?&?' #IƟ *>2*> ?;(@ ?7/>>1 1>Ɵ :Ð?&1K?&>0>(0@| :/@®!>-:(®1Ĝ*Ŋ ?7?/þ,G ®&ĜA 1A?*7?:!@ I4ƝG Î@1G Ð0A @ .@ ?872>0 , Î@1G Ð0ƝA ½:0@>½Ɵ :7:2,2.½0 1?8%?)>2@@0&@A *> @ Ɵ:Ɵ:Ɵ2Ɵ2>0(27 1®!>-ǆ:(®1 ,§®'&' GƟ ,>#1&'>Ð0G ǆ.WL(>,A :>(0@@,G >*@ ,§®'&2; GƟ

4>1>41Ɲ0A. 47GÎ@1>1>41Ɲ%>Ř40

?(*> ƣƧƟơƩƟƣơƢƪ K 0. A 4 ý>2> ?;(@ ?(7: ƣơƢƪ Ŋ ?(*> ơƢƟƢơƟƢƪ K 4 7 Î@1G >1>41Ɲ %>Ř40 0| 2>/>9> ,4¸10| 4>1> 41Ơ7?! 4Ơ8>>Ĝ ?)>¦21ĜƠ0Ŋ >¦21Ĝ ,A2®>2?7&2%:0>2K;>1K*?1>1>?:0?;(@0>;| (L2>*Ŋ 7)@*®'®!>-:(®1 ?4Ŋ !A Ř4GÐ?&1K?&>>1K*?1> 1K?&?7?/þÐ?&1K?&>Ĝ?7Ŋ &>ĜK:¤0>?*&?1>1>Ɵ :G 1>Ɵ :7:2,2@8K07>*ƝÐ0G ǆ,¦2>4*7A : 7>G &'> >1É00 ,| 4Ð0 @?1>(2;0>*ƝA Î@1Ð0G @:@2>8A 2G @/2&:K*@ƝÐ0ǆ4A >,2@>7G ?*2@%?7/>?*%> 1 ē,0Ŋ | &'> ,Î@1Ð0G @.>.A 2?78A 2:?;&:/@®!>-:(®1 ,§®'&' GƟ ,§®'&2;GƟ 0A1?&?'ē,:Ŋ !&| 2>::I4G ½?;G (@?7/>>1#I 9>*>12 K0?Î&?1>1>'>Ɵ

54 A4> ǆ?:&.2ƣơƢƪ 1>Ð?&½½0&,2?7>::ŝ /7; Hư Ðŝ?&20*A1>:.).Ĩ&,A2>*>;HƟ :>*,H(>;K&>;HƝ,4&>;HƝ 7>1AK*A:>*,Ĩ>*G7>4G7>&>72%0|KW?(1>>&>;HƟ ǆ2G:G ?8>Ơ*A/7Ë;%2&>;H2Ð?&2&>;HƟ :>*>82@22 :Ŋ ,1>72%K;K*G7>4G*A:>*:.:G.WG,1>72%@1Ð/>7Ĝ0|:G;HƟ. @7*½,B%:2*>?(:.ŘÐŝ?&½;@(G*;HƟ;0>2G:ǆ,>: 4G!ŧI?*2GK/B40|-Ō?(1>>&>;H&K *½?79>Ú:>0Ë@ 0LB(/L?&7H?7!0*A1Ŋ@7*0|0;7,B%/B?0>?*/>&G;Ɵ /B40|¦2:>&@;HƝ?::G/B?02:0AÏ@>*72(K*ĜÐ/>?7&;K&G 1A7}(Ŋ*A:>2 :Òċ>#0|Ðŝ?&:.:G8?Ú8>4@;HƟ;0|Ðŝ?&½ ;Ɵ1;?7>:8@4(G8Ĝ0|4KĜŊ®7>®1K/@Ð/>?7&2:&>;H ®7&>7:&A4*K.*>2*>>?;1Ĝ? :Ŋý>2>;@ ;>?)>8 4G!ŧI?*2G K#,?1>>&>;HƟŊ74Ƣơ :C*2?7>:;K&>;HƝ/>2&@1(8*Ŋ*A:>2>8Ɲ Ð?&8&:G4-K*:1AÚ2>10G¦2>0|,A**7@*@2%? ,C7@Ɲ4Ɲ7>1A2?Ý,/B&Ĝ:G:C?ć½2*>Ĩ ;HƟ >&G;2?)>80G¦2?1ĜK;2Ƣƣ:GƢƩ0;@*Ĝ0| *0|:GŊ/@:&A?4&;K*G,2@7*&;:ǆ*;: *:G4-K*?04&G;Ɵ1;?):G?) 4G!ŧI?* ;K:&>;HƟ 2>,H(>22;>;H7;º2GŊ,1>72%@10AöG4>&>2 .X2;G;Ɵ ?7>: Ŋ ,' ,2 (LW&G Ĩ 0*A1 Ŋ ?4 ®7&>Ɲ ?*04&>2,1>72%:&A4*0;®4K*.*2 ,?8ć0;>:>2Ĝ0| ÖK&Ĝ:G&>;HƝ?:0|&B->* 2;;Ɵ0*A1½?*@:Aǆ:A?7)>ĜŊGÐŝ?& Ŋ(L2>*;>ĜK?2>*G7>4GŒ!G*28>?04;ƝK8;2 >:2%.A2@&2;:G?,W1>;HƟ8;2½(@(G *>4G :WĜK)K&G; *>2>*?(1Ĝ:G;K&>Ĩ:0AÏ >ē,)>2%2A½;HƟ,8Aǆ,@Ɲ@7ǆ&A :(G2(B?9& 0|>&>;H?(21;2>:0AÏ0|79Ğ&.*>2;&>;HƟ 4K ,1K2*G:G:01&W,ǆ&W,202*GK0.B2;K2;G;Ɵ 7H>?*.&ƣƦơ@7ĜŊ>*G*>*G 4>§®!1>,?8ćK :>';@:>' ,>4&B>*72 :(B?9&4K,@20>*?:ē,:G /K*0>*2 :K>*G½,A?ć2AŊ;Ɵ (G8ĜŊ4K:0AÏ@@7Ĝ ?7ŝ&;K27>:@1GÎ0|&>,1>1.*2;G;Ɲ?:Ŋ?7910| K,*G0A1/K*Ŋē,0|4G&G;Ɲ?*0|:G 7K4@1@7;K ;0:/@?(*(H?*:0>>2,ÎĜ0|,X&G2;&G;Ɵ?7>:Ŋ*>0,2.WG 4>§®!>2;G;Ɵ :?4 *4@1@7ĜŊ0>10:G1@77 8;2ĜŊ:,>:>2>*Ĝ>?7>:.WG,H0>*G,2;K2;>;HƝ,2&A:/@ 0*A1K>*>&2>.*>2;&>;HƟ Ŋ,>:,?8ćÐ.)*½:A?7)> ,4¢)*;º;HƟ>2>*Ĝ:G2>:>1?* )?*1A A :0Ŋ | A "2;| ;G 4KƝ: ?7)>ĜA 4>40Ŋ ,>42;| ;G 2K` (B?9&4>*>?41Ĝ7*?(1Ĝ0|Ð7>;4;@*;º@7&AĜŊ?4 7¬1&>;?;0:/@?042:>'H 2:>2>0Ð1>:2 | ?*:(G;/1>7;&®7@2?(>2;>;HƟ½(>7&Ĝ> (>;2%?41> KÐ?&ŝ :Ŋ 2%Ɲ,K9%7: 7÷ *0 :;>1?:÷;KƟÐ| ?&½,ŝ > :B >&K:/@@V|2G#@0G# ,4¢);?*0| 4>§®!1>'0>>E4Ŋ.*G .>&>Ð0>%;?;0>2H ,G B7Ð?&K?&*>0;7(ŝ G&G'Ɵ ;G Ð| ?&:ŝ G ,>Î ,1K0|4>>&G;Ɲ7;º,A2>*G0>*G0|(K*G,4 1>?(7;º GW>W.>( ,þ;K*Ŋ 7>4@§®'?&>*G 0>*;K&>'>Ɵ&;0A :,>:Ŋ.>1>4@,GWĜŊ,ĜŊ.*G;K&G'GƝK ,1KŊ.>( :/@K1;:¨,4 *>>?;?;0,*@*G 7>4@,@X@K?72>:&0G | ,8A,?1ĜŊ?4;>2>>02&G'G2 *K*A:>**;º,Ĩ>&G ®7Ɲ:(2&'>:A &A?4&,1>72%/ !2:| Ɵ®'>*@1®&2,24KĜŌ 'GƟ7;º4Ŋ0>;L40| *K>1É0Ŋ.>(Ŋ74 4>§®!.HƝ K2K02*G 7*7K0G 9@G &2@Ĝ:,?8ćÐ.G )*: .)@>1É0 ,I?4'@*:G/2>:>0>*Ɲ?79>Ú.>W>*GK?042;>;HƟ :Ŋ:>'K (G808| ē?;A Ɲ?*>(>12>.X>* ½?*&>G &7¬1&>; HƟ /@?&?7?)1> ,>()A?*0>*7@7*K:24.*>Ĩ;HƝ7;;º &0|.: &*>;*>>ĩ>?Ðŝ?&Ŋ:2%H:>0;>*>1đX *;º,1>72%K*A:>*,Ĩ>2;>;HƟ :¨,20.B& 2>(GŊ:>'Ð1G(G87>:@Ŋ:>'Ð1>:Ĝ:G:/7 ƣơơơ&Ɲ(A?*1>Ŋ2>:>1?* ,>(*0|ƢƪƤơŊ.>(:GƥơơA*> ;K:&>;HƟ1?(Ð1G«1?Ú1;/>7*>,H(>2G?Ðŝ?&;0|;0>2@ 7C?÷Ĩ '@_2:>1**G)A?*@7*K.Ĩ&Ř:247:/7.*> 0>&>Ŋ:0>*,>4&@;HƝ:A2>2&@;H2:2%Ð(>*2&@;HƟ&K;0 ?(1>;HƝ4G?*(A?*1>/20|.X2;GÐ(B9%>,1>1/@;HƟ (>;2%Ŋ?4 /@Ðŝ?&K,*@0>&>Ŋ:0>*:0 |2 :½:G7>:¤,B%0>*7 ƢƪƩƣ0|.I¤.G;> ½(A!*>4G&G;Ɲ?:0|&G47>;41>*Ĝ:G/>2@ &Ŋ¨1>%Ŋ?42|Ɵ7G(ĜŊ*A:>2Ðŝ?&>®'>*:.:G ,2 0>Î>0|?*Ö>7Ɲ:>2Ŋ4K(B?9&2&>;H?:Ŋ,¦2%>0®7ē, ;H2,/B& :Ŋ(G7&>;ƟB?;2.WG>0½8AĒ&K!@:@ #0>*ǆ?*K.>2ý@,Ŋ&!Ŋ:,>:.W@:1>0|0?41>?79>Ú ,;4:G;K&@;HƟ :?4Ðŝ?&:2%Ŋ :0;>10|Ð1G«1?ÚK ,?8ćŊ>2%:01;@>4Ŋ>40|4@ Ɵ?,4GƦơ79Ğ0| ,*Gǆ,*GÐ1>:Ĝ½Ĩ?&(G*@;K@&.>2;0Ðŝ?&K@7* G&Ĝ0|½!*>8Ĝ2 72ĜŊ ,1K0|ƣƧA*>7C?÷Ĩ ;H?:Ŋ 8?Ú(G,>GƟ :0LŊ,2Ð1>&?7(A1&Ř0>2@½08ĩ2,?Ú1Ĝ ,¦2%>0®7ē,?7¬7®&2,2-:4 ,>(*0|7C?÷Ĩ ;HƝ4G?* :Ŋ Ŋ0>10:G,*@.>&:0>ÿ2*>>ĩ>?ǆ /@2,1>72%@1,¦2%>0Ĩ;Ɵ ;K ;H,@2,7&:@Ɲ?,4*@>?;Ɲ ;2(G8?#?!4GÎ0|,*G, H2,:>22;>;HƟ>;GK /@GÎ;K :?;0>41:GK >?*4*@>?;Ɵ ?#?!42?-*!G&*@Ĝ:G,*G,K7H?¬7®&2>.*>*G0| 0G2G:@*G0|*;ºƝ&K&G2G:@*G0|;@:;@Ɲ 4>Ĩ;HƝ4G?*1;GÎ/@Ð(B9%:G,2G*;º;HƟŒ 1B!22?)>8 ;K;º/@Ɲ4G?*4*@>?;` 4G!ŧI?*:0|:@:>Ɲ®&>Ɲ?*4Ɲ.G¦2102ÉK?010H:G?79>Ú YYY ,(>';K&G;_?78G9ē,:G:@:>Ŋ:>'Ɲ2,1>72%0|>2@?1>>&> ?*4Ř0>2 ;H&K0>*72ÚƝA(}Ɲ:>';@ŌÏ@12,¦2)@1&?Î>&ÎK*A:>* 0A1Ð.)7Ð0A ;K:&>;HƟ. ǆ2GK0?1>>&>;HƝ&K;2@4G2:>1*ĜK .#L(>>(0@Ɲ#@X

July-September 2019 55 Foundation Day Celebration around the globe On 20th -XO\ RXU RYHUVHDV R৽FHV WHUULWRULHV FHOHEUDWHG %DQN¶V th )RXQGDWLRQGD\JUDFHIXOO\9DULRXVDFWLYLWLHVOLNHFDNHFXWWLQJFHUHPRQ\7UHH SODQWDWLRQ %ORRG GRQDWLRQ FDPS FXVWRPHU PHHWV DQG VWDৼ PHHWV HWF ZHUH RUJDQLVHGRQWKHRFFDVLRQ7KH*OLPSVHVRIVRPHHYHQWVDUHSUHVHQWHGKHUHIRU RXUUHDGHUV(GLWRU

Abu Dhabi Alain

UAE New Zealand

Oman 6LQJDSRUH

6KDUMDK Ras-Al-Khaimah 8JDQGD

56 A4> ǆ?:&.2ƣơƢƪ Ǒƚ ?:@,>Î?/(>&>Ŋ :1K*>0|:§¤0?4&;K*G:G(:79:G 0½7?)Ŋ/@&2 :1K*>:G.>;2?*4*G½§®'?& 0| :Ŋý>2>?8(>*Ŋ?;®:GK :20,2.& >&>:G?04*G7>4G¢1>½(2Ŋ:>'4L!>1>>>Ɵ ǑǑƚ 1?(K ,>Î?/(>&> :®½00|:§¤0?4&;K*G:G(:79Ğ '7>?)½7?)Ŋ/@&2,2&A:>"79½1A,B% 2*G:G,B7 :®½0:G.>;2?*4&>;H&K :Ŋý>2>? 8(>*K,|8*?*?):G?&½>*G7>4@7>®&?7¢1> 20KKW2'7> :20,2.&>&>0|?04*G7>4G ¢1>(2K/@?);KƝ/A&>*?1>>>_ ǑǑǑƚ 1?(?:@,>Î?/(>&>*G?*1?0&8(>*?1>;H2?:@ >2%78 :½0C1A;K ;HƝ&K :>,?&Ơ,*@&(A,2>& :0>*20?*1?0&8(>*Ŋ/A&>*ý>2> :®½00|.*> 2;:&>;HƟ ǑǞƚ ?/(>&>2 :Ŋ,?&Ơ,*@½0C1AŊ,¬>&Ɲ1;:0Ë Ð)>*0Î@01K@ 2>?8?*?)0|7>,:#>4(@>@Ɵ Ǟƚ ,1AÚƙǑƚƝƙǑǑƚƝ2ƙǑǑǑƚŊ>2%1>G*>>GKW*GŊ0>04G 0>*)*,|8*1K*> 0|Ɲ:2>2Ŋ8(>*>:?&/>,|8*?*?)0|7>,:0> ŌÏ@1:2>2*G:?"&?0Ơ>0>2:>0>?:A2>?)?*10Ɲ 2?(1>>>Ɵ ƣơơƩŊ&;&:?"&?0ĜK7C÷>7®'>:A2>Ð(>*2*GŊ?4 ǞǑƚ*>0>*:?;&KW*G>K 1 ,.)ƝH:>½ŌÏ@1 .!ƣơƢƪ0GÐ)>*0Î@01K@0>*)*ƙ,@0ǆ:7> 0ƚ*>0:G :2>2ý>2>:01ǆ:01,2*A(G8>2@2Ŋ:A?*?¬&?1> * ,|8*®½0½8AĒ&½;HƟ :®½0Ŋ&;&?0ĜKƧơ >>Ɵ :>4,B2G;K*GŊ.>(ƤơơơƠǆƙ&@*;>2Ē,1>0>Îƚ>0>?:,|8* ?*8&>4>/ƫ1?(?:@,>Î?/(>&>*G?*1?0&8(>*?1>;H (G*G>Ð>7)>*;HƟ 2Ƨơ79½1A,B%2* G:G,;4G?:@>2%78®'>1@ē,:G :1K*>Ŋ ,.) *:?"&?0Ĝ,24>B;ĜGKC;)>¦2& ?*8Ú;K>&>;HƝ2 :1K*>Ŋ&&8(>*(G&G2;*G0G:0' >0>2Ɲ4@0|-Ŋ2@4>*G7>4GƝ01>Ċ/K*>0>2Ɲ?:2,2.K > ;K>&>;H1> :½0C1A;K ;HƝ&K :>,?&Ơ,*@&(A,2>&:0>* ">*G7>4GƝ !/ê>>0>2Ɲ0K@ƝřW>.@**G7>4GƝ2G4B>0>2Ɲ 20?*1?0&8(>*Ŋ/A&>*ý>2> :®½00|.*>2;:&>;H )K.@Ɲ ¦28> >4Ɲ Ë>0@% /B?0;@* ?0Ɲ E* > ! >0>2Ɲ '7>,|8*?*?)ý>2> :,27>®&70|?&'7> :,2.& ŝ ?9>0>2Ɲ:?þ0>%0>2Ɲ.@W@>0>2Ɲ;'2>>0>2Ɲ0W> .¢1>(2,2?&ƝK/@?);KƝ¢1>:?;& :?/(>&> >0>2Ɲđ¬1«1>0>2Ŋē,0|7:G;@1«17:>1Ĝ0G>1 ý>2>(>?8(>*>/>Ð>ÿ2Ŋ :1K*>KKW*G> 22;G;HƟ ;(>2;K>Ơ;K@Ɵ 1K*>0|:§¤0?4&;K*G½,>Î&>ƫ ,>Î?/(>&>½0C1A,2,¦27>2K4>/ƫ,|8*Ð>ÿ2*GŊ(L2>*Ɲ Ƣƚ0>2K:?"&GÎ0|>12&;>|Ɵƣƚ?:>.0|,*G*>0 1?(?:@,>Î?/(>&>½0C1A;K>&@;H&K :>,?&Ơ,*@,¦27>2 :G.&>&>2)>2:1>;KƟƤƚ1AƢƩ:>4:Gƥơ:>4Ŋ ,|8*Ŋē,0| :,>Î?/(>&>ý>2>Ð>ÿ½>*G7>4@,|8*>Ŋ74 .@;K*@>?;Ɵƥƚ0>?:0(*@ƢƦƝơơơĒ,1G:G?)*;KƟ ƦơƖ,>¦27>¦2,|8*Ŋē,0|Ð>ÿ2*G>;(>2;K>&'>:@ ,>¦27>¦2,|8*Ŋ74,?&Ơ,*@Ŋ?4;@0>1;K@Ɵ 1K*>0|,@2%Ŋ?47¬1(®&>7Gƫ ,|8*>/A&>*ƫƧơ79½1AÐ>ÿ2*GŊ,¬>& :1K*>Ŋ Ƣƚ)>2>#ƣƚ.&>&>Ơ*ǆ)*>&>Ƥƚ0K.> 4*.2 )@*Ð1G,>Î?/(>&>:A?*?¬&1B*&00>?:,|8*&@*;>2 7G(*2*G>&2@>ƫǆ Ē,1GÐ>ÿ2G>Ɵ :®½0Ŋ&;&7G(*2*G½:A?7)>I0*:?7::|!2ƙ:@::@ƚ !K4 Ñ½ *.2 ,2 4| >*>2@ ƫ : 1K*> Ŋ ?4 !K4 Ñ½ *.2 ,2 ,4¢); H_,K,*G:>')>2>#Ɲ.>,>:.A2 ƢƦơơƣƧƨƧƩƩƩ>2@?1>1>;HƟ 0K.> 4-K*4G2I0*:?7::|!2>*>;K>_,1;:A?*?¬& YYY 24|?,Ŋ.&>&>,>:.A,2 -::@K#?&;K*> >?;_ ,GÏ.H" > ,|8*1K*>KKW*GŊ4>/ƫǆ :1K*>Ŋ&& ::G.>;2 7¦2ĈÐ.)Ɲ ?*4*GŊ ,.)7->1(G?*¤*?4?&;Hƫ :2>2@>2K.>2?7/>Ɲ* ?(Ă@

July-September 2019 57 Emergence and future of Robo Advisory in Indian Wealth Management Industry

Let’s start with the story of Chintamani. Chintamani is a service class man near to retirement age, living in a city – moderate to minimal human intervention. Robo Advisors Pune and is a proud father of two sons. His elder son is Aditya SURYLGHGLJLWDOÀQDQFLDODGYLFHEDVHGRQPDWKHPDWLFDO who was born in the year 1990 and his younger son is Aarav rules for algorithm. These algorithms are executed by (calls himself –‘RV’) was born post 2000. Mr. Chintamani software which automatically allocates manage and has a millennial child and also has a Generation Z child. optimize the return on investment for client. The millennial child Aditya is working at Bangalore in a 7KH ÀUVW 5RERDGYLVRUV ZHUH ODXQFKHG LQ GXULQJ car manufacturing company. RV is not interested in any WKHÀQDQFLDOFULVLVLQ86,Q-RQ6WHLQD\HDUROG job but is making his way to become an entrepreneur. entrepreneur launched “Betterment” which became the Mr. Chintamani keeps on advising both his sons about world's biggest Robo advisor during those time. After U.S. various Wealth Management schemes advised by his Robo Advisors were launched. in China too in year 2015- close friend. Chintamani follows a traditional method for FORVHO\IROORZHGE\8.ZKHUHLQDURERWDGYLVRU\ÀUP wealth management solutions. Aditya who is a millennial, a named Manifarm was launched and it secured 10,000 has a different way of thinking. He has a quite busy life DFFRXQWVLQÀUVW\HDURIODXQFK$IWHUWKH\HDU5RER style and is banking with a private sector bank and he advisory had grown multifold across many countries & by relies on the investment consultant of the private sector the year 2017 the total assets under management in the bank for all his wealth management solutions (WMS). *OREDO5RERDGYLVRU\PDUNHWUHDFKHGELOOLRQ7KH Aditya does not mind paying a commission to the IC competition of the Robo advisors was felt by the wealth (Investment consultant) for his WMS advice. Chintamani PDQDJHULDOÀUPVWRRDQGWKHLUFRPPLVVLRQPDUJLQVVOLGH EHFDPHVDWLVÀHGDERXWHOGHUVRQ·VLQYHVWPHQWGHFLVLRQV down by one third as various clients were turning to Robo- and the way of Wealth Management now he turns up to advisory which was far cheaper. RV who is the Gen Z in the family. Chintamani told his son rather than putting all his money into the startup he should 7KHEHORZLQIRJUDSKLFVKRZVWKHKLVWRU\DQGWKHMRXUQH\ think about saving for the future and have short term RI5RERDGYLVRU\DFURVVWKHJOREH goals in his life just as buying a car in next 2 years & buying Robo advisory made it's in roads in a house in next 5 years and so on. Chintamani advises India in the year 2017. Although the RV to invest money through an investment consultant growth of the segment in India till the or through a family friend. He was quite shocked at his ÀQDQFLDO\HDUKDVQRWEHHQTXLWH father’s request as he thought why an investor should rely impressive but of late a lot of Fintech on the knowledge, analysis and intellect of one individual Companies who have started to when they can have the wisdom of many through a make investment in Robo advisory. A robot or machine learning. Further the IC or friend may lot of buoyancy has been witnessed be biased towards any particular fund or bond etc. Mr. in the last one year in Robo Advisory Chintamani replied and mocked that when the advice segment and many banks and of one individual cost around 1 to 3 % of the investment LQGLYLGXDO ÀUPV KDYH FRPH XS ZLWK the cost of taking intellect and analysis of multiple brains marginal investment. The popular would be more than return on investment. RV was name of Robo Advisors in India are FRQÀGHQWDQGUHSOLHGWKDWLWZRXOGEHPXFKFKHDSHUWR upwardly.in, fundsIndia, Scripbox, the contrary. At this moment RV said that he was referring Goalwise, 5paise and many others. to Robo-advisory which is a far more cheaper way of 0HWKRGRORJ\RU623RI5RERDGYLVRU\ JHWWLQJ ÀQDQFLDO DGYLFH DQG :HDOWK 0DQDJHPHQW solutions from a machine prepared and programmed by 7KH W\SLFDO ZRUNÁRZ RI D 5RER DGYLVRU LQFOXGHV PDLQ humans. steps:- Asset Investor Asset Performance 0HDQLQJDQG+LVWRU\ SUR¿OH allocation Monitoring and Universe rebalancing of Review & LGHQWL¿ for portfolio Reportiing RV explained the basics of Robert advisory to his father Selection cation optimisation portfolio as under:- Although these steps may vary amongst different ´5RER$GYLVRUVDUHFODVVRIÀQDQFLDODGYLVRUWKDWSURYLGH algorithms adopted by Robo. However the general traits ÀQDQFLDODGYLFHRULQYHVWPHQWPDQDJHPHQWRQOLQHZLWK followed would remain almost the same.

58 A4> ǆ?:&.2ƣơƢƪ 7KH7DEOHSURYLGHVWKHVXPPDU\RIÀYHVWHS623RI5RERDGYLVRU\

Asset Universe ,QYHVWRU3URÀOH Asset Allocation For 0RQLWRULQJ$QG Performance Review Selection ,GHQWLÀFDWLRQ Portfolio Optimization 5HEDODQFLQJ $QG5HSRUWLQJ Most of the Online Algorithms runs Most systems Half of the Robo Advisors questionnaire focus various methods used event or systems provide use options out of on identifying clients such as the modern threshold-based control and ETFs, mutual funds, risk tolerance as portfolio theory rebalancing monitoring sustainable funds, well as investment approach, Monte based on the daily possibilities through the website platform index funds , Bonds, objective and Carlo simulation, rebalancing checks. only. etc investment Horizon is Black Litterman UHTXLUHGWREHÀOOHG model and similar Many of these up. others. Along with also support this Smartphone function various stop loss and that is an app form risk management of the website. tools namely CVAR, However all the VAR are also systems have the applied. option of sending the monthly and the quarterly reports to email The selection Typically This is the key The triggers are criteria includes the questions area where the GHÀQHGDVÀ[HG expense to asset are compiled to mathematical elements of minimum ratio, total cost, understand the formula of the ROI, maximum loss liquidity, correlation investment objective algorithm is designed on investment and other elements of the amongst various & tolerance through around and decisive portfolio structures and funds, CAGR, etc information on age, about the fund the VAR (value at risk) income, investment selection and ROI on as the same variable horizon, and savings investment. component in it. previous investment Some systems experience and also using calendar investment goals. driven rebalancing

5RER$GYLVRU\SURFHVVIURPFXVWRPHU·VSHUVSHFWLYH ULIPs shares. Depending upon the limit of open access, 7KHDGYLVRURUWKHZHESDJHVKDOOSURPSWIRUÀOOLQJLQD the Robo advisor would have the option to re-allocate questionnaire which shall include certain questions on WKH IXQGV RQ WULJJHUV EUHDFK RU VHQG QRWLÀFDWLRQV WR FXVWRPHU·V GHPRJUDSKLF SURÀOH KLV ÀQDQFLDO SURÀOH KLV customer for making changes in his investment on triggers proposed tenure of investment, his risk appetite and his breach. The Robo advisor would be sending the reports investment goal & its horizon. The Robo advisor would run of investment on monthly or quarterly basis on email or an algorithm and would suggest certain funds/segments enabling an app for real time access. and quantum of investment in each fund /bond/stock Having seen the methodology of Robo advisory from to the customer. The customer would have full liberty to the technical perspective as well as from the customer WDNH WKH ÀQDO GHFLVLRQ IRU KLV IXQGV DQG RQ WKH FOLFN RI SHUVSHFWLYH OHW·V ÀQG RXW WKH DGYDQWDJHV DQG the button the Robo advisor would allocate funds from his shortcomings of Robo-advisory vis-a-vis the traditional bank account to the selected category of funds/ bonds way of Wealth Management.

&RPSDULVRQRI5RERDGYLVRU\YLVDYLVWUDGLWLRQDOZD\VRILQYHVWPHQWDQGZHDOWKPDQDJHPHQW

Traditional advisors - Self investment (DIY Robo Advisory Parameters commission based Cost High Low Low Flexibility Low Medium High Minimum investment High Low Low Time Required Reasearch Medium High Low Research Medium Low High

July-September 2019 59 %HQHÀWVRIXVLQJ5RERDGYLVRU\ DGYLVRU\ WR JLYH DFFHVV RI LQYHVWPHQW FRQVXOWDQF\ DQG As compared to the traditional methods of investment ZHDOWKPDQDJHPHQWDGYLVRU\WRPDVVHVDWFKHDSHUUDWHV consultancy, Robo-advisors offer a low cost but deep +HQFHDEOHQGRIKXPDQWRXFKDQG$,ZRXOGOHDGWRFRVW analytical framework through digital platforms using HVFDODWLRQ DQG EUHDFKLQJ WKH HQWLUH REMHFWLYH RI 5RER algorithms instead of human mind. Robo Advisors are DGYLVRU\ DFWLYHIRUDOOWKHLQSXWVIURPWKHÀQDQFLDOPDUNHWVDQG 3RWHQWLDO RI 5RER $GYLVRU\ LQ ,QGLD DV SHU VWDWLVWDFRP KHQFHWKHLUQRWLÀFDWLRQVRUWKHLUWULJJHUVZRUNRQUHDOWLPH RXWORRNLVDXQGHU basis. For an average investor the fees of the traditional Investment Advisors may range from 10000 to 30000 p.a. for an average investment size of Rs. 20 lacs p.a. Whereas the annual advisory fee of a Robo advisor would be 1/10 of same. This is the main reason that having an investment advisor is actually the fancy of the riches. That’s why most RI WKH FOLHQWV RI WKH WUDGLWLRQDO LQYHVWRU DGYLVRU\ ÀUPV DUH those who make investments of Rs 10 to 15 lacs per annum. ,Q RUGHU WR PDNH WKH EHQHÀWV RI LQYHVWPHQW FRQVXOWDQF\ reach out to the masses Robo-advisor is the only way out. The entrepreneurs coming up with the Robo advisory also need lesser capital as compared to those establishing a traditional investment consultancy. 6KRUWFRPLQJVRI5RERDGYLVRUV Robo Advisory in India is actually in its nascent stage in ,QGLDQ ÀQDQFLDO PDUNHW 7KLV VHJPHQW KDV MXVW EHJXQ LQ India and hence has not evolved or matured much hence various shortcomings are integral to the present nascent stage of same. 7KH ÀUVW VKRUWFRPLQJ LV WKDW 5RER $GYLVRUV DUH QRW human and hence no emotions or human touch gets involved. It is proven by various research that investments are a subdomain of behavioral science hence this element of human touch which is missing in Robo advisory raises a question mark on its long-term sustainability as a preferred investment DGYLVHUIRUPDVVHV,WLVVWLOOGLIÀFXOWIRUPDQ\WRLQYHVW Conclusion their hard earned money based on analysis of an After hearing all the details from his son, Mr. Chintamani $UWLÀFLDO,QWHOOLJHQFH ZDVTXLWHVDWLVÀHGZLWK5RERDGYLVRU\DVDQRWKHUZD\RI • Second shortcoming is that Robo Advisors can never opting for wealth management. Gen Z has a better risk be trained or equipped to deal with an Unexpected taking appetite as opposed to the previous generation loss or an extraordinarily crisis situation just as the and it actively participates in the capital market through economic crisis of 2008. Hence Robo Advisors can stocks or mutual funds. Gen-Z has more acceptance SHUIRUPEHWWHULQÁDWPDUNHWVRUPDWXUHGPDUNHWV of AI and Robotics in various functions of their life hence acceptability of Robo advisory would increase with • The third shortcoming is that the extreme reliance this segment faster than other segments. Given the RQLQIRUPDWLRQÀOOHGLQE\WKHFOLHQWLQTXHVWLRQQDLUH acceptance and multifold growth of Robo Advisory in for correct investment decisions. There is a lot of other parts of globe –both Developed and Developing difference in laying the investment goals and Economies, we look forward to Robo Advisory making it retirement planning on a questionnaire rather than bid in India too. inferring same from a discussion with an expert (human being). . Hence it may so happen that 5HIHUHQFHV clients are not clear about goals and objective of • Wealth management through Robo advisory – investment and the ‘AI’ makes investment purely on Ismeet Singh & Navjot Kaur – International journal of the basis of their answers on questionnaire. research –Granthaalaayah. 0RVW RI WKH VKRUWFRPLQJV RI 5RER DGYLVRU\ FDQ EH • Data from Stastica.com RYHUFRPHE\LQWHJUDWLQJWKHSRZHURIPDFKLQHOHDUQLQJ • Futureadvisor.com/content DQG KXPDQ WRXFK LH ZLWK D EOHQG RI KXPDQ WRXFK YYY DQG $, WRJHWKHU $OWKRXJK it LV TXLWH SRVVLEOH WR KDYH D EOHQGRIKXPDQWRXFKDQG$,LQWKHPHFKDQLFVRI5RER Sheetal Sharma DGYLVRU\ LQ WKH LQLWLDO VWDJH EXW WKH VDPH LV IHDVLEOH ZLWK WKH UHVWULFWHG FOLHQWHOH 7KH ZKROH HVVHQFH RI 5RER Senior Manager & Faculty Baroda Academy, New Delhi

60 A4> ǆ?:&.2ƣơƢƪ *!GK * 7)>2%>*;º;HƟ?72ÐLüK?½ .*&>:G W>77,*A ,>(KG Ð:>2;Ŋ G&A:K840@?#1>,2 ?-Ŋ.@:;/>?&>(K*Ĝ(B:2G Ŋ,B2;HƟ ?)>?) ,§®'?&(27>2; ;G H 1;8¢(ƢƪƪơŊ(8½8AĒ&:GÐ1K ƣơơƨ2ƣơơƩ.@?7?:&(Ŋ 8Ĝ0G ?-*!| ƤƟơG 0| >*> 8Aē Ĩ '> 2 . 1; ?7@1 ½1&Ð?&Ĩ Ɵ. Ĝ½/2K: G0(Ò>#?7. 2@A :G7>Ĝ0|&G@:G?7?:&;K2;@?7>: &2;:Ð/>?7&Ĩ ƟƣơƢƦG :7Ŋ %*} .&>1>G Ð?É1>K:(?/&2&>;HƟ79ƣơơƩ ?0¦2?1Ĝ*G ,*G ,G H:GK:/>4* G ?4Ŋ Ŋ7H?¬7?7@1:!*G0;7,B% .Ĝ½&4*>0A ÐLüK?½| ,?*1Ĝ,2?)Œ %>Ð?&?*?)7?1>Ɵ :7H?¬7 /2K:>?1>_,B2G?7¬70,@ƣ,@ %(G G*G7>4G !*> *G ?7@1 &*@ ƙ?-*!Gƚ 08ē0A ?:@/@®'>?,&?*1>0$>| GŊ 2 ?*1>0 ÐLüK?½ ƙ2G!Gƚ .>;2&>&72.*2 /2;G Ŋ ?7>: K * ?(8> Ð(>* 2Ŋ ?-*!G *.G ½ 4>/Ð(&> K >-½ ?7¬7 Ŋ.?Œ .>>2 K .Ĩ1>0@ *A:>*,Ĩ>1>Ɵ?-*! ƤƟơG Ð0Ŋ >2A Ð?&0>*Ð(>*2?(1>Ɵ?-*!G ÐLüK?½?7>:½&@Õ(22?7@1:7>ĜG *G®!>! :21*Ð7G8ĜƝH:G ŊÐ(>&>Ĝ½.(4&@,;>*;Ɵ®!>!H :2 !@2 I0:ŊÐ:>2ý>2>&G@:G ÐLüK?½ -0Ğ *G ,/KÚ>ĜƝ «17:>1Ĝ 2 ?7>:Ŋ2%0|Ð7G8?1>;HƟ1;*1> ?-*!G ?7@1:®'>*ĜK?7?8ć: 7>Ĝ½,G 88G 1A ?*1>0Ĝ Ŋ ?4 * A*L?&1> Ð®&A& 2 2®'>?,&.Ŋ ? KŒ *L&@(@;A HƟ 2;>;HƟŊ*1G,¦2đ¬10G?*1>0ĜK 0.B&?(8>?*(}87W@?*2>*@&Î½?*&>& ú77A*>H?&1> ?7?:& 2 ?7>:8@4 '«17®'>Ĝ 7¬1&>;HK.>>2?7¬7>:K.X>7>(G&>;HƟ *G ?-*!G Ŋ (>120G | ?7®&>2 ?1> ;ƝH . ?7?*1>02&*@½?7>:?7@1.>>2ĜƝ:G7>Ĝ2:®'>*Ĝ½Ðŝ?& ?-*!?72?7@1:G 7>ĜG ,Ŋ B%®,!G 0K722&>;ŧ Ɵ?-*!H ?7@1G Ð1>?8&&2@Ŋ:G.(42;G;Ɵ?-*!G>?7>:&@*2%Ĝ0|:>0*G1>;H_ 4G*(*0G ÐLüK?½| ½2%K.&>&>;Ŋ H H:G?É> #-?#Œ 2¨K¦2'0! ?#ŧG > ?-*!7G ?¬7?7@1Ð%>4@H ;2Ŋ ÎKÐ/>?7&2&>;G Ɲ4@.>.>ƝH ƢƟ?-*!GƢƟơ ,G!@0Ɲ0V*ƝG 4,B G :@ÐLüK?½-0Ğ*H ?7½?(8>7(8>K.(4?(1>;G H_ 1;2%K!ŧ>:>!4>?!!G4@Ë>-Ŋ.4Ŋ?.>*G:G4G24K.4!G4@: /2&.>>2Ĝ?78G 9 G ē,:?81>2Ñ½>0G ?'| ?7>:½K0 ?-*!| G *G!7Ŋ?7>:K(8>&@;HƟ1;2%ƢƩƧƧ:GƢƪƧƨ&4>Ɲ.?7@1 *G:®&@.? 2&*@½:Œ ?7)>Ð(>*½;A Ɵ0K.> 40*@*H Ë>;ĜK:G 2?&ē,A :G7> üKÐLüK?½Ŋ?;:>.:G>-½,@G'>Ɵ?-*!GƢƟơƙƢƩƧƧǆƢƪƧƨƚ :G.&2*2)*;®&>G &¦2&2* Ɲ?.4Ĝ>/G &>*2*A 2:2>2@/G &>*A Ŋ(L20G?72ÐLüK?½>,:@:Ađ$@2%>2?/(L2'>Ɵ?7@1 Ð>ÿ2*>:>)*Ð(>*2G ?'Ŋ ?7>:0 >-½1K(>*?1>;| Ɵ0ǆ,H :>ƝG 4G*(G*Ŋ:>';@%*>ÐLüK??1Ĝ> ú7ĨƝH:G?.G:Ɵ :@>4 ƣơơƨ04I?1>1>Ɵ1;,Ñ½>½:.:| Ð?:÷:-4&>½;>*@;G HƟ 0G?72ÐLüK?½Ŋ.@:.)Ĝ½*º72@ &'>!G4@Ë>-H:@&*@Ĝ ?-*!GŊ?7>:KÐ/>?7&2*G7>4G>2?*¤*?4?&;Hǆ *G:@0>ĜŊ,>2?7@1:.).*>*G½8AĒ&½Ɵ8&>¢(@Ŋ&& ƢƟ 1A7>2&*@½ē,:G:>2Ŋ.@0K.> 4 ,2%Ĝ½,H" 7H?¬7!G4@I0*G!74>B?1>1>'>Ɲ?:*G?-*!GŊ4G2%½ ƣƟ 0107½7C?÷ *º7Ð(>*½'@Ɵ ƤƟ Ð1AÚ.>>20|/L?&.?Œ7:2*>½0@ ƣ?-*!GƣƟơ ƥƟ ,/KÚ>ĜK&A2&:G7>½Ð>?ÿ 1;2%,>2,¦2 ?7@1:7>ĜG ?#?!4@2%K8>?042&>;Ŋ K!@0H Ŋ ƦƟ Ð?&®,)>Ŋ?*¤*®&2 *G :>'8Ŋ ē;K&>;A 2 ǆ.H ? Œ 0*Ŋ :>':0>ÿ;K&>;Ŋ Ɵ1;2%H ƧƟ @*2/>2&H:@'«17®'>Ĝ0| @?*1¦22ÐLüK?½½ ƢƪƧƩ:ƣơơƩ&4>Ɵ:G >224 *(G *G ?4?#?!4ÐLüK?½Ŋ ?7>:Ŋ ?#Ë@7>4G®*>&Ĝ½.W@:1>Ɵ :2%½?789&>;G Ɵ?-*!H ƣƟơƝƢƪƧƩ:G ƣơơƩ&Ɲ:G >224 *(G *G Ŋ ?*9 ?4?#?!4ÐLüK?½?7>:2 :Ð>2?7Ŋ Ŋ Î0G .X&G ?#?!4@2%G 4.G:01:4@2;@&*@2?7>"KWG (L20Ŋ &G @G :>'Ŋ Ŋ(L2ē,:Ŋ >*>>&>;G HƟ ?7?:&;K2;>;Ɵ?-*!H ?7>:8@4'G «17®'>Ĝ0 8>*(>2Ð(8| *22;> ƢƪƧơ(82ƢƪƨơŊ (8Ŋ 2>)Ŋ 0 4| !G I?*/ŧ &>*Ð%>?41Ĝ0A | ;HƝ;>?-*! 0G ?*7| 8?*2G &2?&: .X2;>;G Ɵ1;:H />7*>«1Ú½>2;@; ?G &G@(@ ƟƢƪƧƩ0G 1 | *> !B #G ?#00Œ | !2ǆ. 1Œ !2¢1B 2K½®'>,*>B Ŋ ?*!/?710.>>2| *Ŋ Ař4;K*G :>'7&Ŋ 0>*.W ?7:G ®'>*?*0 Ð0| A ý>2>)?*®7>?4&:0>8K)*:A 7>ĜK)>2.*>1>1>ƟƢƪƨơ0G 1| :B .Ɲ®'>?,&!*>G 4>G @-0E 2®!>!œ ,(.>70 | GƟ?&?-*!A :G ®'>*K Ŋ ?41¦2;> : !2. , G0|:?:®!0½8Ē&½ ƟA &2ǆ( 8@1/G &>*A ?4:.:.W@G *>A &@H ?*1>0Ĝƙ21G A4G!2ƚ.XŊ Ĩ*G ,>4*>.K ;A Ɲ?:H Ŋ Ð%>4@½7¬1&>K(&G Ĩ:K:>1!@-7¨#G 7> # !2. -> * ?814| 0ö*2?-*!G 2?*1>0ĜK:>'>02*G ½7¬1&>;K@ƟG !G4@I0ƙǛǟǑǎǜƚ½®'>,*>ƢƪƨƤ0½ '@ƟƢƪƪơ| (8Ŋ 010Ŋ | ?,4Ʀơ79Ğ0G Ɲ?:&2;:| ?-*!G *G ÐLüK?½>(K;*?1>;G Ɲ7;>-½;(H Œ 1!2@B &K?0Ð.ŝ )*Ð%>?41Ĝ 8Ŋ Ē&@K?0ĜK2A >G ?&?1>1>Ɲ &.(41>;Ɲ1Ĝ??*1>0&H @:G .X&G Ĩ üKK:2?&2?*1?Î&2*G G 4G?**4> *.? Œ Ð>7)>*Ŋ :>'?7>:>4>®&2>2@2;>ƟƢƪƪơŊ 2:0 *>Ð1>:22;G ;G Ɵ.>V>2#H !>,2?)/2K:>2*G G ?4?7?:&Ŋ Ŋ (80 | !2* !G ú7:Ŋ ?-*!G G Ŋ Î0G É>G ?&>>;K1>Ɵ?-*! G ;K2;;G Ɵ )>2&> Ĝ,2:.: ?)#G !>7>4@:G ®'>K * ÉŊ ?#!K?0>Ŋ ƣƟơ(L2>*Ɲ ǆ.Ŋ ? *Œ ?*1>0ĜG ?4*K?0½8Ŋ Ē&2(@ƟA 4*2*2 ;G É| ?#!(Ŋ G*G?4:.:Ŋ >®'>*?(1>>2;>;G ƟË>;H ,>2,¦2?7@1: ®'>*Ĝ .>1?-*!Ŋ Ŋ G :*ē,>?7>:2?) ƤƟ?-*!GƤƟơ ?7>:½0>22;>; HƟ * &'>)?*&*@½?7>:A :>'?7@1:Ŋ 7>G Ð(>*2* 7>4@®!>!G : 2 !@,?*1ĜŒ Ð:>2?-*!Ŋ ƤƟơG 1Ŋ ½?78A 9&>G ; Ɵ1;2%ƣơơƪH YYY Ŋ.>(:8G ēĨ;A Ɲ :7?)0H ;0?-*!| ®!>!G ,2 ǆÐLüK?½Ɲ #IƟ0AŊ8Ř0>2 ǆI0:Ɲ2:K840@?#1> ,?*1ĜK?7@1 ,>(ĜŒ Ŋ Î2:G 7>ĜG Ŋ 0A1Ð.)7:>1 :>'ǆ:>'«17:>1Ĝ?4?7&¦2&2*>8Ŋ ē2A AŊ;Ɵ :2%0H :0®&| .W>H(>>(0@Ɲ>)@*2

July-September 2019 61 :>>>2 ,*@:®'>K 0>H:>:¤0>*(| ǆ,@*0G;2KÎ>Ɲ0;>Ð.)ƙ:G7>?*7Cƚ

@,@*0G;2KÎ>ƤƢ0 ƝƣơƢƪK.:G:G7>?*7CĨƟ,*@4/Ƥƨ79Ğ½:A(@.?Œ:G7> Ŋ(L2>*,*G.0|?7?/þ®'>*Ĝ,20;7,B%>1(>?17Ĝ>?*7>;?1>Ɵ,*@:G7>?*7C?Ŋ:01 ,.Ŋ>,ĝ2G!7:B4@?7/>>*G&C722;G'GƟ!@0.I.0HÎ@*G@0G;2KÎ>:G *Ŋ@7*2 *A/7ĜŊ.>2G0|.>&@&½ƟÐ®&A&;Ɲ *:G.>&@&ŊŘ8ǆ:,>(

ŝ,1> ,*@ ,>¦27>¦2 78H?% 7&0>* :01 0|H2 ?*,>( §®&1Ĝ > 0*G(G8ǆ?7(G8½*G8>>Ĝ7Ð8>:?* ,CĈ/B?0Ŋ.>2G0|;0|Ř.&>Ɵ 4>&>2 .X&> ®&2 .Ĝ Ŋ ?4 .W@ >1>41Ĝ0|>0?1>Ɲ02 *0|:GŘ:@ 07>2>%:@Ŋ0107»1,¦27>2:GĩƟ0G2@ :0®1>7A*L&@;H?:G8@ĕ>?&8@ĕ?*1Î% 8>>/@'º;>>12Ŋ0A G>-½> ,X> ?4> 7>2>%:@0|;@Ĩ Ɵ?,&>@2G47G 0|4>*GŊ?4:2>27/>2&@1¦2V7. 4>Ɵ 0:4* Ŋ1> §®'& ?:A0A7*H2K.@ 0|>02&G'GƟ0*G>8@?;(B?7¬7?7ü>41 *G?,4G(K:>4Ĝ0|*G>22(0 ">1G 8>>Ĝ0|>12&G:017;>Ŋ4KĜK. :Gŝ?9 '8>ď 0| ®*>&K2 7 0Ɵ.@ƟƟ ;Ɵ;>4>?/@.Ĩ&:@?0&:-4&>;@;>' Ŋ0>10:G:G7>Ð(>*2Ŋ0A G0:&K9 ƙ-> *G:ƚ?1>;H&'> *(K*Ĝ,2@>Ĝ0| 4@;H?:>0A1>2%7H)>?*Ð?É1>0| >*A/7ĨƟ :Ŋ4>7>(A. 0|/@0A G 0A GK¨#0G#4Ð>ÿĨƟ0*GƣƢÐH4ƢƪƩƣ 4*G7>4>1?):01;H?:Ŋ4&G* #G 1A!@@-@1B?!7Ŋ&L2,2>02*G K,*G.0|ŝ?9?)>2@Ŋē,0|7> * ,@>&Ĝ>:0>)>*77:B4@7¦2&?&:G >0L>?04>;>(G82>4Ŋ*Aē, ?1>Ɵ.0|*GŊ.>(0*G:@ƟƟ Ɵ Ɵ.@ *;º;K,>2;@;HƟ(B:2@2ŘŒ,*@0>?4Ĝ *GA*L?&1Ĝ>:>0*>?1>ƟÐ?8%ŌÏƝ Ŋ(K*Ĝ,>!,>:?7Œ 1B!2>?# 4K0>/@ 7 *ŊÐ.)*ý>2>½ ?*1?0&&>Ĝ7 4* 0| ?.&>1GƦ790G2G.?Œ @7* ½ ?1>Ɵ0G2>,AÎ0A. 0|Ɵ#@Ɵ-Ɵ:@.0|7¦2Ĉ #> 7*Y-Œ:?(&'>Ř üKĜ7 :.:G .W@ ,B@ ;H ?: (L2>* 0*G .Ĩ& Ř Ð.) Ŋ ,( ,2 >12& ;H 2 ,AÎ@ A#>7 *.@-:@:G:.?)&:0®1>ĜŊ>2% :@>Ɵ.WL(>7.4AĒ0|:@-:8>>Ĝ §®'& !@Œ,*@0|>02&@;HƟ *G*.WG>&G*,@;K&G>2;G;?::G 0|&'>K1.&B20|GÎ@1Ð.)Ŋē,0|.@&> *,@>®&2!>*G0|>-½?"*> > 0G2>>1>40G2G?4?7®02%@1;H?:0|0G2G ,*G .?ŒKŕ¦212Ŋē,0|1Ĝ :>0*>2*>,W2;>;HƟ&;0>2>*,@ *G*?0Î.*G?*:G1'>?04*>0G2G?4 A*>ư Ð.)* &/@ >22 ;K> . ;0 *1G >&Ĝ :/7*;º'>Ɵ .:@:®'>;HƝ;>,,*G?:÷>&Ĝ7 K*,@;K*G:G2K*G0|:-4;ĜGƟ;0>2G ,> :.:G ?) A*L&@,B% 0>*(>2@Ŋ2>®&G,24&GĨ:¤0>** 0I?*!¦2?:®!0K,1>ÿē,:G0.B&2Ŋ >1(>?17L*:>2;>ư @7*?.&>:&G;7(G87:0>Ŋ?' * ,@ 0|,G?& 0@ 4>1@ > :&@ ;HƟ ?7>:0|,*>1K(>*/@(G:&G;Ɵ :@?4 :Ŋ ?&¦2Ú :/@ *Ɵ,@Ɵ >&Ĝ 0|7:B4@ ½4>>!Ð?&®,÷>Ŋ(L20|«17:>1 0*G.?ŒKŕ¦212Ŋē,0|A*>7,*G ;G&A :/@Ð/>7@(07¦2&ē,:G?4>*G 7C?÷74¸1Ĝ½Ð>?ÿŊ:>'ǆ:>'>10| Ƥƨ79ĞŊ>1>40|,B2@?*Ĉ>7 0>*(>2@ >?;?::G?#-I¨!:,2,1>ÿ(7>..*G7 A%7> > ®&2 .*>1G 2*> 7 :/@ ?(8> :G*Gē2&0(Ë>;ĜK:G7>Ð(>*½Ɵ 7G.½.>1>2>?8>/A&>*2*GK?778 ?*(}8Ĝ&'>?*10Ĝ>*A,>4*:A?*?¬&2*> ;K>Ɵ .0>¦21ĜŊ:0:.:G.W@A*L&@;K&@ 7&0>* 0| *,@ .?Œ üK ½ ;HƟ*H2K.@½:¦2&:|!2§®'&8>>:ÿ>;0| :.:G/@2:0®1>;H2,*G. ,KŊ . ?7(8@G >1>41Ĝ :?;& :>&Ĝ?(*A4&@'@27;>>02*>>-½ Ŋ7:B4@ ?7/> > *G&C7 ?1> ;HƟ . ½ ?7?/þ 8>>Ĝ 7 >1>41Ĝ A*L?&1Ĝ:G/2>'>Ɵ0*G :8>>ŊÐ.)* *,@K2K*G27:B4@Ð?É1>K 0|>12* >«1>,*G /7;A Ɵ *0H | Ŋ :>'ǆ:>' !G2@!2@ > Ʀ 79Ğ > *K®!ŧK Ð/>7@.*>*GŊ?4.Ŋ0LB(>&Î :G L* :@ 8>> '7> >1>41 0| ¦2Œ?:4G8* >-½ 0 :01 0|,B2> ?1> K2?):AđX.*>*GŊ:.)0| >12* >*G /7:.:A >2G ?:0G0G2@8>>&'>Ð)>*>1>41Ŋ*G ,1>:A >7(G*>>;|GƟ 0(>22;>ưG :;/>?1Ĝ*G:;1K?(1>Ɵ :Ŋ?&¦2Ú0*G

62 A4> ǆ?:&.2ƣơƢƪ .WL(> 7 .4AĒ 0| (K :@Ɵ-Ɵ: 8>>Ĝ 0| 2;>1Ĝ? :Ŋ?40G2@,*@2,¦27>2Ŋ (G*>>;&G;Ɲ?78G9&L2,2;0>2G1A7> Ð.)Ŋē,0|>1?1>K>-½4.G:01 :/@:(®1Ĝ*G.Ĩ&:;1K?1>Ɵ :Ŋ?4 :>?'1ĜKư :G®!GÝ|!'ºƟ0G2G>1>40| *8>>ĜŊ 0?78G9ē,:G,*@,*@>/>20>*&>ĩ 0G2G?7>2:;0>2G .G >/?71>-½ Đ74; H «17:>10|>-½7C?÷Ĩ _*Ɵ,@Ɵ7:B4@?7/> ?*½.(L4&0*G,*G:/@>1(>?17Ĝ> 2:0>04*G .>( :Ŋ >27Ŋ «17:>1 0|0;>Ð.)Ŋē,0|>12*>/@,*G, :-4&>,B7?*7>;?1>Ɵ Ŋ:>':>'>?0Ĝ½: 1>0 /@7| ?÷Ĩ ;C H 0|K K!@A*L&@*;º'@Ɵ , 7&0>* .?Œ ,¦2đ¬1 K ?: K?;0| Ĉ>1G ?*,>(*2* G ?40.Ŋ &@B ;>4 ;@ 0|. Y .WL(> 0| (K 1 Ð>2 (G&G;Ɲ ?78G9&ƫ . Y Ð(>*2>Ɵ;0>2G :G 7>G Î0G «1>,?7®&>2Ĩ| .Ĝ>:0>0G4*Ĩ;HƟ ::0>0G4* .WL(>Ŋ:(/0|ư ;H2;0.? Œ Ŋ Î0G * | > K ř*G K,?:Ð>2(G&G;ư 7&0>* .?Œ,¦2đ¬1>-½A*L?&1Ĝ:G/2>;HƟ 0|2/@:0;K1;G Ɵ?*ƫ: (G;.Ĩ&¨(;0 1; :0>0G4* . ½ Ð?& 77C?÷ Ŋ ?4 .?ŒGÎ0| üKŊ1:>'@.ĜŊ (G8*2 /2&Ŋ ?'G ,>72;> : ē,Ŋ >-½ 0;7,B% :>?.& ;K>Ɵ :.:G ,;4@ .>& :>'&@ÕÐ?&®,÷>>(L242;>;HƟ:>';@ 0|:>0*1G |G2:0>:/@7ĞK *½Ŋ &K1;;H? :Ŋ,¬>&;0>2>./>2&@1 ŊË>;ĜƝ?78G9ē,:G1A7>7½,G> ?7@1ē2&Ĝ2,>ĜG *Ŋ :>2:A 7>G ®!G!.Ŋ.>(:2>2@GÎ>(B:2>:.:G 2*Ð>2½.?Œ7¬1&>?*&* Ð(>*2&2;G |GƟ0,* .WL?(1*:>?'1Ĝ:G 1;G .W> . .* 1> 2 ;0>2G Ë>; )>2 Ŋ A*L&@ ,G8 2&@ ;HƟ . ý>2> (@ >*G 7>4@ ;*>>;&>ĩ?,*@: ®'>K,*@0> :>H :>'ǆ:>' >2K.>2 0| /@ >-½ 7C?÷ Ĩ ;HƟ :G7>Ĝ>.WG,H0>*G,2?#?!> G8*;K2;> :¤0>*2,*>,*(&'>:(> :| ?7>:Ŋ ;0>2> ?7®&>2 .WG /LK?4 GÎ 0| ;K*G ;HƟ:G0|,*>§®&7.*>1G2*GŊ?4;0| 2 Ð?& Ŋ ?4 ;@ >0 2| 1Ĝ? ,½ Ŋ :>'ǆ:>' .W> .>>2 2 ?&¦2Ú ;2:/7A*L?&1Ĝ>0A>.4>2*>;K>7 :-4&>2/?71,½0>&:C ®'>½Ð?& Ë>;Ĝ > :0B; /@ ;0:GAW 1> ;HƟ (G8 Ŋ !G*K4I@,ËG#G8*Ɲ* Ð?É1>Ĝ7 ,>(Ĝ 7?7,2?*/ 2; HƟ .?Œ ?&;>:0| :Ð>2>,;4>:0>0G4* ,2?*2&2>12*>;K>ƟË>;ĜK ŝć , :G7>?*7C? Ŋ .>( ,*> :01 ;K*GŊ*>&G*G0>1*G0|1;>-½0;7,B% :G7> Ð(>* 2*GŊ :>'ǆ:>' :/@ .?Œ ŋ:G«1&@&2*>>;|Gư ;H 2 (B:2G.Ĝ Ŋ ?4 ;0 2K4 0I#4 >14>,Ĝ>&¦2?*1Î%7?(8>?*(}8Ĝ ?(@0| 11*2,"*ǆ,>"*:@@ :>?.&;ĜGƟ >*A,>4*/@,*G,0|>-½A*L&@,B% ;HK;08>>2@2;:&@;G 2 ::H ,>G 1&«1®&.?Œ,G8G0|,*G,*G ;HƟ0A G?7¬7>:;H?;0>2@.WL?(1*!@0;2 >*7÷* ;K*G Ŋ :>'ǆ:>' 0:&A?ć > >1>41 7 «1?Ú& Ơ ,>¦27>¦2 A*L&@ > 0A>.4> 2&G Ĩ .G;&2@* Ð(8* */7/@;K&>;A Ɵ0H ¦2!>120 !| .>(Ŋ :01Ř @7*Ŋ.@ŋ:G:&A4*.*>1>ư 2&@2;G@Ɵ 0A. 0;@2ĩ| >Ɵ,0 :A /@/@0G G2G0K.> 4 0,*GÐK-Ŋ8*42,>¦27>¦2@7*Ŋ.@ ,. Ŋ/?71Ŋ.>2G0|1>:K&G :ƟƩƣƪƢƣƪƥƧƨƧ,2:, 2:& ;G Ɵ .G;&2&>40G42:&A4*>102*G0|:-4 ;7.WL?(1*ĜŊ?4,1>:(G8 YYY Ð)>*>1>41Ɲ.WL(>0|7>?92>/>9>:0>2K;>1K*

?;(@?(7:Ŋ7:2,2Ð)>*>1>41Ɲ.WL(>0|?(*>ơƨÚř.2 :>';@>1É00|ǣ0G)>7@?7ü>'»:¤0>*1K*>ǂŊ&&0;>2>> ƣơƢƪK7>?92>/>9>:0>2K;>1K*?1>1>Ɵ : ,4¸1 :1>@2>7?7¬7?7ü>41Ɲ.WL(>0|0ƙ?;(@ƚ0|Ð'02?ý&@1 0|,B2G?:&¤.20>;K?;(@0>;Ŋē,0|0*>1>1>2?7?/þ?;(@ ®'>*Ð>ÿ2*G7>4G?7ü>?'1ĜK*(,A2®>2&'>Ð8§®&,Î Ð?&1K?&>Ĝ>1K*?1>1>?*Ŋ?7G&>ĜK ::0>2K;0| Ð(>*?1>1>Ɵ>1É00|?7@1:0>7G8*?791,2ǣ0>4AW@0| :¤0>?*&?1>1>Ɵ:0>2K;0|0A1?&?'Ŋē,0|;0>2G>1,>4 ?(*ǂ*>0*>ë0*/@?1>1>Ɵ>1É00|0;>Ð.)ǆ:@:@ ?*(G8@8>?&4>4H* ,§®'&2;GƟ>1É00|>1,>4?*(G8 @.@2,!G4&'>@2K?;&,!G4:?;&:/@>1,>4%2 *GË>;ĜŊ?4*4> *4I2:A?7)>Ɲ1B,@ ,0|?;(@:A?7)> ®!>-:(®1 ,§®'&2;GƟ>1É0>:1K*Ð0Aƙ2>/>9>7 >8A/>2/2*GŊ:>'®!>-:(®1ĜŊ?42>/>9>:?!?-Ŋ8* ::(@1:?0?&ƚ@2K8*80>*G?1>2:>4*:;>10;>Ð.) K:22ÛŊ0,K!4½?;(@:G7>>8A/>2/?1>Ɵ ƙ2>/>9>ƚ:A@,>ē4082*G?1>Ɵ

July-September 2019 63 HIGHLIGHTS OF BANK’S FINANCIAL RESULTS FOR Q2 FY 2020 The Bank announced its financial results for the Quarter ended on September 30, 2019, following the approval of its Board of Directors. The results were announced by Executive Directors Shri Murali Ramaswami, Shri S L Jain and Shri Vikramaditya Singh Khichi on 8th November, 2019. During the press meet, our top management made presentation highlighting performance of the Bank on various parameters. Highlights of the results are presented below :- Editor

BUSINESS thus increasing by 24.8% mainly due to lower interest expense. x Domestic CASA deposits registered a growth of 7.5% Y-o-Y. Share of CASA deposits to x Net Interest Income (NII) increased to INR 7,028 total domestic deposits stood at 37.9 % as on crore. September 30, 2019. x Net Interest Margin (NIM) increased to 2.81% in x Domestic Deposits stood at INR 7,83,492 crore September 2019 from 2.62% in September 2018. as on September 30, 2019 up by 4.0% from INR ASSET QUALITY 7,53,046 crore as on September 30, 2018. x Fresh slippage for the quarter was at INR 6,001 x Domestic advances grew by 2.0% to INR 5,33,174 crore. crore as on September 30, 2019 from INR 5,22,949 crore as on September 30, 2018. The increase x Provision for NPAs was at INR 3,425 crore for the was led by retail loans which grew by 16.2%. quarter. x Contribution of Bank’s International Business x Gross NPA (GNPA) was INR 69,969 crore as on at the end of September 30, 2019 was 14.2 September 30, 2019 compared to INR 69,714 % compared with 14.6% as of September 30, crore as on June 30, 2019. GNPA ratio declined 2018 due to effect of rationalisation of overseas to 10.25 % from 10.28 % as on June 30, 2019. operations setting in. x Net NPA ratio declined to 3.91% as on September x 0RGLÀHG GXUDWLRQ RI $)6 LQYHVWPHQWV DV RQ 30, 2019 from 3.95% as on June 30, 2019. September 30, 2019 was 1.180RGLÀHGGXUDWLRQ x Exposure in accounts under NCLT 1 list was INR of HTM securities was 5.12 and of total investment 5,825 crore and NCLT 2 list was INR 6,785 crore was 3.96. as on September 30, 2019. x The Bank’s Total Business stood at INR 15,31,470 x Provision coverage under NCLT 1 and NCLT 2 list crore as on September 30, 2019 up by 2.5% from was 98.7% and 84.4% respectively. INR 14,94,695 crore as on September 30, 2018. CAPITAL ADEQUACY OPERATING PERFORMANCE Capital Adequacy Ratio of the Bank stood at x 7KH2SHUDWLQJ3URÀWVWRRGDW,155,336 crore as 12.98% and CET-1 at 9.84 % as on September 30, against INR 4,276 crore in the previous quarter, 2019. 2>1®&2@1.::?0?&ý>2>2>1,A2GÎKÐ'0,A2®>2 @:$0?7& 79Ğ| (L2>*2>1,Ŋ 2A ÎK?7?/þ0>*(G #Ĝ 0| ć>1ŝ ?*,>(*; G&AÐ'0®'>*Ð>ÿĨƟ1;,2®>2A />2&:2>2?*(Ŋ 8>*} :>22>1®&2@1.A : :?0?&Ɲ2>1, A2 ý>2>?(*>ƣƦƟơƩƟƣơƢƪK1K?&(K?(7:@1,2>08 7 ?7>2."0H ?(1>1>Ɵ.| : :?0?&½ :. ">1K*H />2&@1®!!.G ý>2>?1>1>Ɵ :. "0H 2>ć| @1ŧ &.ŝ Ĝ Ŋ 2>1Ð0Ɲ2>1:2>2A ä>?)>2@&'>;0>2Ŋ .G ½2: G 2>1,2A ÎG Ŋ Î@1Ð0G @2A @& 0>20Ř #4* Ð?&/>?&>½ƟG

64 A4> ǆ?:&.2ƣơƢƪ ;0A4> ǆ?:&.2ƝƣơƢƪŊ(L2>*,(Kþ& ,(>Gþ?&1> Ĩ0;>Ð.)ĜƠ ,0;>Ð.)ĜK.I.0HÎ@ ½2:G;>?(.)> (G&G;2 *Ŋ 0;>Ð.) 74/?71½>0*>2&G;Ɵǆ:,>(

@?*8>&2* @0K;*4>42K?;Ă> @Ð/>&80> @2?7&A7}(@ I,ĝ2G!>1>41Ɲ0A. 4>1>41Ɲ#@X I,ĝ2G!>1>41Ɲ0A. *:::@?¡!?:!@Ɲ >)@*2

@2?7(4K;@ @04G8Ř0>2L)2@ @8H4|Ï?:; @@?*7>:2Gï@,@ 4>1>41ƝK4>&> 4>1>41Ɲ,A%G I,ĝ2G!>1>41Ɲ0A. Ð)>*>1>41Ɲ.WL(> ,0;>Ð.)

@:@&>2>00)A2K>!G @ŝ%Ř0>2?:; @2%@7?:; @?2@8Ï,>#G1 @:A*@4Ř0>2 > I,ĝ2G!>1>41Ɲ0A. GÎ@1>1>41Ɲ:B2&8;2 VG# #@Ɲ2>K! Ð)>*>1>41Ɲ.WL(> I,ĝ2G!>1>41Ɲ0A.

@1Ř0>2Ŋ2 @¦2&G8Ř0>2 @®7ē,*(*,>$@ @?77GŘ0>2L)2@ @;2(@,?:;Ɲ K?0Ð.)*?7/>Ɲ.|4AĒ ,K!4A :Ɲ0I¦28: 4>1>41ƝK4>&> GÎ@1>1>41ƝK¨;>,B2 4>1>41Ɲ0G2" ƙ.2G4@ƚ

July-September 2019 65 @K,>4*7@ @:A2G8Ŋ @:|?(4Ř0>27@@ @?*4Ř0>2?:; @2>0>7&>20@%> :0 4YƝ.WL(> :B*>ÐLüK?½?7/>Ɲ I,ĝ2G!>1>41Ɲ0A. 4>1>41ƝGþH I,ĝ2G!>1>41Ɲ0A. .|4AĒ

@*A,0@7>®&7 @8H4G8Ř0>2,2 @8>*.>.B7@.@ @.>4>:AÒ0?*104> 4#ƝÐ)>* GÎ@1>1>41Ɲ (L2 :|!ŧ48>>Ɲ;>> I,ĝ2G!>1>41Ɲ0A. >1>41Ɲ1BV@4# %>Ř404ý>2>*2 -Ŋ®!>1K*

?&Ē7*&,A20 >4@! %>Ř40 %01K;>2Ŋ7:2,2%>Ř404Ŋ&&?&Ē7*&,A20Ɲ>4@!2%>Ř40GÎĜ0|*2 Ë>;ĜŊ?4*2 -Ŋ®! >1K*É08?(*>ơƥƠơƪƠƣơƢƪƝơƧƠơƪƠƣơƢƪ>H2ơƨƠơƪƠƣơƢƪK?1>1>Ɵ :7:2,24Ð0A@Ŋ7|!G:*Ɲ ,4Ð0A@?1>(2;0>*Ɲ%>Ř40GÎ@1Ð0A@0&@2>1Î@Ɲ>4@!ŊGÎ@1Ð0A@Ŋ?71Ï*Ɲ?&Ē7*&,A20Ŋ ,GÎ@1 Ð0A@:*>&*ƝÐ)>*>1>41Ŋ:;>10;>Ð.)@,A*@&Ř0>2?0Ɲ7¦2Ĉ>1,>4%Ɲ®!>-:(®1&'>.W@:1>0|*2 Ë>; :.?)&ŊÏĜ,21K?&>1É0Ĝ0| ,§®'&'GƟ

®!>-,|8*2ĜŊ?4:B*>ƠǑǱǩǲǵǰǤǷǬǲǱǩǲǵǛǷǤǩǩǘǨǱǶǬǲǱǨǵǶ .I.0HÎ@Ŋ:/@®!>-,|8*2,>"ĜK:B?&?1>>&>;H?.ý>2>?#?!4Ð1K2KǆË@*?/1>*K.X>7>(G*GŊ öG¬1:G4G1>*@Úř.2ǆ ?(:¤.2ƣơƢƪ:G,|8*2ĜK.I.0HÎ@½Ŋ74?#?!4I,@/G*G>?*%1?41>1>;HƟ1;?#?!4Ð?&:.?)&,|*82Ĝý>2>,*G,|8*¦2I#0| ,4¢) 2> *Ŋ ǆ0G4,&G,2?/7>1@>@Ɵ1?(?:@,|8*2*G,*G,|8*¦2I#0| ǆ0G4 #@20K.> 4*.2,#G!*;º?1>;H&K7;0>*7::>)* Ð.)*?7/>KǳǨǱǶǬǲǱƟǫǲƱǥǤǱǮǲǩǥǤǵǲǧǤƟǦǲǰ,2&>40G4 /G2ü&*27>4GƟ.I.0HÎ@/G*GŊ?4,|8*2Ĝ½ü&*:B@:01ǆ:01 ,2Ð)>*>1>41Ŋ,|8*?7/>ý>2> ,4¢)2>1@>@Ɵ All Staff Pensioners who are getting Bobmaitri through courier/post, are hereby informed that with a view to promote digital usage and as a go-green initiative, Bank has decided to send only digital copy of Bobmaitri to such Pensioners from next issue i.e. October-December 2019 onwards. The digital copy will be sent to respective pensioners through email address provided by them in their pension records. If any pensioner has not updated his/ her email ID and Mobile Number in his/her pension record, he/ she may update the same by sending an e-mail on [email protected] to HRM Department immediately. Updated list of pensioners is provided by Pension 'HSDUWPHQWDW+HDG2IÀFHIURPWLPHWRWLPHIRUVHQGLQJ%REPDLWULWRWKHP

66 A4> ǆ?:&.2ƣơƢƪ >,>}2G!¨.0 Corporate Album

.*GA2>&Ŋ0A10Î@2>;&K90|Ʀ2KWē,>(>*?1>

;0>2G.ý>2>A2>&0|.>XÐ/>?7&8;2Ĝ7*2ĜŊ2>;&>1Ğ;G&A 0>¦21Ĝ:GA!> ?*?)1Ĝ:GA2>&0A10Î@,(>2>;&K90| ēƟƦ2KW>(>*?1>1>Ɵ;0>2GÐ.)?*(G870A1>1,>4 ?)>2@@,@:1Ř0>2*GA2>&Ŋ0>**@10A10Î@@?71 ē,>%@KG:ğ,>Ɵ :7:2,2>1,>4?*(G8@?7É0>?(1 ?:;@@:?;&1 ä>1,>4 ,§®'&'GƟ

.ý>2>0;>2>ćŧŊ0A10Î@2>;&K90|Ʀ2KW>(>*

;0>2G.ý>2>0;>2>ćŧ0|.>X,@?#&Ĝ½:;>1&>;G&A0;>2>ćŧ0A10Î@ ,(>2>;&K90|ēƟƦ2KW>(>*?1>1>Ɵ;0>2G0;>Ð.)ǆ :@:@@*7&G?:;*G0;>2>ćŧŊ0>**@10A10Î@@(G7GÏ-#*7@: KG:ğ,>Ɵ :7:2,20A. 4Ŋ4Ð0A@:1*>2>1% 2>B/@ ,§®'&'GƟ

%DQNVLJQV0R8ZLWK/*(OHFWURQLFV,QGLD3YW/WG

On 20.07.2019, our Bank entered into a Memorandum of Understanding (MoU) with LG Electronics India Pvt Ltd to commemorate the ongoing business partnership on Bank’s 112th Foundation Day. The MoU was signed by Shri P S Jayakumar, MD&CEO, Bank of Baroda and Shri Soo Cheol Kim, CFO, LG Electronics India Pvt Ltd, in the presence of Top Management of our Bank.

July-September 2019 67

July - September 2019 C;,?Î>ǏǳǹƕǩǑǳǹǵǳǥǯ >,>}2G!¨.0 Corporate Album

July - September 2019 C;,?Î>ǏǳǹƕǩǑǳǹǵǳǥǯ >,>}2G!¨.0 Corporate Album