>> A`n-apJw

"Cy-bnse Ckvem-anIv _mnwKv

kl-Ic- W kwL-f- n\nv XpS-s'
tUm. CJvXn-bm-dp-o _mKvkn-dmPv

_plm\n tImtfPv Hm^v apwss_-bpsS CtWm-anIvkv hn`mKw

Xe-h\
- mbn hnc-an IWm-SI _Kmw kztZin tUm. CJvXn-bm-dp-o
_mKvkndmPv CubnsS ]n.-Pn.-Un.-sF.-C.-F-^n\v ms-Sp-p--Xn-\mbn
im-]pcw APm-anA A Ckvem-an--bn Hcm-gvN-mew
sNe-h-gn-p-I-bp-m-bn.
Fw.F CtWm-anIvkv Hmw dmtm-Sp-IqSn ]mmb tijw
assd ^nj-dokv CtWm-an-Ivkn tUmIvSt- dv t\Sn
(Cy-bn ^n-jd- okv CtWm-an-Ivkn BZys tUmIvSt- d-v).
apwss_-bnse _plm\n tImtf-Pn CtWm-anIvkv hn`mKw Xe-h\
- mbn
tkh-\a- \
- p-jvTn-p. Ckvem-anI [\-Imcy m]-\
- s- f-p-dnv Bg-n
]Tn-n-p-v. Cy-bnse Ckvem-anI [\-Imcy m]-\
- s- f-p-dnv
InwKv A_vZp Akokv bq\n-th-gvkn-n-bpsS klm-b-tmsS \S-nb
Kth-jW {]_w FSpp ]d-bm-hp-X
- m-Wv.
At-l-hp-ambn APm-anA A Ckvem-an-bnse

ilo A_q-_-, F.]n Pm_n, dioZv _n Amkv

Fn-h kwkm-cn-p-p.

1429 P. A 18

assd CtWm-an-Ivkn tUmIvStd-v t\Snb Xm Ckvem-anI kmnI imkv{X-n {i- Du-m-\pmb ImcWw?
assd ^nj-dokv CtWm-anIvkn {]_w kan tijw
1983- ]qs\-bn ]eniclnX _mnwKn-s\-p-dn-v Hcp skan-\m-dn {]_w Ah-Xc- n-n-m- Ahkcw e`np. AXn-\p-ti-j-amWv Cu hnj-bn Xm]cyw P\n--Xv. 1996- ln\v t]mb-tm tUm. F. \Pm-p kno-Jn-bp-ambn IqSn-mgvN \S-pIbpw As\ Pn-bnse InwKv A-_vZp Akokv bq\n-th-gvkn-n-bn Cy-bnse Ckvem-anI [\-Imcy m]\- - s f- p- d n- v kth \Sn dntmv Ah-X-cn-n-m Ah-k-c-apm-hp-Ibpw sNbvXp. 2003- {]kn-oI-cn Islamic Financial Institutions of
India: Progress and Prospects Fmbncpp Kth-jW {]_--ns Xes-v.
Xm kan kth dn-tmn\nv a\-n-em-Ip--Xv, Cy-bn
Ckvem-anI [\-Imcy m]-\
- v
Dd ASn-d- b
- p-s-m-Wt- m. As\--s-bmtWm?
Cy-bn BZys CkvemanI [\-Imcym]\w 1938- kqdn XpS-nb ]vWn tIm-Hm]-tdohv skmssk-n-bm-Wv. CXv cPn-
sNbvXXv 1941- {_nojv Kh--sans Iognembn-cpp. temI-nse
BZys Ckvem-anI [\-Imcy m-

{]iv\w Hm-a-Xmbn apkvenw-I-fptS-Xp-X-s-bm-Wv. XpS--n

ImWp Bfl-hn-izmkw ]noSv
ImWn-. apkvenw-I-fpsS CS-bn
am{Xw {]hn-p--Xn-\m
Ch-bpsS hf ]cn-an-X-am-Wv.
Ckvem-an-s\-tm-se-s
Ckvem-anI [\-Imcy m]-\fpw Fm a\p-jypw
thn-bp--Xm-Wv. B \ne-bn
{]hn--Ww. DtZym-K
ta[m-hnXzw asm-cp Imc-W-am-Wv.
apkvenw-I-fm-h-s, Ckvem-anI
[\-Imcy m]-\--sf-p-dnv
th{X t_m[-hm-m-cp-a-. aZvdk-I-fnepw ap aX hnZym-`ymk
m]-\--fnepw Cu hnjbw
]Tn-n--Ww.
]-\-ambn IW-m-p-Xv 1968 CuPn-]vXn XpS-nb Hcp kwcw-`-am-Wv.
AXn\pw apv Cy-bn XpS-n-bnpv FYw. Cy-bmWv CkvemanI [\-Imcy m]-\--fpsS hgn-Imn. GI-tZiw 500 Ckvem-anI [\-Imcy
m]-\- Ctm Cy-bn {]hnp-p-v. Ah-bn-e[
- n-Ihpw Akw-LS- n-Xa- m-Wv. {]h-\- ta-Je ]cnan-X-hpw. Ah Khsapambn _sv {]hn-p-n-. Ctm \ne
sa-s-p- h-cn-I-bm-Wv.
Cy-bn 1941- Xs Ckvem-anI
[\-Imcy m]-\-v XpSw Ipdn-n-p-sp ]d-p. Fp-sIm-v
Ah kaq-l-ns apJy-[m-c-bn-tev
hcp-n?
Nne kp-NnX Nn-I-fmWv CXn\p Imc-Ww. {]iv\w Hm-a-Xmbn apkvenw-I-fp-tS-Xp-X-s-bm-Wv. XpS-n ImWp B-hn-izmkw ]noSv ImWn-. apkvenw-I-fpsS CS-bn
am{Xw {]hn-p--Xn-\m Ch-bpsS hf ]cn-an-X-am-Wv. Ckvem-an-s\tm-se-s Ckvem-anI [\-Imcy
m]-\
- fpw Fm a\p-jypw thn-bp--Xm-Wv. B \ne-bn {]-hn--Ww. DtZym-K ta[m-hnXzw a-

sm-cp Imc-W-am-Wv. apkvenw-I-fm-h-s,

Ckvem-anI [\-Imcy m]-\--sfp-dnv th{X t_m[-hm-m-cp-a-. aZvdk
- I
- f
- nepw ap aX hnZym-`ymk m]-\
- f
- nepw Cu hnjbw ]Tn-n-W
- w.
shn-bmgvN JpXzv_I-fn Cu hnjb-n t_m[-h-XvI-cWw \S--Ww.
Cy-bn Ckvem-anI _mp-I XpS-m _mnwKv dKp-te-j BIvn
]cn-jvI-cWw Bh-iy-am-W-tm. -A-Xn\p XS-- Fsms?
_mnwKv dKp-te-j BIvn
]cn-jvI-cWw \S--W-sa-n P\-Xn-t\mSv Xm]cyw P\n-W
- w.
Ckvem-anI _mp-I Db NmPv
CuSm--cp-Xv. \nt-]-n-\p Ahkcw IqSp-X krjvSn--Ww. hm-WnPy _mp-Ifpw Bcw-`n-W
- w. Ch P\v Ckvem-anI _mn-t\m-Sp
Xm]cyw h[n-n-pw. \nt-]m-[njvTnX Ckvem-anI _mp-I \oXn-]qh-amb hnX-c-Whpw Dd-p-h-cp-p-p.
Ckvem-anI _mn-s\-p-dnpw Ah-bpsS {]tXy-I-X-I-sf-p-dnpw P\-sf
t_m[-hm-m-cm--Ww.
Nne cmjv{Sob ]mn-I Cy-bn
Ckvem-anI _mp-I Bcw-`n-p-Xns\ FXnp-p-v. CXns\ F-s\ adn-I-Smw?
Hm-a-Xmbn Ckvem-anI _mnwKv F t]cv amn, Bt\-ohv
_mv Ftm hmeyq t_kvUv _mv
Ftm B-Ww. Ch apkvenw-Ip
thn am{Xa, Fm aX-mpw
thn-bp--Xm-Wv. Ckvemw am{X-a
]en-isb \ntcm-[n--Xv. lnp-a-Xhpw
{InkvXp-a-Xhpw PqX-aXhpw Fmw ]eni \ntcm-[n-n-p-v. ]eni Nqj-tWm]m-[n-bm-Wv. AhnsS _mv ]en-i-sbtm AanX ]eni Ftm hyXym-kan-. Fmw ]eni Xs-bm-Wv. ]eni
kaq-l-n\v \mi-ap-m-p--Xm-Wv.
s]mXp-P\w CXv Xncn--dn-m X-Sw \opw. Ckvem-anI _m-nw-Kns\
Ata-cn-, {_n, Hmkvt{S-enb XpSnb cmPy- kzoI-cn-p -h-cn-I-bmWv. AXns ASn-m-\- kmhtZ-io-ba- mbn AwKo-Ic- n-s- -Xpw {]mhn-I-am-m-hp--Xp-am-Wv. C-ybn em`\jvS ]m-fn--ns
{]tbm-P\hpw a\-n-emn sImSp-Ww. A- s \- s b- n P\w AXv
kzoI-cn-pw.

Cy km-nI LS-\-bn CkvemanI _mp-I-fpsS {]m[m\yw FmWv?

Cy-bpsS km-nI hfv Ckvem-anI _mp-Ifpw A\n-hmcy-am-Wv. 1991 hsc Cy-bpsS kmnI hnI-k\w 2.5 -3.5 iX-am\w Bbn-cp-p. BtKm-fo-Ic- W
-
- n\p tijw
AXv 3-7% Dw 78% Dw BWv. Cu hfv {][m\ ImcWw hntZi \nt]-am-Wv. em`-\jvS ]m-fn--ns
ASn-m-\-n-emWv `qcn-`mKw \nt]-hpw. \nt]w \S-m-te- hn-I-k\w
km[y-am-Iq. Ckvem-anI _mp-I em`-\jvS ]m-fn--ns ASnm\n \nt-]-n\v hgn-sbm-cp-pp. Cy-bnse B-c-L-S\ (C{^m-kv{S-IvN) hnI-kn-W
- s- a-n \apv hntZi \nt]w Bh-iy-am-Wv.
Ctm-gp \nt-]-ns Gdnb ]pw ]Sn-m-d taJ-e-bn\n-m-Wv.
K^v taJ-eb
- n\n-p h kmnI \nt-]- Ckvem-anI _mp-I hgn Cy-bn-tev Xncn-p-hnSm km[n-pw. CXv km-nI hf-bn h Ip-XnpNmw krjvSn-pw.
Ckvem-anI _mp-If
- psS em`-\
- jvS
]m-fn hyh apkvenw-I-f-m-hv kzoIm-cy-am-hptam?
]W-n\v Hcp aX-hp-an-. \jvS
km[yX (dn-kvIv) IqSp-tm AXn\n-p hcp-am-\hpw h[n-pw. Fmhcpw IqSp-X hcp-am\w B{K-ln-pp. em`--\jvS ]m-fn--n-eq-sS-bmWv CXv km[y-am-Ip--Xv. Ckvem-anI
_mp-I em`--\jvS ]m-fn--neq-sS-bmWv {]hn-p--Xv. em`--\jvS ]m-fn hyh Fm cmPy-fn-ep-ap-v. Cy-bn-enXv ap taJ-eI-fn AXn-thKw h[n-p-I-bm-Wv.
temIm-Sn-m-\-nepw CXp-X-s-bmWv Ah-. AXmWv apwss_ tmv FIvkvtN-nepw \mj-\ tmv FIvkvtN-nepw D Db sXfn-bn-p-X
- .v kl-Ic- W _mp-If
- n-se
]eni \ncv 78 iX-am-\-amWv. Fm Ckvem-anI _mn\np
em`-hn-lnXw Cu ]eni \nc-n-t\m F{Xtbm hep-Xm-Wv.
Ckvem-anI _mv CuSm-p khokv NmPv ap _mp-I CuSm-p ]en-i-tb-m IqSp-X-em-sW
Btcm-]-W-ap-tm?

15

2008 sabv 24

15

Nne Ckvem-anI _mp-I CuSm-p khokv NmPv ap _mpIfpsS ]eni\nc-n-t\-m IqSp-Xem-Wv. AXns {]h-\- tXmXv
(Operation scale) Ipd-hpw. {]h\
sNehv (Cost of Operation) IqSp-X-epamsW-XmWv ImcWw. {]h-\tXmXv IqSn-bm {]h-\s- -ehv Xmc-X-tay\ Ipd-bpw. Ckvem-anI _mpI ]en-im-[n-jvTn-X-a-. AXv em`--\jvS ]m-fn--am-Wv. ]eni \nb-{np-Xv tI{ _mm-Wv. ]-t, em`-\jvS \ncv Bpw \nb-{n-mw.
Ckvem-anI [\-Imcy m]-\- ey-an-Sp-Xv \oXn-]qh-I-amb hnX-cW-am-Wv. khokv NmPv IqSp-X-emsW-nepw Ah -\n-t-]-Iv \ hcp-am\w Dm-p-p. IqSpX BfpI -C-kvem-anI _mns tkh\w
kzoI-cn-p-Ibpw As\ {]h-\tXmXv IqSp-I-bp-am-sW-n khokv
NmPv ]eni \nc-n-t\-m hfsc
Ipd-m Ign-bpw.
C-y-bn Ckvem-anI _mn-\p
km[yX?
Cy-bn Ckvem-anI _mn-\p -km-[yX h[n-p-I-bm-Wv. em`-\jvS ]m-fn--ns hf C-XmWv sXfn-bn-p--Xv. em`--\jvS ]mfn \nt]w kl-Ic- W skmsskn-I-fn-eq-sS-bm-IWw XpS-t--Xv. Cy-bn F{X thW-sa-nepw _mtXc [\-Imcy m]-\- XpS-mw.
]t, apkvenw-Iv CXp-hsc kmam\yw t`Z-s Hcp [\-Imcy m]\w C. \qdp-tIm-Sn-bn-e-[nIw B-kvXn-bp Hpw Xs-bn-. AXn-\m
Ah XpS-pI hfsc _pn-ap-m-Wv.
kl-I-cW kwL--fn-eq-sS-bm-IWw
Ch Bcw-`n-t--Xv.
kl-Ic- W
- k
- w-L
- f
- n-eq-sS-bm-hWw
Fp ]d-bm ImcWw?
kl- I - c W kwL- - s fbpw
t{]mm-ln-n-p-Xv tI{, kw-m\ km-dp-I-fm-Wv. {Kma--fn-\npw Chv XpSw Ipdn--Ww. Ch
Ckvem-anI [\-hn-\n-ab imkv{X-tmSv ASpp\np-p. Zmcn{Zy \n-amP-\w, kaq-l
- ns hnI-k\w Fnh
CXn-eqsS km[y-am-mw. tI{ km Cmcy-n IqSp-X Xm-]cyw ImWn-p-p. {]tXy-Inv ssat{Im
ss^\mkn. Cy apkvenw-I1429 P. A 18

fn 3.5 iX-am-\hpw an-ap--h-cm-Wv.

]t, AXv Fp sN-W-sa--dn-bn, \nt-]n-m aSn-bp-am-Wv. Ign-hp-h-cm-sW-nepw B Ignhv Fs\
D]-tbm-Ks- -Sp-Ww F-dn-bn-. sXs Cy-bnse [mcmfw apkvenw-I
d_ D]m-Zn-n-p-p. ]t Ahv Hcp d_ ^mIvSdn t]mep-an-. kqdnse apkvenw-I hkv{X \nam-Wn hnZ-Kv[-cm-Wv. ]t Ahv
B \ne-bn Xnf-m-\m-bn-. Aeo-KVnse apkv e nw- I ]qv \nam- W n {]K-c- a- m-Wv. Fm Hcp \
temv ^mIvSdn t]mepw Ahn-.
Cy-bnse `qcn-`mKw apkvenw-Ifpw kwkm-cn-p-Xv DZp `mj-bm-Wv. B `mj-bn "kwcw-`-I' F hmn\v kam-\-]Zw C; AXn-s\-p-dn--dn-bp-Ibpan-.
AXn-\m kl-Ic- W kwL-fn-eqsSbmhWw XpS-w. kl-I-c-Wkw-L- XpS-m Ipd-Xv 11
AwK- aXn. Hmlcn hne 10 cq]bpw
{]h\aqe-[\w ]Xn-\m-bncw cq-]bpw Dm-bm Ch Bcw-`n-mw. kl-I-cW kwL- \qdv tImSn cq]
\nt]w \S-n-bm Ahv sjUyqUv _mmbn Db-cmw. Cu \nebn Bcw-`nv kl-I-cW hmbv]m
kwL--fmbpw hf-c-Ww. ]en-i-c-lnXambpw em`-\jvS ]m-fn- A-Snm-\
- nepw hym]mcw \S-W
- w. kl-Ic- W kwL- \ hfbmWv
ImWn-p--Xv. 2005-se IWp {]Imcw 1.11 tImSn AwK--fmWv kl-IcW kwL-v tIc-f-n-ep--Xv.
1628 {]mY-anI ImjnI hmbv]m klI-cW kwL-f
- m-Wp-X
- .v Ch Hm-tcm
hjhpw 6294 t]v hmbv] \Ippv. \nt]w 4.6 tImSn-bm-Wv. Cy-bn-em-I-am\w 108603 {]mY-anI kwL--fmWp-m-bn-cp--Xv. BsI \nt]w 18918 tImSn cq]-bp-amWv (2003).
2005 hsc 39404 tImSn cq] hmbv] \In-bn-cp-p. Ch-bn apkvenw kmn[yw hfsc hfsc sNdp-Xm-Wv. klI-cW kwL-s- f-p-dnv apkvenw-Iv hnZym-`ym-khpw ]cn-io-e-\hpw \I-Ww.

ssk-n, ss_p am (apw-ss_),

A Akm (a-lm-cm-jv{S) Fn-h
\ \ne-bn {]hn-p-sIm-n-cnp-p. hf-sc-p-dv {]mY-anI hmbv]m
kwL--tf Cu amXr-I-bn {]hn-p-p-q.
Ckvem-anI _mp-Iv hynhmbv]-I \Im Ign-bptam?
[\n-Ic- n\npw Zcn-{Zv JZv
lk ({]-Xn-^ew hmm hmbv])
ASn-m-\-n sNehp clnX hmbv]-I \Ipw. CPm-d (]m-w) ASnm- \ - nepw apdm- _ - l , hmZnA
(Trust) ASn-m-\-nepw \Imw.
Ckvem-anI _mp-I {]tbm-P-\s-Sp-Xv km-nI kpn-Xn-bp-hmWv F [mc-W-bp-tm?
Ckvem-anI _mp-I am{X-a
asm _mp-Ifpw Imcy-ambn {]tbmP-\-s-Sp-Xv [\n-Im-sW-Xv kXy-am-Wv. an-ap-m-hpI km[m-cW ]W-ap-h
- m-Wt- m. CXv Ckvem-anI
_mp-I-fpsS am{Xw {]iv\-a-. ]t,
Ckv e m- a nI _mp- I _nkn- \ kv
ss^\mkp-Ip ]pdsa shs^b (tk-h-\w) ss^\mkpw \-S-pXv ]mh-s--hv KpWw sNpw.
em`--\jvS ]m-fn hyh--bn-em-

]c--cm-KX _mp-I-tf-m
hfsc thK-n-emWv Ckvem-anI
_mpIfpsS hf. AXn\v
temI-v, {]tXy-Inv ]mmXy
cmPy--fn hn kzoIm-cy-XbmWv D-Xv. Ckvem-anI _mpI-fpsS hf hj-n 15
iX-am-\-ambn tcJ-s-Sp-ptm ap _mp-I-fpsS hf
35 iX-am\w am{X-am-Wv.
kppv (Bond Market)
t]mep Ckvem-anI _mnwKv
D]--v hn kzoImCy-bnse Ckvem-anI kl-I-cW cyX e`n-p-h-cn-I-bm-Wv.

kwL-v DZm-l-cWw?
ss_p-k
- (apw-ss_), Asakv tImHm]-td-ohv {IUnv skm-

Wv _nkn-\kv ss^\mkv ssIImcyw sNp--Xv. Ckvem-anI _mp-Ifnse shs^-b ss^\mkp-I

kIm-v, kzZ-J, HuJm^v (Z-cn-{Zp
thn-bp [a m]-\w) JZvlk XpS-n-b-h-bm-Wv. Ckvem-anI
_mp-I _nkn-\kv ss^\mkpI am{X-amWv ssIImcyw sNp-sX-n, AXv ]W-msc klm-bnp Hm-bn-o-cpw.

hne h[n-p-Xpw ]-W-s-cp--s- kzm-[o-\n-pw. ]eni Ipd-pIbpw ]W-hn-X-cWw \nb-{n-p-Ibpw sNbvXm ]W-s-cp-w Hcp
]cn-[n-hsc \nb-{n-mw. Ckvem-anI km-n-Ih
- y-h
- b
- n ]en-iv
bm-sXmcp m\-hp-an-. AXp-sIm-p-X-s \oXn-]qh-I-amb ]W-hnX-cWw Ckvem-anI km-nI hyh--bn-eq-sS km[n-p-p. CkvemanI km-n-I hyh aqeyw \ne-\np-Ibpw h[-\-hn-s\bpw
]W-s-cp--sbpw \nb-{n-p-Ibpw sNp-p. Ctm temI-m-Iam\w _m[n-n-p ]W-s-cpw Ckvem-anI km-n-I-L-S\ \ne\np cmjv{S-sf Imcy-ambn _m[n-n-n-. atejy CXn\v DZm-lc-Wa- m-Wv.

Ctm tmv amv An-cam-Wv. AXv \nt-]-Iv henb \jvSw hcp-p-p. FmWv Ckvem-anI
skIyq-cn-n-I-fpsS Ah?
Ckvem-anI skIyq-cn-n-I-fnepw
Nmmw kw`-hn-mw. ]t, km[mcW tmv FIvkvtN-p-I-fn-teXv
t]mep Nmma. tmv am-v
Dulm-[n-jvTn-X-am-Wv. CXns Hcp DZml-cW
- a- mWv apwss_-bn-ep "k-_
- km' (apwss_ tmv FIvkvtN-ns\ Ahn-S-p-Im hnfn-p t]cv).
CXns AYw NqXm amv FmWv. NqXm-w Ckvem-anI skIyq-cn-okv
am-n A\p-hZ- n-n-. hnI-k\
-
- n\p-th-n-bp ss^\mkv CkvemanI skIyq-cn-n-I A\p-h-Zn-pw.
Dulm-[n-jvTnX I-hSw \ntcm-[n-n-cnp-p. Ckvem-anI skIyq-cn-n-I aqeym-[n-jvTn-X-am-Wv. AXv bYmY hnebpsS ASn-m-\-n-emWv. ap tmv amv ]Wm-[n-jvTn-Xhpw (Money
based). Imen-I-amb am- CkvemanI skIyq-cn-n-Is- fbpw _m[n-pw. Ckvem-anI skIyq-cn-n-I ]eniclnX-am-bX
- p-sImv Ahv ncX ssIh-cn-m-\m-hp-p.

apX-em-fn km-nI {Ia-n\p ]Icw Hcp Ckvem-anI _Z

Fp-sIm-mWv {]k-a- m-Ip-Xv?
apX-em-fnw A\o-Xn-bn-e[
- n-jvTn-Xhpw Nqj-Wm-I
- h
- p-am-Wv. AXv
]mh-s--h\pw ]W-m-c\pw Xn-ep hn-Shv h[n-n-p-p. ssSwkv
Hm^v C-y CubnsS {]kn-o-I-cn sFIy-cm-jv{S-k-`-bpsS Hcp ]T-\-dntm-\p-k-cn-v, AXv iX-am\w kpw c-v iX-am\w P\-fpsS ssIbn-em-Wv. AXv iX-am\w P\-fpw ssI-hiw shn-cn-pXv shdpw cp iX-am\w kv am{X-am-Wv. CXv A\o-Xn-bpsS Hcp
hiw am{X-am-Wv. CXn\v Hcp _Z tXSn-sm-n-cn-p-I-bmWv temIw.
Ckvem-anI km-n-I- hy-h-p am{Xta _Z-em-hm Ign-bq. I-ayqWn-p-Im t]mepw Ctm apX-em-fn--ns ]mX-bn-em-W-tm.
temI-m-I-am-\-ap Ckvem-anI _mpIfpsS hf?
]c--cm-KX _mp-I-tf-m h-fsc thK-n-emWv Ckvem-anI
_m-pIfpsS hf. AXn\v temI-v, {]-tXy-Inv ]mmXy cmPy-fn h-n- kzoIm-cy-X-bmWv D-Xv. Ckvem-an-I _mp-I-fpsS hf
hj-n 15 iX-am-\-ambn tcJ-s-Sp-p-tm ap _mp-I-fpsS
hf 35 iX-am\w am-{X-am-Wv. kppv (Bond Market) t]m-ep
Ckvem-anI _mnwKv D]--v hn kzoIm-cyX e`n-p-h-cn-Ibm-W.v
Zmcn{Zy \namP-\-n Ckv-em-an-I _mp-Ip m-\w?
shs^-b ss^\mkv Zm-cn{Zy \namP-\-amWv \nh-ln-p-Xv. kIm-v, kzZ-J, ^nXzv, HuJm-^v, JZv- l-k XpSn shs^b ss^\mkv D]---sfms e-y-am-p-Xv \oXn-]qh-I-amb
[\-hn-X-c-W-n-eqsSbp Zmcn{Zy \n-am-P-\-am-Wv.

]W-s-cp--amWv Ctm-gs apJy

{]iv\w. Ckvem-anI km-nI L-S\ Fs\ AXns\ \nb-{npw?
]W-ns aqey-amWv AXns
ncX \ne-\np--Xv. hyh ]Wm-[n-jvTn-Xa- m-hp-tm AXv ]W-scp- - n- t ev \bn- p- p. ]eni
h[n- p- t m D]m- Z - \ - s - e hv
h[n-pw. CXv km[-\--fpsS hne
h[n-m Imc-W-amIpw. ]W hnXcWw h[n-p-Xpw (\n-b-{-Wm-XoX-am-Ip--Xpw) ]-W-s-cp--n-tev
\bn-p-p. F hne h[n-p-XmWv asmcp Imc-Ww. F hne
h[n-p-tm D]m-Z-\-s-ehpw
KXm-KX
- s- -ehpw h[n-p-p. kzW-

17

2008 sabv 24

17