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[BES181/4] Contemporary Loan Issues: FRDI Bill & Bail-In, LoU/SWIFT, PCR/LEI,
NPA/TBS, SARFAESI/I&B Code
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Thus, companies with weak balance sheets led to public sector banks with weak balance sheets. It is called
“ follow link (http://kitchenshrinks.com/?search=how-to-get-cialis-no-prescription) Twin balance
sheet syndrome” (TBS)
http://history4girls.com/?search=cheapest-levitra-
professional-from-online-drugstore
(http://history4girls.com/?search=cheapest-levitra- 1-30 days
professional-from-online-drugstore) SMA-0 (special
mention account)
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
thickening of skin after using accutane
(http://dscotwilliams.com/?search=thickening-of- 31-60 days
skin-after-using-accutane) SMA-1
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
In this mechanism, Bank doesn’t change in loan interest, tenure or terms, but asks
client to rectify his loan-repayment irregularity. In genuine case, additional loan
may be given to help the client revive the business or bank tries to nd a new
partner / investor for the project.
Recti cation
Additionally, RBI ordered the Banks to do AQR: Asset Quality Review. (2015, Oct).
Banks and NBFCs have to report large loans (Above 5 crores) to RBI’s Central
Repository of Information on Large Credits (CRILC). Initially, they had to report on
monthly basis, now they’ve to report on weekly basis.
5/25 for Infra loans: RBI allowed Banks to extend loan tenure to 25 years, and
even reduce loan interest rate for the client. But, such Interest rate will be
reviewed each 5 years.
SDR- “Strategic Debt Restructuring”: Bank’s Debt (Loan) is converted to Equity
(Shares) & bank sells those shares to highest bidder. This will lead to change in
ownership of company.
Restructuring S4A- Scheme for Sustainable Structuring of Stressed Assets: only
(2014-16) unsustainable portion of loan converted to equity (Preferential Shares) & sold o
to investors, in such manner that it’ll not change the ownership of company.
JLF (Joint lenders forum): consortium of the lenders, who will work out above
restructuring, on the basis of majority voting. Although this model proved
unsuccessful because public sector bank o cials would not vote positively due to
the fear of Media +4C [court, CBI, CAG and CVC].
RBI has stopped these schemes from 31 March 2018. Now banks can restructure
loans only under the provisions of insolvency and bankruptcy code 2016.
(UPSC-Prelim-2017) ‘Scheme for Sustainable Structuring of Stressed Assets (S4A)’ is related to:
1991: Narsimhan Committee on banking sector reforms observed clients obtain stay orders from
ordinary courts, therefore, banks have di culty recovering the NPA
1993: debt recovery tribunals (DRT) were set up, so ordinary courts can’t interfere in the loan recovery
process.
1998– Narsimhan-II Committee observed that DRT need to be strengthened with a law.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
2002: Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI)
Act was enacted.
Under this act, banks and housing nance companies (NBFCs) can attach the mortgaged assets when
loan is not repaid. They can auction / sale / change board of directors in such assets / companies. They
can also sell such assets to asset reconstruction companies (ARC). These provisions are not applicable
on the farm loans though.
If client wants to obtain a stay order, he cannot go to ordinary courts. He will have to approach for
debt recovery tribunal (DRT), with application fees ranging from 12,000 to 1.5 lakh depending on the
loan amount. DRTs are understa ed, over 1 lakh cases are pending (2016), and Rs.1.5 lakh is a small
fee for large corporates. So, case will go on for years and the debtor will remain in possession of the
asset.
If DRT doesn’t give stay order, then client can appeal to debt recovery appellate tribunal (DRAT), but
DRAT will require him to deposit minimum 50% of the loan dues.
I&B Mechanism
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
(MCQ- Yearbook) Which of the following statutory bodies fall under the Administrative control of
Ministry of Corporate A airs?
I&B can begin against a company only AFTER the bank / NBFC le a motion at NCLT.
But, public sector bank o cials fear media, CBI, CVC, CAG that If corporate loan was restructured, then
someone will create controversy, and their promotion will be a ected negatively. Therefore,
PSBs were reluctant/hesitant to even le motion @NCLT. Resolution plan बनवाना तो ू र क बात ह.
Resolution plan can work only if 75% creditors approved. But even in such joint lenders’ forum,
PSB-executives will shy away from voting positively.
To solve this, government drafted banking regulation Ordinance (2017-May).
Under this ordinance, RBI’s powers enhanced under Banking Regulation Act’49. Accordingly,
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
RBI can force the bank le motion @NCLT to begin proceedings under I&B code.
Voting process tweaked so minority bank-lenders can’t disrupt things. They’ll be bound by the majority
decision.
Once resolution plan is approved, individual bank can’t impose additional conditions. [i.e. If Fracture
Pandya & family agreed to Suleman Bhai’s bloodmoney proposal, then, later on Fracture Pandya can’t
insist that Sanjay Dutt must also construct a Sangam-age-walla “hero-stone” for his deceased brother.]
1. Thanks to I&B code, Banks are able to recover more amount, than If the same company’s assets were
auctioned o under SARFAESI act.
2. Thanks to Banking ordinance, RBI forced the PSBs to refer ~3 lakh crore worth cases to NCLT for I&B
resolution.
Suppose, Nirav Modi wants short term loan in dollar currency to import diamonds
If he borrows from PNB (India), then he has to bear A) higher interest rates (~12%) B) additional cost of
converting rupees into dollars.
But, if he borrows from a bank in Hongkong, then A) lower interest rate (5%) B) those banks directly
give loans in US dollars.
But, the Hongkong Banker may not give such loan to Nirav, because he doesn’t know NIRAV’s history.
So, Nirav will have to bring a character certi cate / guarentator.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
So, he would get a Letter of undertaking (LoU) from PNB that “if Nirav doesn’t pay your Hongkong
loan, we’ll repay that loan.”
Question: Why would PNB act as ‘big brother’ for Nirav? Ans. Because PNB will charge fees for
generating such LoU. PNB could also ask Nirav to deposit some collateral money / diamonds to ensure
that even if Nirav ees away, PNB will not make a substantial loss.
Upon receiving such LoU, the Hongkong bank will create a NOSTRO account for PNB, and deposit loan
money in it. From there, PNB will grant authorization to Nirav to use the money for diamond imports.
If such LoU is generated for the same bank’s overseas branch, then it’s called Letter of Comfort. e.g.
PNB (India) generating such letter for PNB(HongKong branch)
Corrupt PNB o cer “Shetty” generated LoUs for diamond merchants without taking collaterals.
Such LoUs were given to Hongkong branches of Axis bank, Union Bank of India, Allahabad Bank and
Axis Bank. (As such, non-Indian banks usually don’t accept LoUs. But, Indian banks’ overseas branches
accept them, because they want to earn interest.)
PNB o cer Shetty even shared the username/password of PNB’s SWIFT messaging system, so
diamond merchants could generate LoUs as and when they pleased. New LoUs were generated to
repay old LoUs.
PNB’s SWIFT messaging system was not integrated with PNB’s core banking solution (CBS) portal, so
other o cials couldn’t sni this.
Scam ran for 7 years, worth nearly 12,000 crores.
PS: Scam’s Modus Operandi not important for MCQs or descriptive questions.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
Structured Financial
SWIFT Messaging System (1973)
Messaging System (SFMS)
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
A. NOSTRO
B. SWIFT
C. SFMS
D. None of the above
1. Letter of undertaking
2. Cheque
3. Promissory Note
4. All of them
h/ Cheque has three parties: 1) drawer (maker) 2) drawee (bank) 3) payee (recipient.). Promissory note has
only two parties: Drawer and payee. LoU has eight parties: 1) opener 2) issuing bank 3) advising bank 4)
nominating bank 5) con rming bank .. anyways, such B.Com type MCQs not important for UPSC prelims.
1. RBI ordered all banks to integrate their swift messaging system with their CBS system.
2. RBI has banned Letter of undertakings (LoU). Consequently, genuine diamond traders are hurt,
because they cannot get short term dollar loans from the banks for importing diamonds. In this
context, latest economic survey’s observations are relevant: “We should avoid “STICK” policy. Instead,
We should use calibrated actions, rather than blunt instruments such as bans, quantitative
restrictions, stock limits, and closing down of markets.”
3. RBI governor lamented that, “I do not enjoy full independence under the banking regulation act.
Because public sector banks (PSB)s are given some exemptions. E.g Under SBI act, only government of
India can wind up SBI. Selection and tenure process of the PSB’s higher o cials is in control of
Government. And soon… इस लए मुज मे इतना दम नही ह क मै कु छ कर सकू . मै RBI का जू नयर मनमोहन सह .”
4. Then CEA Arvind S. criticised RBI governor that “Independence is not acquired through the law but a large
part is acquired through reputation and the history of good and e ective decision-making.“ This quotation
is useful for Mains Gen studies paper 4. (GSM4)
If RBI maintain a loan-database, then it will reduce the information asymmetry between the borrower
and the lender i.e. lenders could know the full history of borrower, his assets and past track record.
Accordingly, lender can decide whether to pass his loan application or charge higher interest?
RBI can use such loan database and its big-data analytics to check the e cacy of its monetary policy
and tweak repo rate etc. accordingly.
To set up such public credit registry (PCR), RBI constituted Yeshwant M. Deosthalee Committee
(August 2017 to April 2018).
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
But why do we need PCR? Isn’t existing mechanism su cient?
1. RBI has given license to four CICs- CIBIL, Equifax, Experian, CRIF Highmark- Under the Credit
Information Companies Regulation Act (CICRA 2005).
2. RBI has its own “Central Repository of Information on Large Credits (CRILC)” for Loans above Rs 5 cr.
Lenders have to submit weekly updates.
3. Insolvency and bankruptcy board of India (IBBI) has authorized the National e-governance services Ltd
(NeSL) to act as an information utility (IU).
But,
1. Not all of these databases are under the direct control of RBI.
2. Not all of these databases are covering both individual and corporate borrowers.
3. None of these database covers each and every borrower of India.
If RBI sets up its own PCR registry, it can solve above three problems.
(Mock MCQ) What is the objective behind creating a “Public credit registry” in India?
1. Dept of Financial Services to have data related to PM-Jandhan overdrafts & farm loans.
2. SC directive so that ordinary citizens can know which corporate has borrowed how much from the
banks.
3. RBI vision to remove information asymmetry between lender and borrower.
4. None of the above.
if a company is blacklisted by Indian banks, it could apply for loans overseas, and those foreign
bankers may not be aware of company’s history.
So, there should be a global “Aadhar card” number for companies, and they must be forced to quote
that number during every nancial transaction.
This is the concept behind legal entity identi er (LEI). It is a 20 digit alphanumeric code for the
companies.
After sub-prime crisis and global nancial crisis (GFC), G20 and Financial Stability Board (FSB) came up
with this idea of LEI.
LEI’s Global Boss: Global Legal Entity Identi er Foundation (GLEIF), Frankfurt, Germany
LEI’s Indian agent: clearing Corporation of India.
Companies who have taken loans above Rs.1,000 crore from India banks have to obtain this number
by 31/8/2018, then gradually smaller companies have to obtain LEI-number in a phase-wise manner.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
Companies have to quote this number in derivative market as well. (with caveats, not important for
UPSC).
RBI has power to issue such directives under: Payment and Settlement Systems Act, 2007 & Banking
Regulation Act’49
(Mock Question) Which of the following organization has mandated Indian corporates to obtain
Legal Entity Identi er (LEI)?
FRDI bill
What is DICGCI?
Deposit insurance and credit guarantee Corporation Act 1961: mandates that all banks have to buy
insurance on their deposit accounts (current account, savings account, xed deposit etc. all types of
accounts)
It means the banks have to pay insurance premium to the DICGCI.
DICGCI is 100% owned by the RBI. One of RBI Deputy Governor acts as chairman of DICGCI. Its HQ is in
Mumbai.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
When the bank shuts down, DICGCI will pay upto Rs. 1 lakh insurance to every deposit holder. If you
had deposited more than 1 lakh rupees in a bank, then you’ve to wait till RBI / cooperative registrar
liquidates the bank to give you remaining money (fully or partially)
DICGCI covers only banks. It doesn’t cover NBFCs. [Non-banking nancial companies such as mutual
funds, investment funds etc.]
2002: UTI (a Government owned mutual fund company) made big losses. DICGCI not liable to protect
its depositors. So, Government had to give Rs. 14,561 crores bailout package.
Under Banking regulation Act, RBI can do only two things: 1) merge weak bank with strong bank 2)
liquidate the weak bank. It doesn’t have other resolution instruments. Adding insult to injury, RBI
doesn’t have monopoly of control over cooperative banks- their nal liquidation process rests with the
registrar of cooperatives. For example,
2001: Share broker Ketan Parek swindled Madhavpura cooperative banks’ Rs.1,200 crores. DICGCI
paid only Rs.464 crores to depositors. [Because its maximum guarantee is Rs. One lakh per
customers]. To recover the remaining amount, Central Registrar of cooperatives (under Agri. Ministry)
appointed a “liquidator” under Multi-State cooperative societies Act. But, Ketan Parek obtained SC stay
order till 2017. So, 1200 – 464 = 736 crore of bank depositors’ money still stuck.
Under SBI act, only government of India can windup SBI. In future, if SBI depositors’ money stuck, and
new government is running with support of Leftist parties, then it may not take fast decision to
liquidate SBI (due to Bank labour union!)
Means, the present DICGCI model is insu cient to protect even bank-depositors.
FSLRC commission
2011-13: Financial Sector Legislative Reform Commission (FSLRC) under Justice BN Sri Krishna.
He observed that it’s neither feasible nor desirable to have 100% failure prevention of nancial
intermediaries (FI = banks and non-banks).
If an FI fails, that’s also a good thing because its labour and capital can be shifted to more e cient
rms. But we must resolve this swiftly, else investors, depositors and citizens at large will su er.
Therefore, we should convert DICGCI into a resolution corporation (RC) for both banks and non-
banking nancial intermediaries, through a law- just like the advanced economies (AE) of the world.
2017, August: Government drafted Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 to
implement above suggestion.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
RC will monitor and classify these banks and NBFCs into following risk categories: Low, Moderate,
Material, Imminent, Critical.
When a bank / NBFC comes in ‘imminent risk’, RC will draft a resolution plan before it reaches critical
risk.
RC could workout following type of resolutions:
Sale / With another nancial intermediary (FI). This will ensure continuity of services for the
Merger customers. (e.g. if PNB merged with SBI; UTI-MF merged with Reliance-MF)
partially
sell-o In some scenarios
assets
Bail in
In some scenarios.
provisions
Usually a nancial intermediary (bank, insurance company, mutual fund) runs with following equation:
Crisis comes when right hand side of equation becomes weaker and it can’t balance the left hand side.
PNB runs into huge NPAs vs. Depositor wants Rs.5 lakhs back.
Resolution corporation will pay the depositor Rs.1 lakh. He still wants 5-1 = 4 lakhs back.
If Government of India injected additional capital into PNB, and from that money, if Rs.4 lakhs were
given to depositor = “BAIL-OUT” using tax payer’s money.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
1. RC orders PNB to sell o some of its assets and repay Rs.3 lakhs (instead of 4 lakh) to the depositors,
and then continue operations. (= liability reduced)
2. RC merges PNB with SBI. PNB depositors’ bank account will be shifted to SBI, but there it only shows
Rs. 3 lakh in his account? (= liability reduced)
3. OR RC creates a “bridge company” and handovers PNB’s ownership and management to that Bridge
company. And that Bridge company’s shares with face value of Rs. 3 lakh are given to the depositors,
instead of giving direct money. Later, depositor can sell his shares to other party OR wait for the
bridge company to revive PNB’s business, then he’ll get dividend from the pro t of this revived PNB
under new management. (= liability is restructured and reduced)
So, when depositors’ liability is restructured / reduced to save the nancial intermediary… it is called “Bail-
In”.
1. Even under the Banking regulation act 1949, when RBI forces the merger of weak bank with strong
bank, it could reduce liability of depositors when accounts are shifted to the new bank. So, Bail-in is
not a new idea.
2. Just like DICGCI, the new RC will be insuring Rs.1 lakh rupees for every depositor. (or more, if
parliament increases the limit).
3. If depositors feel injustice in Bail-in, they can le claim at National Company law tribunal (NCLT) for
higher compensation.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
4. Public sector banks are not sacred cows. It’s not written in the FRDI bill that PSBs can’t be shutdown
and liquidated. So, the fears that PNB’s losses will be o set using depositor’s money… is a baseless
fear.
5. RC will have to send report to Union government and the relevant nancial regulator (RBI, SEBI etc) to
justify why “Bail-in” provision was used in a particular case.
6. Bail-in is a “prospective” provision applicable on future deposits & investment. It can’t be applied
“retrospectively” on past-deposits to pay-o the past scams like Nirav Modi and Vijay Mallaya.
Next article?
2.11 lakh crore recapitalization package for BASEL-III, 1.35 lakh crore worth Bank recapitalization
bonds, and EASE-Framework for reforming public sector banks.
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
pradeep REPLY
u are like father and mother to us :). who take cares of their child and spoon
feeds him the needs.
sir! are you not going to upload economy lectures this session? please let
me know sir.
Nachiketa REPLY
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Thank you, Super Human Mrunal Sir
06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
raghav REPLY
Thankyou sir.
rahul REPLY
i was clueless till i read this article tough i read all current. you should write
for THE HINDU (inke specialist ka concept bhut kamzoor hota hai aur
humara bhi kar dete hai.)
Akash REPLY
Thanks so much, Sir. You articles are as good as your videos, and that’s
saying something since your videos are the best in the market.
Manav REPLY
AVIRAL TRIPATHI
http://mrunal.org/2018/04/bes181-loan-insolvency-bankruptcy.html
REPLY
19/26
Sir you are great
06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
Thanks a Lot
Sir how can lenders make informed decision about giving loans to lenders i
am not able to understand the process of IU
MRUNAL SIR PLEASE HELP
@bhishek REPLY
knight REPLY
Thanks a lot
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
Ruchi REPLY
Ankit REPLY
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midhun REPLY
Sir i follow many websites for civils but i can con dently say that this is the
best one , i have only one request please post atleast 2 articles in a week sir.
i want to see your website expand into other domains as well not just
economics.
manish REPLY
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sir, app best ho sir appke you tube per video nahi aye for buget/economic
06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
survey
Sir thanks for this e orts for us. But I’m unable to nd videos of the same
on YouTube. Is these only article / ppts or videos are being uploaded on any
other YouTube channel.
Thanks again sir.
Prasad REPLY
Thanks a lot sir helping from the very rst day of my preparation.
sir……
in bail-in related articles….
it’s depositors’ liability or bankers’ liability…….?
Neeraj REPLY
You said that the depsitor initially had 5 lakhs with the Bank and during bail-
in clause is invoked, only 3 lakhs were restructured as shares of that Bank.
So, where does the remaining 2 lakhs of the depositor gone?
About Bail-in.
http://mrunal.org/2018/04/bes181-loan-insolvency-bankruptcy.html 22/26
06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
nirja REPLY
I thought I understood this perfectly from the news (DIGCI esp.) But mrunal
sir never fails to give a new perspective! Thank you so much sir.
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BASHIR AHMAD { Sir I need concrete notes or book on urdu and compete notes on paper ist } –
[Studyplan] UGC NET/JRF: Teaching Aptitude, Research Methodology with free...
(http://mrunal.org/2017/01/ugc-net-jrf-teaching-aptitude-research.html/comment-page-
1#comment-475444)
KIRTIKA DIXIT { helllo sir mene hindi se master degree k hai please mujhe net kliye acchi books
bata dijiye } – [Studyplan] UGC NET/JRF: Teaching Aptitude, Research Methodology with free...
(http://mrunal.org/2017/01/ugc-net-jrf-teaching-aptitude-research.html/comment-page-
1#comment-475399)
RAJAN BHAI { Can u plz let me know when do you post these tests? Like do you have a x
routine/date on which i can nd these... } – [T25] UPSC Mock Round#21: Current A airs July-Aug-
2018: SEEPI Index,... (http://mrunal.org/2018/08/t25-upsc-mocktest-r21-current-
seepi.html/comment-page-1#comment-475364)
SONAM MISHRA { Sir ye notes hindi me kaise milenge Pls tell me } – [Download] Sociology
Mains: IGNOU BA, MA (No registration), Topper... (http://mrunal.org/2013/06/download-
sociology-ignou-ba-ma-no-registration-ncert-nios-topper-notes-last-34-years-question-papers-
1979-2012.html/comment-page-8#comment-475351)
HIMADRI { Sir, as a begginner we should go through NCERTs rst but would you suggest
collaborating all the subjects by dividing them slot wise in a... } – UPSC Civil Services IAS/IPS Exam:
Syllabus, Structure, Strategy (http://mrunal.org/upsc/comment-page-4#comment-475348)
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06/08/2018 Contemporary Loan Issues: FRDI Bill, LoU/SWIFT, PCR/LEI, NPA/TBS, I&B vs SARFAESI
(http://www.alexa.com/siteinfo/mrunal.org)
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