hello and welcome you're watching in conversation and with me here today are two economy faculties baswa s and Raja sir hello sir hello hello so s in this video we'll be discussing the overall Trends regarding the economy paper in prelims as well as how this year's paper is in comparison with last year's paper so Raja sir how do you reckon this year's paper in terms of its difficulty was it more or less difficult than last year's see uh on the day of the exam 16th June uh there was widespread perception that the paper was relatively easier easier not just uh economy the whole paper was easier but it has been more than four or five days and that now that the dust has been settled we can speak the truth uh after digging deeper into the questions each and every question yes it may seem seemingly it is easier but it's not as easier as it is being uh talked about there are are uh some questions where the statements are given in such a way that you know until and unless the uh the student is aware of uh the minute details of each and every scheme I don't think one can answer it okay of course there are couple of controversial questions as well so we'll come to financial Market but first let us address the most controversial question in this paper that was on US debt yes yes this was 31st question in set so I the cont controversy is more to do with the first statement I think if you look at the question uh it's it is seemingly easier and most of the students that I have uh inter happen if US Government were to default default yes I think the controversy was related to the aspect of exercise of claims by the dead holders exactly yes exactly so able to this is the bone of contention uh if the United States of America were to default on its date holders of us treasury bonds will not be able to exercise their claims to receive payment so what exactly is this does it mean they won't be able to exercise their claims to receive payment see when you look at the word exercising their claims to receive payment I think there is two way to look at it one is can you actually sue the government if the government defaults on payment other way to look at the word exercising their claims is can they actually seize the assets of the government US government and then get back their money so let's look at the first thing that is suing the government right you must understand there have been certain instances where governments have been sued for defaulting on their payment actually uh best example is Argentina argentinan government defaulted on repayment to the bond holders and what actually happened is these investors who did not get back the money were actually from us okay so the investors in US tried to sue the Argentinian government this is one instance second instance is with respect to US Government only historically speaking it has been said that US government has defaulted on its bonds at least four times this is at least that is written in the internet sources and when it has defaulted in the past actually people try to soo the US government M so if you interpret the word exercising claim as suing the Garment then we can say yes you can sue the you can sue the Garment in all the instances that you have just referred uh did they receive payments they did not they did not in fact uh I think with respect to exising claims the government generally enjoys a kind of soaring immunity yes so there was a particular document which I actually read in detail in that particular document they had clearly mentioned so what would happen if the US government defaults on its Bond payment and it was mentioned that you can sue the government provided government allows itself to be sued consent of the government is necessary consent of the government is necessary to be sued and I don't think that US Government will allow itself to be sued by the bond holders especially non US citizens non- US citizens plus it has explicitly mentioned in that particular document that US government uh US Congress US Congress can enable the bond holders to sue the US government and I would not see a situation where US Congress will allow the bond holders to sue the US government so now that you know sir has been saying that uh there is sovereign immunity so whenever the government defaults I don't think the common citizens or common investors can sue the government without the government's consent at least with respect to United States of America yes okay so how is it different from personal default if a if a person or a financial entity is defaulted corporate default corporate default exactly exactly so I think we need to look at the second aspect of exercising claims like I said there are two ways can you recover the money from the can you recover the money from the assets let's say there's a corporate entity which has issued the bond and the corporate entity fails to repay the bond holder under the bankruptcy law for example in India IBC the bond holders can very well drag the company or The Entity under the IBC and then the company would undergo resolution or liquidation whatever the case may be and the bond holders would get back the money from the sold of assets from the sold of Assets in either of the cases so here the law itself empowers the bond holders to exercise the claims with respect to corporate default with respect to corporate default but there's no such law which empowers the bond holders to exercise and recover the money government's asset exactly exactly and I think it is uh very weird to assume that the investors can attach or can confiscate the properties because if you if you look at the statement two the statement two is actually right USA government debt is not backed by any hard assets but only by the faith of the government which is true for most of the governments the sovereign debt is never backed by any asset which means the sovereign debt is unsecured stable and more Pros the government is the more faith more faith it's it runs only on the faith so not backed by any kind of physical assets so there is no such mechanism of confiscation of assets as well so uh I I believe that if he combine the statement one and if you read the statement one and two together the statement was fairly uh you know uh right yeah so I want want to draw analogy to this with respect to printing of notes by the Central Bank you know Central Bank uh on every note it prints promises to pay I promise to pay the beerer the reason why the central government Central Bank says I promise to pay the beerer is because Central Bank has equivalent value of hard assets which it has kept if it has issued a 500 rupee note it means Central Bank has 500 rup worth gold or foreign currency asset right so it has hard assets but when the government borrows money government is borrowing money on a soaring promise it's a promise by the government that yes it'll repay back the money so when you lend money to the government by buying a bond you're just lending money purely based upon Faith yes based on the faith that yes government will repay the borrowed money and lastly I would want to say you have to see this question not from a legal aspect exactly from a practical aspect rather from a practical aspect or economic aspect because it's an economic question economic question government has not kept aside any hard assets when it has borrowed money so how can you recover that money as simple as that so technically there's no claim for there's no claim recover it St exactly if you have kept any hard assets then you can claim there's no hard assets so what you can claim right so overall first and foremost there is legal vacuum with respect to the Sovereign default yes so there is no such law there is no such law just like IBC is IBC is there for corporate default and personal default and second thing speaking from economic point of view I believe that you know since it is unsecured debt and not backed by any hard assets and not back it's unsecured so the investor has no right to confiscate any of his assets so I think anybody can Su anybody in the court so it doesn't mean that you know they are able to exercise their claims to receive the payment reive payment exactly so which makes that you know statement one and two are right statement one and two are right and after the statement one if you add the because I think statement two makes a complete sense so option A is the right option A is the right answer perfect so now sir let us move to the Public Finance section sorry Financial Market section because again this was the most asked about Topic in this year's prelims examination biggest chunk has come from this CH yes and also looking at the trend mostly from the last two years we have seen more emphasis by upsc on finan fin Market yes so we'll start off with the first question in this segment that was question number 83rd and it asked us whether the following entities can trade in corporate bonds and government SEC and these are three entities yes so sir I think insurance companies and Pension funds they are one of the biggest institutional investors in these categories so they automatically are correct answers and coming to retail investors we saw only few years back the RBI enabled even the retail investors ret invest in government securities and this year RBI came up with a portal also so I think so this was the logic of asking this question and all these three instruments all these three companies are eligible so option D is the right answer easy question I believe I think and the logic is very simple I think the logic here the students should apply is even if someone doesn't know about it the logic is very simple corporate bond means compan is boring money government securi is government is boring money and obviously when company and government borrows money they'll borrow money from those entities which have Surplus money surus and who is sitting on a surplus money insurance mutual funds Pension funds yes I would say rather than factual this is more application it more application application based question so it's just you have to apply this knowledge company and government based upon that you can easily get the right answer to this perfect now sir the next question 82 and I think so s the first statement of this question was most talked about because I saw many other yeah uh institutions they came up with the fact that nbfcs are eligible for La Facility by The Virtue that nbfcs can register themselves as primary primers but upon finding or going through the RBI website I saw that there are only 21 primary dealers in the country thousands of as such it was clearly mentioned by the RBI that in that liquid adjustment Facility by nature is available only for scheduled commercial Banks and primary dealers for primary dealers you have to have a separate license forri and it has nothing to do with your status as a finance company or nonb non-banking finance company so there might be one or two primary dealers who who might have NBC license as well but that does not make they are eving the benefits of liquid adjustment facility as primary not as so the first statement is wrong in that aspect yeah and apart from that I think there's a context to this particular statement also uh until 2023 rrbs were not given access to the LF only in 2023 rrbs for the first time we given access to L facility right so U I think the motivation of this particular statement was from the recent context so if students know ke rrbs have been given access to LF students should actually find out who all are the participants in the LF window and there you'll easily get to know it is only the scheduled commercial Banks primary dealers and now we have added the new category of regional rural Banks and any student is expected to know about this because this comes under the basic part of monetary policy monetary policy exactly and apart from that I just also want to point out here nbfcs I do remember for a BRI brief period of time they were given access to LF facility but that facility which nbfc is availed it is not matter of right it was an exception it was an exception and it was something which RBA enabled nbfcs he you can come and Avail this particular facility it is not a matter of right that nbfcs could that was only for a limited period limited period of time that was in the backdrop of nbfc liquidated crisis that we have experienced in the last two years exactly exactly and one must always keep this in mind when you solve questions in upsc prelims you should not take exceptions into consideration unless and otherwise it becomes a norm yes unless and otherwise it is explicitly mentioned in the statement itself true so if the statement would have been something like this in India nbfcs can access LF window of RBI during exceptional circumstances then it might have corre it would have been correct yes and Sir other two statements the one regarding that Financial institutional investors they can hold government securities again is correct and these Stock Exchange can offer separate debt separate trading platform for debt a second statement is with respect to the inclusion of government bonds in the global Bond indices like JP Morgan bond in dice I think that is obviously correct third one is because so I guess NC has come up with a separate trading plot platform for bonds bonds yeah so but also I think so this year's prelims examination in a way was somewhat easier because I think they came they did away with the option of only one only exactly so you have an option to eliminate if you know one or two this question if somebody is aware of the first statement I think the first two statements even if they're not very much aware of the third statement I think they still can AR the answer yes so so moving on to the next question which was the last question in Saidi with reference to Indian economy what are the term collateral borrowing and lending obligations are instruments of yes collateral borrowing and lending obligations uh for all those who are viewing this cblo has been done away with by RBI and tripar repo has been replaced has replaced CBL but uh we have seen upsc asking those instruments which have uh been out of date actually yes Bankrate is one example so we stopped RBI started stopped giving uh you know loans under bank rate since a long know since many years but we have seen the bank rate term in upsc exams in civil service exam prelims from time to time but uh again even if you're not aware of what collateral B borrowing and lending obligations if you're just if you're aware of the fact that it is a it was a mon you know money market instrument you can arate the answer yes so option C was the right answer to this question then again so 84th question this we discussed earlier that which of the following are considered as financial instruments yes now the first two options more or less are clear mhm the main controversy was over the third option that was currency whether are these agreements or are they financial instruments yes so baswa sir what do you think currency swap are they fin see I think for that you need to look at the definition of what exactly is a financial instrument Financial instrument always for one it can be an asset for the other it is a liability so that is the basic definition of a financial instrument so when you enter into a agreement with respect to currency swap there is an obligation of uh there is an concept of asset and liability for the concerned Parties by default it should be considered as a financial instrument for sure okay so from that all these three are correct yeah so if you see overall Finance markets I think uh it's the questions have been uh easier to medium category barring few statements even them even there also we can arate the answer by elimination but what is key to note is that they did not went deep into the concept exactly they touched upon the concept expecting that the students will be able to basic understanding of the financial markets so sir moving on to the next topic that was Banking and monetary policy historically it has been the most important topic from the upsc prelim perspective this year also there are few questions so if we'll start off with uh nbfc question we have already discussed 89 89 that what are the following rules imposed by RBI with respect to foreign Banks now sir in this I think so the second statement was very fact based because whether there are 50% of board members or another weightage a student will have to know about the exact details in order to answer this state correctly yes and with respect to First statement there should be logically there should be minimum Capital requirement RB always laid on minimum Capital requirement Bas Norms yeah yeah for let's say payment Banks small Finance banks for all the categories of banks there's always a minimum Capital requirement but what you must understand is um every year upsc has been asking questions with respect to regulation of Banks Banks um last to last year there was a question with respect to regulation of urban Cooperative Banks Banks which was in news back then which was in news and because banking regulation Amendment act 2020 was passed because of that that question was asked but that question was expected also because regulation of urban Cooperative Banks was very much in news there was repeated failure of urban Cooperative Banks such as Punjab and Maharashtra Cooperative Bank banking regulation Amendment act 2020 was also in news so that question was completely expected this question is completely unexpected because foreign banks have been operating for quite a some time for quite a long time and especially the second statement I think it's too detailed a statement for a student to be aware of aware of whether 50% or 25 or 75 for that matter actually uh I'm sorry uh actually uh yes uh we don't have any particular you know law there has been there has been uh no policy on foreign banks that has been unwelded very recently but since few years Reserve Bank of India has been asking all the foreign Banks to turn their branches into wholly owned subsidaries Yes W yes so probably in that background I believe that probably in that background the question might have been asked but even then we don't expect the students to know that you know the composition of the board of the directors yes so I think the second statement made the question uh difficult difficult there are some question which are made to be left out it is one such question yes so sir this was B option correct because second statement is correct fact Bas again so moving on to the next question which is 302 now this question pertains to syndicated lending and I think so syndicated lending was a news few years back because of Nero Modi incident because many banks pull together their funds and offered the funds to the person in news so so the first statement with respect to this I think so it's a straightforward it's a easy it's a first statement is easy and the second statement whether this faity extend just to lump of funds or whether it extends to credit line cred yeah but I think so n Modi scam was related to credit line only because pnb offered some kind of credit line to mhm the person MH so this question is one can expect you to know about this that in addition to lump of funds we also offer credit line syndicated lending but here I think what we can learn from this particular question is normally when we ask students prepare for exam The Horizon of current affairs we say 1 to 1 and half years last 1 to 1 and half years but syndicated lending was way back in news in the year I guess 2018 19 when RBI proposed that the guideline for syndicated lending may be revised revised and it was not such a prominent news so for some strange reasons UPC has picked up this particular question on syndicated lending I was actually expecting question on other aspects of banking which is in news for example you must be knowing unsecured uh lending ring unsecured lending is rising so I expected a question with respect to unsecured loan there might be a question or a question on interconnected lending because that is also in news but upsc has asked a question on syndicated lending which is little you know I would say out of box so borrowing the World Cup analogy when a player expects you to be bouncer UPC throws up googly googly exactly so I again this is also a tough question in my opinion because of the second statement yeah yeah so now there was this another question which was somewhat straight away related to the digital rupe yeah I think this was the most easiest uh question in the entire paper it was very straightforward question no controversies over this question it was very easy and I think most of the students would have got it right in fact of only you can say by the virtue of third statement being incorrect that it is not any kind of rupe is not insured against the inflation yeah exactly in fact a question was asked on digital rup last year uh Central Bank digital currency and its potential applications but but that question was difficult exactly this question it is mostly based on the basic features of dig so the right answer in this particular case is 1 and four option D option D so now we come up and discuss the topic of schemes and policies because few years back upsc was not asking questions related to to this topic but last year we saw questions on schemes and this year the trend has continued so you can see straight away from an economic point of view the question appeared on digital India land records Management program H again sir this is again a very fact- based question exactly because whether it is a central sector or centrally sponsored scheme you'll not be able to mark the first option incorrect without knowing this fact yes and the second and third fact are exactly fact based which are picked up from the objectives of the scheme exactly so sir Raja sir this question how do you reckon was it medium or was it difficult I still call it uh difficult for the for the mere reason that when we read a scheme often we tend to ignore such kind of from from economic point of view uh we tend to ignore who is implementing know what is the funding pattern I think we have to you know concentrate on this minute aspects as well from now on not just this question digital India land records modernization program even if you come to the question number 49 uh pradan uh sorry question number 50 pradan sh yog even though the fourth statement family pension is applicable to the spouse and un married daughters so that is uh you know too much of a minute detail uh we don't expect the students to go go that deeper when they read the schemes again the uh entry age group for the whether 18 to 40 or 21 to 40 yes so while preparing for schemes I think we have to be very uh conscious and you know we have to remember all the provisions of the scheme thoroughly and understand also the objectives what the scheme is trying to do and correlate with the and another important thing uh if you look at your main syllabus also I think uh when we prepare for U upsc prelims we tend to focus only on the prelim Centric part exactly but you must also understand that sometimes questions are also asked from the mains aspect of economy for example in uh Mains there is a explicit cabus public distribution system its functioning its limitations sing features and I do remember at least twice questions has been asked with respect to nfsa national food Security Act same way in the main syllabus you have a separate topic of land reforms and this is something that we normally teach the students in the mains module that is digital India land records modation program so if someone is well aware of what exactly is land reforms all about what exactly is modnation of land records such a student will be able to imple uh correctly answer this coming to the first statement provides 100% funding one of the biggest reason why we have not been able to modernize land records is because of lack of focus by the state government so that is why the central government will obviously take a lead and provide funding so that way I think you have to look at the mains aspect of the syllabus as in a way you trying to say that you can't prepare prelims individually when so there are some aspects of mains we have to integrate and based upon these four question with respect to schemes policies and initiatives another question called on CSR Corporate social responsib so what I would want to say to the students is just because you have got four questions this time on schemes and policies doesn't mean that you have to sit and study all the schemes and programs they come up with thck booklets 300 pages in that case the uh schemes and programs will become a separate subject itself subject itself so what is the right strategy to prepare for schemes and policies the right strategy is to remember the schemes and policies which are in news news best example is pradan manry sham Yogi Mand it is something which is in news trying to ensure Financial inclus Financial inclusion so anything which is to do with the social development financial inclusion and if you actually compile those important schemes like last time there was a question on atal pension and this time it is sham Yogi Mand right so I think if you carefully look at the you know important schemes and policies you can just know about these policies and uh with respect to schemes I think so students might have prepared for NPS this year NPS yes yes new pension scheme so I think U I think one should be thorough with all the schemes and policies which have some relevance with the main syllabus main syllabus so all the schemes and you know policies because inclusive growth as a uh mentioned in the syus actually so all the ins all the insurance schemes and know pension schemes and all these schemes uh should be covered under that uh so under that what you should know what kind of scheme it is centrally Cally sponsored or Central sector second the noal ministry which is implementing third thing what are the sent features of that particular scheme true so I guess with respect to atal pension yoga the same statement was used that is family pension is available to spouse yes it was a statement which is used uh which was asked with respect to atal pension yoga which was asked in one of the previous year prelims as well so it is a very specific aspect about the scheme so those things they have to keep in mind yes so and this pradhanmantri surakit mat Aban the first statement had two parts yeah first was provide provision of anti-al care service to women in their period of pregnancy and after pregnancy after so During the period of pregnancy the statement was right but the scheme does not provide any benefits post the delivery yeah exactly and the second statement is correct because to supplement the initiatives by the government even the private sector help was ened some questions appeared from the basic concepts basic concepts students I think focus more on current affairs they try to keep up with the current affairs and in that way they forget the basic basic and these two questions are exactly summarizes why you need to prepare the basic subjects even from the ncrs yes the first question was very basic on economic activity and what kind of sectors are they related to that you have to understand the difference between primary second activities exactly and that storage of any produce be it agricultural or Industrial Equipment all these are Services tery sector and weaving cloth again you utilize raw cotton so it is a secondary second now so another question appeared in this basic concepts are the physic on physical capital physical capital exactly whether are they working capital or fixed Capital so working capital I understand a short-term capital which you use in your day-to-day activities raw materials basic ra materials and fixed Capital something you invest on your business it's like a capital goods it's a capital goods so from that logic petrol and Y used by Weaver are examples of working capital whereas plow and computer they are fixed cap fix capitals yeah it was a easy question now so moving on to the external sector yes I sir I remember you were highlighting that primarily the questions were related to trade aspect but now the the focus have shifted to aspects of other countries so with respect to external sector uh from last five years what has been happening is they have been asking question with respect to General Trends exactly General Trends with respect to Imports exports for example in prelims 2020 there's a question as to with respect to present status of India's external trade consider the following statements so questions were with respect to General things but from last 2 years rather than asking General Trends they have been asking question with respect to a specific commodity last year there was a question with respect to specific commod is gold so you must have seen that question land and this time a specific question with respect to Apples there reason student Must Be Wondering Apple Kashmir or us no this was in news actually this was in news import of apples from us was in news and it was in news with respect to uh see you must be knowing that us revoked the GSP status status to India in retaliation India imposed higher custom duty on import of apples from USA and then later India and USA decided to resolve their trade dispute and India reduced the customer Duty on Apple and some of the opposition parties had raised concerns with respect to reduction in custom duty on Apple Apple because it was in news I guess it was there in the Indian Express explain section that's why specifically they asked on question on app app exactly earlier questions from external sector used to be uh used to test the conceptual knowledge of uh you know balance of payments and of the Indian economy Indian economy and uh even questions like you know on exchange rate near versus surprisingly this time there's no question such questions I think these kind of questions can be answered more based on the current affairs knowledge or your newspaper reading rather than the core conceptual understanding the same thing uh goes with the question number 47 the V about the Venezuela crisis so this time once again that uh pattern has got changed in the exter sector when upsc says Indian economy it's not just about Indian economy now it is becoming International economy because you are expected to know what is happening at the international level also not just in us but in Venezuela Venezuela also exactly I think the key takea away from these two questions from external sector is that keep reading newspapers at least for the basic understanding just like when you're reading on the IR section you focus on places in news next time when you're reading the business page you keep focusing on important events economic events happening in other countries countries in crisis yes so Sir with respect to Venezuela question I saw the news that Venezuela somewhat recovered from its economic crisis but has it led to prevent people from fleeing the country even I was confused here with respect to statement one uh actually Venezuela has achieved a recovery from its crisis and it is like clocking good GDP growth but what is a key takeaway from this particular statement is the first word rapid very rapid right that is the first part and second one is it has still not been able to prevent its people from immigrating to other count other countries so because of the word rapid and because it has failed to prevent the people from migrating the St should be incorrect even the recovery that you're talking about the Venezuela had experienced of course the GDP has been growing good but that was mostly because of the base effect because of low Bas because of the low base effect uh it is it doesn't mean that not they have recovered from the crisis it so the first statement is in that case it is wrong and second statement is straightforward because the first fact we know about Val well is that the country has its largest oil Reserve yes now so the another question was there on infrastructure yes yes again this concept of Green Field and Brownfield project have somewhat been more talked about but what is not talked about about these three airports well obviously Raja s will know about vijaywada International Airport because he from the fact that you know it is a Greenfield airport or a bronfield airport again so you can understand this was entirely fact based yes so don Polo Airport which is an itanagar and Kushi nagar airport in up these two are Green Field projects and vijaywada is a Brownfield project project this was completely unexpected because normally from the theme of infrastructure we'll ask the students to focus on schemes policies like Finance instrument infrastructure Finance instruments like invits rates n exactly exactly these have been in news the past few years again and this was very factual question actually because it's very difficult to remember airport Greenfield these are not more talked about airports these are somewhat less talked about this is this is one one such question which which is supposed to be left left exactly exactly so that's about the paper so sir how should a student prepare for next year's prelim that probably is the most waited upon topic of this year's podcast okay so one thing is for sure the overall theme uh the weightage for Indian econom is going to remain same which is like 15 to 20 and uh from that major emphasis or majority of the questions are going to be asked from the theme of banking finance that is for sure that is not going to change but within the theme of banking Finance more emphasis should be on financial market and as discussed before from Capital Market and money market no need to go into lot of depth lot of details if you have a basic understanding about uh what is Capital Market money market the instruments that is more than sufficient as far as the banking and finance external sector from last 2 years repeatedly questions have been asked with respect to important Commodities like uh apple and gold so next time students come across any important commodity then people should look out for that for example kokoa is something is in news because of rising yeah so coka or say wheat wheat is also in news rice is also in news so some important commodi which is in news people should keep an eye for those things and uh another important thing which has been happening is Core Concepts students generally tend to ignore the Core Concepts Focus they focus more on current more on the current development so the core concept from ncrs will always play important role at least two to three questions as we saw this year also two questions yeah two questions plus another question on TFR total fertility rate right so that is how people should keep in mind from this particular years paper and from scheme's point of view Raja sir what do you think how should a student approach should they read about all the schemes or should be they be smart and selective about those see for schemes uh see there are n number of schemes and then it is humanly impossible uh to mug up all the schemes and all the provisions but I suggest students to focus upon all those policies and schemes which have relevance to upsc main syllabus the inclusive growth the agriculture marketing land reforms and uh uh let's say economic and social development Social Development these kind of know uh topic infrastructure even that so there are a lot of initiatives the government has been taking with respect to these topics so I think even your Mains preparation would enable you to understand that these are the schemes and these are the policies that I need to focus upon because you need to mention them in your answers so going a bit deeper into it and understanding their basic Provisions would not do any harm and I think it will only enrich the knowledge enrich the knowledge and that is I don't expect students to go beyond that and you know because the cost benefit ratio is very low low and second thing uh I apart from The Core Concepts as basas s said that you know one should always be very strong at the concepts because your conceptual knowledge will enable you to you know eliminate the options so that's what I always call application of knowledge if not the basic information information based questions even you can answer application based questions and second thing is the current affairs so the way we read current affair the way we prepare current affairs needs to be you know changed a bit uh let's say have to be a bit smart about smart about it because see current affairs is giving you a chance to go into the concepts for example uh RBI has enabled Regional rural Banks the laf facility so you should have that Curiosity in you to understand fac what are other you participants in the laf so who were actually excluded from the laf whether nbfcs are eligible or not so the first thing that you need to know is whether small Finance Banks can Avail the benefit of LF or not because these are differentiated Banks what kind of differentiated Banks can access LF or not so these are the questions that you need to ask yourself rather than you know reading uh the current affairs in silos that's what I believe so we'll conclude this was all for today's in conversation video stay tuned with our YouTube channel for more updates until then a very good night thank you thank you B thank you