Yet this institution can give modern education (3,6)

I believe the answer is:

old school

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But I can't explain it at all! Could you help me understand?

(Other definitions for old school that I've seen before include "sort of tie?" , "In Westminster" , "Conservative thinkers" , "Doing things the same way as before" , "square" .)

I've seen this clue in The Hindu.

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