EPFO writes to Finance Ministry on exposure to crisis-hit IL&FS bonds
Concerned over its exposure to IL&FS bonds, the Employees Provident Fund Organisation (EPFO) has intimated the Ministries of Finance and Corporate Affairs and sought its help in protecting the retirement fund money of large numbers of people.
“Letters have been written to the Finance Minister and also to Corporate Affairs,” Central Provident Fund Commissioner Sunil Barthwal told IANS. However, he said the EPFO’s exposure in the debt-ridden company’s bonds is “very less” considering its total corpus.
“Till now there has been no default by IL&FS in paying our interest amount or any principal amount. Now we will have to see, what happens when our interest becomes due. That we are watching,” Barthwal said without divulging the amount of investment in the bonds.
