IL&FS bond toxicity spreads rapidly, hits 4.7 million PLI policy holders

The IL&FS bond toxicity contagion is spreading rapidly. The virus has now spread to a rather large body of savers, in this case insured, which coming as it does just before the general election is not good news for the government. With a concerned Trinamool Congress top gun and West Bengal Chief Minister Mamata Banerjee and Communist Party of India-Marxist (CPI-M) leader Brinda Karat both expressing their displeasure over the exposure of 1.5 million salaried employees to these highly toxic bonds in IL&FS, the emergence of Postal Life Insurance (PLI) policyholders being exposed to the same bonds directly will lead to soul searching by the government.