EPFO assesses quantum of funds parked in IL&FS bonds

NEW DELHI: Retirement fund body EPFO has started a survey to assess the amount of investments parked in crisis-hit infrastructure finance company IL&FS by 1,374 private provident fund trusts regulated by it, a source said. After assessing the loss, the Employees Provident Fund Organisation (EPFO) would provide the findings of the survey to the government.

The source also informed that the EPFO has also written to the ministries of corporate affairs and finance to protect the body in this situation as its investment is nearly Rs 574 crore in IL&FS bonds. This is a miniscule amount in view of its overall corpus of over Rs 10 lakh crore with investible deposits of Rs 1.5 lakh crore at hand every year, the source added.

“The EPFO has begun a survey to assess the quantum of investment made by as many as 1,374 private provident fund trusts regulated by it. The findings of the survey would be provided to the government,” the source said. The source also disclosed that IL&FS has not defaulted so far on interest payment to the body and the EPFO will approach the NCLT in case of any default on interest payment.

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