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Business Economy


Take measures to recover exposure of pension and PF in IL&FS, NBFCs: AIBEA appeals to FM

Take measures to recover exposure of pension and PF in IL&FS, NBFCs: AIBEA appeals to FM

Hyderabad, Jun 13 (UNI) All India Banks' Employees Association (AIBEA) has appealed to Finance Minister Nirmala Sitharaman to take measures to recover the exposure of Pension and Provident Funds in IL & FS and other debt-ridden NBFCs.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving suggestions and proposals for the ensuing budget said, Pension and Provident Funds have exposures to IL&FS and other NBFCs.

The exposure of Postal Life Insurance Fund is Rs.687 Crore, the National Pension Scheme (NPS) exposure is Rs.1270 Crore, SBI Employees’ Pension Fund exposure is Rs.425 Crore, SBI Employees’ Provident exposure is Rs.410 Crore, Rural Postal Life Insurance Fund exposure is Rs.318 Crores and CBT EPF exposure is Rs.575 Crore.

These funds are from the retirement corpus to be payable to the employees and workers.

Therefore, the Government of India should purchase these investments from the Pension and Provident Funds, which shall facilitate them to invest these huge funds in a profitable manner elsewhere.

An announcement to this effect and allocation of funds should be made in the ensuing budget, Mr Venkatachalam said.

UNI CS 1509

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