Rs 210 crore of Army insurance funds sunk in IL&FS bonds


One of the key prongs for the welfare of ex-servicemen — the Army Group Insurance Fund (AGIF) — has exposure to toxic IL&FS bonds amounting close to Rs 210 crore. This means that crores worth of insurance premiums, covering all ranks from generals to JCOs and jawans, are at risk of being lost.

Recently, officials of the Indian Army met the new board of the IL&FS seeking a solution of this issue. There are no direct answers on who will pick up the liability. IANS sent a questionnaire to IL&FS, asking whether the AGIF had any exposure to its bonds and what was the quantum involved.

Chief Communications Officer, IL&FS group, said, “Thanks for reaching out to us. We would like to decline comments on the same.” Read More

You may also read!

Germany Moves at EU to List Masood Azhar as Global Terrorist

Germany has initiated a move at the European Union to designate Jaish-e-Mohammed (JeM) chief Masood Azhar as a global

Read More...

Boeing 737 Max: Pilot who hitched ride saved Lion Air flight day before deadly Ethiopian Airlines crash

As the Lion Air crew fought to control their diving Boeing Co. 737 Max 8, they got help from

Read More...

CRPF not to celebrate Holi in wake of Pulwama terror attack

The Central Reserve Police Force (CRPF) will not celebrate Holi this year as a mark of respect to its

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu