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

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