IL&FS causing loss of thousands of crores to provident funds: Report

The most likely to incur losses are the privately-managed retirement funds

Infrastructure Leasing & Financial Services IL&FS, which sits on a debt pile of Rs 91,000 crore, is causing a loss of thousands of crores to the provident and pension funds of middle-class salaried people, said the Economic Times report.

The gradual downfall of the IL&FS has revealed the enormous extent of exposure of pension funds and has put as much as Rs 20,000 crore worth of investments at risk.

According to an ET article, these provident and pension funds have made investments, owned bonds or provided money as loans to the failed IL&FS group and its subsidiaries to the tune