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February 22, 2019

Bangla CM writes to PM on IL&FS going under debt

Bangla CM writes to PM on IL&FS going under debt

In a letter to the prime minister, Chief Minister Mamata Banerjee has expressed major concern over the largest lending institution of the country for industrial infrastructure, Infrastructure Leasing and Financial Services (IL&FS), going under a huge debt. IL&FS is involved in a debt of almost Rs 91,000 crore.

In the letter, she has also communicated her distress over the woes of the common people as a result of this debt.

Companies such as HIDCO, IDBI, SBI, SIDCO and MMTC, and the power boards of Gujarat and Himachal Pradesh, had invested their employees’ money belonging to provident funds and pension funds in IL&FS, in the form of bonds. This money is now blocked.

Thus employees belonging to many government and semi-government organisations are not sure now whether they would get back their money.

Concerned over this suffering of the common people, Mamata Banerjee in her letter has asked the prime minister to intervene in this matter.

The situation at IL&FS started deteriorating from last September, and has been on the downswing since then.

Source: Aajkal

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