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This story is from October 13, 2006
EPFO may invest in oil bonds
Finance ministry is considering allowing pension funds to subscribe to bonds worth over Rs 30,000 crore.
Sources said the bonds, on which a decision is pending, would, however, not receive SLR (statutory liquidity requirement) status to make them more attractive for banks to park funds.
While Employees Provident Fund Organisation (EPFO) and insurance companies, which sell pension plans, have in the past sought improvised products to invest in, the oil bonds, which are expected to have a seven-year term, would not address their need for long-term instruments.
But with banks not finding it attractive to invest in government and RBI, which is yet to agree to the proposal, could be trying to maintain higher liquidity in money market to ensure that interest rates do not come under pressure. There is pressure on rates as rates are rising in overnight call money market, which was in the range of 6.35-6.4%.
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