New Delhi, Dec 13 (UNI) The Union Cabinet today gave its approval for appointing two public sector Mutual Funds-- UTI Mutual Fund and SBI Mutual Fund- for managing investments of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF).
The decision involves constitution of an Investment Board as the apex body for the purpose of laying down the policy guidelines and investment strategy, which will set the framework for the day to day decisions on investments.
Minister for Information and Broadcasting Priya Ranjan Dasmunsi told newspersons here the decision will help in managing POLIF and RPOLIF professionally in line with other Life Insurance Companies.
The Cabinet also approved sanction of creation of the following posts; (a) one post of CIO of the level of Additional Secretary; (b) Four posts of the level of Directors and (c) Eleven posts for secretarial support.
Later, Finance Minister P Chidambaram said the decision was in line with the creation of the National Investment Fund.
He said the present corpus was of the order of Rs 8,934 crore for POLIF and Rs 1,625 crore for RPOLIF.
He said that a large part of the corpus of these Funds has already been invested.
Mr Chidambaram said the Advisory Board will help channelise the corupus to be invested more profitably.