New Delhi, Dec 13: The Union Cabinet today gave its approval for the operationalisation of the investment function of the Post Office Life Insurance Fund (POLIF) and the Rural Post Office Life Insurance Fund (RPOLIF).

"The Cabinet gave its approval for appointing two Public Sector Mutual Funds, namely, UTI MF and SBI MF, for investment of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF) in relaxation of provisions of general financial rules, " a Cabinet release said.

This decision would help in managing POLIF and RPOLIF in line with other Life Insurance Companies, the release added.

Constitution of the Investment Board as the apex body for the purpose of laying down the policy guidelines and investment strategy was also approved. (ANI)