India Post Signs Invest Pact With two Fund Managers

Department of Posts Signs Invest Pact With two Fund Managers

India's federal postal department Tuesday signed pacts with two fund managers to help manage cash that it will collect daily as premiums from its life insurance customers.
The funds to be managed will be equally split between state-run UTI Asset Management Company and SBI Fund Management, a government statement said.
"The net accretion to the postal life insurance and rural postal life insurance will now be invested as per the Insurance Regulatory & Development Authority guidelines," statement said.
The guidelines allow the fund managers can invest up to 15% of the total cash in shares.