Cabinet approves Rs 635 cr additional sum for India Post Payment Bank


New Delhi, The Government on Wednesday revised the project outlay for setting up of India Post Payments Bank (IPPB) and announced to give Rs 635 crore additional sum for the Bank. Earlier, the Government had sanctioned Rs 800 crore for the installation of the Bank. Now with the additional sum of Rs 635 crore, the total revised estimate stands at Rs 1,435 crore, Union Communications Minister Manoj Sinha told reporters here. Of the additional sum of Rs 635 crore, Rs 400 crore has been given for Technology costs and Rs 235 crore for Human Resource Costs, he added. Mr Sinha said the Bank would be launched on September 1 by Prime Minister Narendra Modi.

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