The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore. The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs 400 crore for Technology Costs and Rs 235 crore for Human Resource Costs.