• Union Cabinet has approved the merger of 10 PSBs into 4 from 1st April 2020. As per the Union Finance Minister Nirmala Sitharaman, the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from the new financial year 1st April 2020.
  1. United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank
  2. Syndicate Bank will be merged with Canara Bank
  3. Allahabad Bank will be amalgamated with Indian Bank
  4. Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
  • The Union Cabinet chaired by Prime Minister Narendra Modi has approved a 4% hike in Dearness Allowance (DA) for central government employees and Dearness Relief (DR) to pensioners with effect from January 1, 2020. 
  • The Union Cabinet has approved Production Incentive Scheme for Large Scale Electronics Manufacturing. The Government of India has proposed production linked incentives through Production Incentive Scheme to boost domestic manufacturing and to attract large investments in mobile phone manufacturing. Cabinet has also approved financial assistance to the Modified Electronics Manufacturing Clusters Scheme (EMC2.0) for development of world class infrastructure through Electronics Manufacturing Clusters.