LAUNCHES
Scheme Launches
Union Ministry Grants Approval for 33 Infrastructure Projects Under Urban Challenge Fund
Union Housing and Urban Affairs Minister Manohar Lal Khattar announced the approval or in-principle approval of 33 urban renewal projects under the Urban Challenge Fund (UCF).
UCF was operationalized on April 15, 2026, offering a overall central budgetary assistance fund of ₹1 lakh crore for municipal transformation.
State-wise distribution of approved projects includes Odisha (7), Gujarat (6), Madhya Pradesh (6), Andhra Pradesh (4), Karnataka (3), Maharashtra (3), Telangana (3), and Meghalaya (1).
Central Government funding under UCF is capped at 25% of bankable project expenditures, requiring municipalities to raise at least 50% via market instruments such as municipal bonds, commercial bank credits, or PPP models.
Exam Perspective: The remaining project expenses must be covered by state governments, union territory administrations, or local municipal bodies, encouraging urban fiscal self-reliance.
UCF was operationalized on April 15, 2026, offering a overall central budgetary assistance fund of ₹1 lakh crore for municipal transformation.
State-wise distribution of approved projects includes Odisha (7), Gujarat (6), Madhya Pradesh (6), Andhra Pradesh (4), Karnataka (3), Maharashtra (3), Telangana (3), and Meghalaya (1).
Central Government funding under UCF is capped at 25% of bankable project expenditures, requiring municipalities to raise at least 50% via market instruments such as municipal bonds, commercial bank credits, or PPP models.
Exam Perspective: The remaining project expenses must be covered by state governments, union territory administrations, or local municipal bodies, encouraging urban fiscal self-reliance.
Key Facts / Static GK
Ministry of Housing and Urban Affairs Cabinet Minister: Manohar Lal Khattar
Minister of State for Housing and Urban Affairs: Tokhan Sahu
Minister of State for Housing and Urban Affairs: Tokhan Sahu
Practice Quiz — 5 August 2026
Q1. Which of the following statements regarding the RBI's updated Bulk Deposit Interest Rate Directions 2026 is/are correct?
Answer: (B) Both statements I and II are correct — Statement I: The framework allows differential rates on bulk deposits based on LCR run-off rates from October 1, 2026. Statement II: Commercial banks and SFBs share a bulk deposit threshold of ₹3 crore, while RRBs have a threshold of ₹1 crore.
Q2. Under the revised CGSMFI 2.0 guidelines, what is the mandatory minimum combined allocation percentage of guarantee cover reserved for small and medium MFIs?
Answer: (C) 15% — Banks must now allocate at least 15% of the total guarantee cover under CGSMFI 2.0 to small and medium-sized MFIs, replacing the previous segregated structure of 5% and 10%.
Q3. Which agency constructed the new Income Tax Department office complex 'Aayakar Sindhu' inaugurated in Mumbai?
Answer: (B) Central Public Works Department (CPWD) — The 'Aayakar Sindhu' office complex in Nariman Point, Mumbai, was constructed by the Central Public Works Department (CPWD).
Q4. Which Non-Banking Financial Company (NBFC) has partnered with Flipkart as the principal lending partner for 'Flipkart Pay Later'?
Answer: (B) PayU Finance — PayU Finance, the NBFC arm of PayU, serves as the primary licensed lender for the Flipkart Pay Later digital credit solution.
Q5. Which founding document led to the formal establishment of the Arctic Council in 1996?
Answer: (B) Ottawa Declaration — The Arctic Council was officially established in 1996 through the adoption of the Ottawa Declaration.
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