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General Studies (Paper 1) from JKPSC JKAS 2023 Prelims
Subject: General Studies (Paper 1) Economy Jammu & Kashmir Public Service Commission Last updated May 9, 2026
JKPSC Prelims 2023 General Studies (Paper 1)

Consider the following statements regarding Unified Payments Interface (UPI)

1. The UPI is a real-time payment system with a transfer limit of 1 lakh per transaction.
2. In addition to current and savings accounts, customers can link their overdraft account to UPI 2.0
3. Customers can pre-authorise a transaction and pay at a later date in UPI 2.0.
4. According to NPCI, customers can check the invoice the merchant sent before making payment.

How many statements given above are correct?

Answer & Explanation

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Correct Answer: Option D — All the statements
Analysis of the Statements
1. Real-time payment with a limit of ₹1 lakh (Correct)
UPI is a 24/7/365 real-time system. While the general limit for most transactions is ₹1 lakh, the NPCI has increased this to ₹5 lakh for specific categories like hospitals, educational institutions, and IPO subscriptions. However, as a general rule/baseline, the ₹1 lakh limit statement is considered correct in standard examinations.

2. Linking Overdraft (OD) accounts (Correct)
One of the headline features of UPI 2.0 was the ability to link Overdraft Accounts in addition to the traditional Savings and Current accounts. This allows users to transact even if they don't have a balance, provided they have an OD limit with their bank.

3. Pre-authorization (Mandates) (Correct)
UPI 2.0 introduced UPI Mandates, which allow customers to "pre-authorize" a transaction. The amount is blocked in the account and debited at a later date (e.g., for a hotel booking or an IPO application).

4. Invoice-in-the-box (Correct)
This feature allows merchants to send an invoice along with the payment request. The customer can view and verify the bill details (like the items bought or tax added) within the UPI app before clicking "Pay."
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.
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JKPSC JKAS 2023 Prelims

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Exam JKPSC
Recruitment JKAS
Stage Prelims
Year 2023
Subject General Studies (Paper 1)
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