Public Financial Management System(PFMS) Latest News
Are you searching for PFMS? This is the phase of financial management that the Planning Commission and the Controller General of Accounts office of the Ministry of Finance started. The PFMS Payment allows the government to directly distribute various plan benefits to the intended beneficiary.
The Public Financial Management System is referred to as PFMS. To provide constant announcements of banking exchanges, it collaborates with the central financial arrangement of banks. The government uses this stage to electronically distribute funds under Direct Benefit Transfer (DBT) to financial accounts based on Aadhar and Non-Aadhar through NPCI.
- 1 PFMS
- 2 What is PFMS?
- 3 DBT Through PFMS
- 4 PFMS Scholarship Application Process
- 5 How do I Check My Scholarship Status?
- 6 Conclusion
What is PFMS?
The Controller General of Accounts (CGA) IT platform, known as PFMS, was designed to track the distribution of funds from the Government of India to various levels below under all Schemes up to the point of final usage. It has now developed into a combined accounting and tracking gateway for payments.
NIC offers technical help, including application development, database management, portal hosting, etc. Through its interface with all banks and state treasuries, PFMS established a common platform for fully tracking fund flows from the Central Government to numerous program implementing agencies, both under the Central Government and the State Governments, until they reach the final intended beneficiaries.
It helps the Government of India's Ministries and Departments make good decisions through real-time monitoring of disbursements and resource use.
Objectives of PFMS
Effectiveness of PFMS
The best feature of PFMS is its integration with the central financial framework, which allows PFMS the unique capacity to send online payments to virtually any recipient and seller. PFMS interfaces with all open division banks, local rural banks, significant private sector banks, the Reserve Bank of India, India Post, and agreeable banks via the CBS.
Pre-requisites for payment through PFMS
DBT Through PFMS
Direct Benefit Transfer (DBT) will be provided through the Central Government in specified areas of the country beginning on January 1, 2013. Previously, the beneficiary amount would be instantly deposited to the bank account of individuals who have registered for the scholarship. As a result, everyone will be able to benefit from direct incentives, removing the middleman from the equation.
Interface with different Systems
PFMS is integrated with all public sector banks, RRBs, central commercial banks, Gramin Banks, Cooperative Banks, India Post, and the Reserve Bank of India's Core Banking Solution (CBS).
This enables near-real-time bank account validation, fund transfers, and access to implementing agencies' bank balances. The system is set up to accept electronic payments via Digital Signature, Corporate Internet Banking (CINB), and Payment Print Advice. PFMS is also linked to several MIS of Ministries/Departments and DBT Bharat.
PFMS Scholarship Application Process
Eligibility Criteria For PFMS Scholarship
To apply for this award, you must meet the eligibility requirements below.
PFMS Scholarship Required Documents
The following documents are required for online registration for this scholarship.
How do I Check My Scholarship Status?
The PFMS Payment System is a tremendous step by the government to ensure that benefits are delivered directly and quickly to the right people. All transactions conducted through this gateway are highly transparent.
So we can now say that government subsidies are reaching and assisting qualified folks. The PFMS transaction figures demonstrate that it gets the appropriate people on time. With this Public Financial Management System, India becomes the world's first country to provide government subsidies to this degree.