PFMS Full Form Public Financial Management System

PFMS Full Form Public Financial Management System

Transient Historical past of PFMS:
PFMS Full Form Public Financial Management System,PFMS was launched throughout 2009 as a Central Sector Scheme of Planning Fee with the target to trace funds launched beneath Govt. of India Plan schemes and real-time reporting of expenditure in any respect ranges of the implementation of the scheme. After a couple of years, within the yr 2013, the scope was widened to cowl direct cost to beneficiaries beneath each Plan and non-plan schemes. In late 2014, it was deliberate that PFMS will do digitization of the accounts and extra options can be added to PFMS at completely different levels.

PFMS Full Form Public Financial Management System

PFMS stands for Public Monetary Administration System. Previously, it was referred to as Central Plan Schemes Monitoring System (CPSMS). It’s an internet software program software developed and applied by the Workplace of Controller Basic of Accounts (CGA). It provides a platform for e-payment of subsidy beneath Direct Profit Switch (DBT) to each Aadhar based mostly & Non-Aadhar based mostly financial institution accounts via NPCI. Many banks have applied DBT funds via PFMS for the beneficiaries lined beneath the schemes.

PFMS Full Form Public Financial Management System

The principle duty of PFMS is to facilitate sound Public Monetary Administration System for Govt. of India by offering a fund movement system and a cost cum accounting community. It provides a real-time, dependable, and significant administration info system and an efficient determination help system as a part of the Digital India initiative of Govt. of India.

The largest benefit of PFMS is its integration with the Core banking system within the Nation. Ultimately, PFMS is able to pushing on-line funds to nearly each beneficiary/vendor. At current, PFMS has an interface along with the Core Banking System (CBS) of all banks to supply real-time reporting of banking transactions.

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