PFMS Full Form | Full Form of PFMS
PFMS Full Form - Public Financial Management System
Public Financial Management System
- PFMS stands for Public Financial Management System. Formerly, it had been called Central Plan Schemes Monitoring System (CPSMS).
- It's an online software application developed and implemented by the Office of Controller General of Accounts (CGA).
- It offers a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhaar based & Non-Aadhaar based bank accounts through NPCI.
- The main responsibility of PFMS is to facilitate sound Public Financial Management System for Govt. Of India by providing a fund flow system and a payment cum accounting network.
- It offers a real-time, reliable, and meaningful management data system and an efficient decision network as a part of the Digital India initiative of Govt. Of India.
- The biggest advantage of PFMS is its integration with the Core banking system within the Country.
- Eventually, PFMS is capable of pushing online payments to almost every beneficiary/vendor.
- At the present, PFMS has an interface additionally to the Core banking System (CBS) of all banks to supply real-time reporting of banking transactions.
History of PFMS
- PFMS was introduced during 2009 as a Central Sector Scheme of planning Commission with the target to track funds released under Govt. Of India Plan schemes and real-time reporting of expenditure in the least levels of the implementation of the scheme.
- After a couple of years, within the year 2013, the scope was widened to hide direct payment to beneficiaries under both Plan and non-plan schemes.
- In late 2014, it had been planned that PFMS will do digitization of the accounts and extra features would be added to PFMS at different stages.
- Advances transparency tangible updates within the general Central Government Financial Management and use of various Central Government Schemes.
- Deals with decent variety and an assortment of channels whereby cash is spent and moved.
- Sets a typical electronic stage for the great following of fund flows from the Central Government to the big number of program executing organizations, under both the Central Government and therefore the State Governments until it arrives at the last planned recipients.
- Empowers real time monitoring of disbursements and distributions of resources.
- Offers decision support system across services and branches and all states and UTs.
- Reflects the important spirit of co-usable federalism with the center and therefore the national governments consolidating their efforts.