Public Financial Management System

Public Financial Management System Latest News

Recently, the Minister of State for finance informed the Rajya Sabha about the Public Financial Management System (PFMS).

About Public Financial Management System

• It is a web-based online transaction system for fund management and e-payment to implementing agencies and other beneficiaries.
• It is a Centralized Transaction System & Platform, providing end to end financial management services to all stakeholders.
• It is developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, Government of India.
• It was started during 2009.
• Function: To facilitate a sound Public Financial Management System for Government of India by establishing an efficient fund flow system as well as a payment cum accounting network.

‹ ›

Key Features of Public Financial Management System

• It tracks funds released under all Plan schemes of Government of India, and real time reporting of expenditure at all levels of Programme implementation.
• The government has mandated PFMS as a single platform for payment, accounting & reconciliation of government transactions and DBT.
• Cash management modules: It has been introduced on PFMS for better fund management like Single Nodal Agency (SNA), Treasury Single Account (TSA), Central Nodal Agency (CNA) and Single Nodal Agency Samyochit Pranali Ekikrit Shighra Hastantaran (SNA SPARSH).
• Grievance Redressal System: PFMS has introduced the Customer Relationship Management (CRM) system, to strengthen the grievance redressal mechanism for PFMS users/ beneficiaries.

Source: PIB