PFMS Scholarship:- The Public Finance Management System (PFMS) was formerly called the Central Plan Scheme Monitoring System (CPSMS). It is a unique web application designed to track the distribution of funds and monitor government programs and schemes in the social sector. Students can monitor the status of all centrally funded and central sector programs for which DBT (Direct Benefit Transfer Mode) is used to make payments. Additionally, the portal includes details about a few scholarship programs.Which scholarships does PFMS list? What distinguishes central sector projects from those that are funded centrally? How can students find out the status of their scholarship payments? Find detailed responses to each of these queries in this post.
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PFMS Scholarship 2024
The CPSMS, also known as the PFMS site, was first designed to track four major programs of the Indian government—the MGNREGS, PMGSY, NRHM, and SSA in the states of Madhya Pradesh, Mizoram, Bihar, and Punjab—when it was launched in 2008–09. Later on, though, it was connected to state government agencies as well as the financial networks of the federal and state governments. In addition, the DBT plan was introduced by the Indian government in 2013 and was supposed to be executed via the PFMS site.
Payments for pensions, scholarships, and other social welfare programs were made directly to the end recipients under the DBT (Direct Benefit Transfer) plan via PFMS (Aadhaar enabled or via NEFT). The students can then check their payment status online as a result of this.
The schemes that allow users to access payment status via the PFMS portal can be broadly divided into two groups:
- Centrally-sponsored schemes
- Central sector schemes
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Central Sector Schemes
Programs that are run by a central government agency and get all of their funding from the central government are referred to as Central Sector Plans. For instance, the scholarship programs are managed through the National Scholarship Portal (NSP). PFMS Awards is another common term for these honors.
Centrally-Sponsored Schemes (CSS)
While the Central Government provides complete money for the Central Sector Programs, the State Governments contribute a portion of the funding for the programs that are centrally funded.The State Government is in charge of carrying out these programs. As an illustration, consider the scholarships that are provided on the NSP portal under the state schemes area.
PFMS Scholarship 2024: Overview
| Name of Scholarship | Public Finance Management System Scholarship (PFMS) |
| Academic year | 2022-23 |
| Provider | Government of India |
| Application Link | pfms.nic.in |
| Last Date of Application | TBA |
Eligibility
Candidates must fulfill the following prerequisites in order to apply for this scheme. If not, they are ineligible to qualify for this scholarship. These are the requirements.
- The applicant must make India their permanent home.
- The annual income of the beneficiary’s family cannot be more than ₹6,00,000/-.
- The age range of the applicant is 18 to 25.
- Applicants must have passed the minimal exam for secondary education.
Benefit
- A scholarship is offered within the public financial management system by the Ministry of Finance.
- Renowned colleges and universities will provide financial aid to students who meet the eligibility requirements for scholarships.
- It enables a student who belongs to the ST/SC, OBC, or economically disadvantaged group to help assure support, even if it is dependent on the exceptional achievement of the candidate.
- The student won’t face any obstacles in continuing their further studies thanks to the scholarship money.
Scheme Types
A public finance management system oversees nearly eight PFMS scholarship schemes. Details of the scheme are provided below:-
- Scholarship for pre-matriculation in PFMS for scheduled caste
- Scholarship for post-matriculation in PFMS for scheduled caste
- System for managing public finances National Student refers to cumulative merit scholarships.
- Scholarship program to encourage girls to pursue higher education
- Scholarship programs offered by PFMS to students pursuing higher education
- The PFMS scholarship program aims to improve the merit of students from scheduled castes.
- There is a top-notch educational program for the scheduled caste scholarship program.
- Post-matriculation funding scheme for individuals from other backward classes
Documents Needed for Application
To be eligible for the PFMS scholarship, the candidate must provide copies of the following documentation:
- Educational certificate
- Mark sheet of matriculation
- Domicile certificate
- Certificate of caste
- Passport size photograph
- Aadhar Card details
- Receipt of fee
- Mobile number
- Bank account details
- Certificate of family income
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PFMS Scholarship Online Application
To submit an online application for a PFMS scholarship, you must do the following actions.
- Visiting the official website is the first step in the registration process.
- The candidate will see a “PFMS scholarship student registration” option on the homepage. Select this option.
- The applicant must then choose the preferred scheme.
- A new page requesting information will open after you select it.
- Give information such as the 12th grade education, the fundamentals, and the Board of Education.
- Using the drop-down menu, enter the IFSC code and bank account information.
- Choose the category and use the site to submit this data.
- Now give the details of your cellphone number.
- That registered cellphone number receives an OTP.
- Once you’ve entered your OTP, click Proceed.
- After the mobile number is verified, an email address will be requested.
- For future logins, create a user ID and password now.
- To continue, choose your user name, password, and captcha code.
- The following step requires you to upload the required papers.
- Choose the necessary areas and upload the required documents. Then, click the submit button to complete the submission.
- You can apply for the PFMS scholarship process using the public finance management system site in this manner.
Verifying the Application’s Status
The official website allows applicants to monitor the status of the scholarship amount sanctioned under the plan at any moment. Let’s examine this in more detail.
- Start by going to the public finance management system’s official website.
- A “Know Your Payment” button is present on the home screen.
- Select this option.
- It will request the validation of the account number and the captcha code on the bank account.
- Enter all of this information, then select “Search” to find out the payment.
- Additionally, you can print it out for later use.
List of Banks Enrolled in the PFMS Scholarship Program
The following banks are linked to the PFMS scholarship programs, therefore if the candidate has an account with any of them, they stand to gain directly from the affiliation.
- Abu Dhabi Commercial Bank
- Allahabad Bank
- Allahabad Gramin Up Bank
- Andhra Bank
- Andhra Pragathi Grameena Bank
- Axis Bank
- Bank Of Bahrain And Kuwait
- Bank Of Baroda
- Bank Of India
- Bank Of Maharashtra
- Bassein Catholic Co-Op. Bank Ltd.
- Bombay Mercantile Co-Op. Bank Ltd.
- Canara Bank
- Catholic Syrian Bank Ltd.
- Central Bank Of India
- Citibank
- City Union Bank Ltd
- Corporation Bank
- DCB Bank Limited
- Dena Bank
- Deutsche Bank
- Dhanlaxmi Bank Ltd
- HDFC Bank
- HSBC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Indusind Bank Limited
- Jharkhand Gramin Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Madhya Bihar Gramin Bank
- Manipur State Co-Op.Bank Ltd.
- New India Co-Operative Bank Ltd
- NKGSB Co-Op Bank Ltd
- Oriental Bank Of Commerce
- Punjab And Sind Bank
- Punjab National Bank
- Rbl Bank
- South Indian Bank
- Standard Chartered Bank
- State Bank Of India
- SVC Co-Operative Bank Ltd.
- Syndicate Bank
- Tamil Nadu Mercantile Bank Ltd
- The Cosmos Co-Operative Bank Ltd.
- The Federal Bank of Canada
- The Bank of Jammu and Kashmir Ltd.
- The Bank of Commerce and Industry of Kalupur Ltd.
- The Bank Lakshmi Vilas Ltd.
- The Cooperative Bank of Saraswat Ltd.
- The Thane Janata Sahakari Bank Ltd
- Uco Bank
- Union Bank Of India
- United Bank Of India
- Vijaya Bank
- Yes Bank Ltd
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Conclusion
As was already mentioned, there are cultural and social as well as financial issues surrounding schooling in our country.Even young individuals with the motivation and aptitude to pursue further education have shown a strong distaste for the way education is treated as an afterthought.
Education is limited to learning what is necessary to obtain job. However, with these kinds of programs, students can pursue their education on their own, autonomously, and to the best of their abilities. To persuade people who question the worth of education, it is crucial that these programs be appreciated and used as much as possible.
Helpline Number
Despite the fact that this page contains all of the information available regarding public financial management system scholarship. However, candidates can get in touch with the authorities if they have any questions about how to apply for or receive a scholarship.
PFMS Toll-free number: 01123343860 or 1800 118 111
FAQ’s On PFMS Scholarship
Q.) What IS PFMS?
Ans. Government organizations use the Public Financial Management System, or PFMS, to perform direct benefit transfers (also known as PMFs or DBT payments). Through the non-Aadhaar based payment method, direct bank account payments are made via the pfms.nic.in portal using the base link bank account in Aadhaar based DBT payments.
Q.) How much is the PFMS scholarship worth?
Ans. The scholarship rate is INR 1,000 at the graduation level and INR 2,000 per month at the post-graduate level during the first three years of college and university education. Students enrolled in professional courses would get INR 2,000 per month during their fourth and fifth years of study.
Q.) Who qualifies for the PFMS program?
Ans. The following conditions apply to be eligible for a PFMS scholarship: Applicants ought to have placed in the top 20% of the Class XII test. Candidates have to be in the 18–25 age range. The annual income of the household should not be more than INR 6,00,000.
Q.) How does a student find out the amount of their PFMS scholarship?
Ans. Through PFMS, students can access their online scholarship balance. To find out their actual status, they must supply their bank name, account number, and NSP application ID (if they applied through NSP).
Q.) What is the pmfsAccount Status or PFMS Login Account Status?
Ans. Through the Public Financial Management System (pfms login), E-PAYMENT subsidies can be paid for using Direct Benefit Transfer (DBT pfms login), which requires an Aadhar card, or by bank transfer, which can be completed without an Aadhar card (pfms login ). The NPCI is used to handle it.
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