PFMS Full-Form Public Financial Management System initially started as an idea scheme named CPSMS of the design Commission in 2008-09 as a pilot in four States of Madhya Pradesh, Bihar, Punjab and Mizoram for four Flagship schemes e.g. MGNREGS, NRHM, SSA and PMGSY. After the initial phase of building a network across Ministries / Departments, it’s been decided to undertake National rollout of CPSMS to link the financial networks of Central, State Governments and therefore the agencies of State Governments. The scheme was included within the 12th Plan initiative of designing Commission and Ministry of Finance.
In December 2013 the Union Cabinet approved the national roll-out for all States and schemes for a period of 4 years till 2017 as follows:
Also Read: Apna Khata
(i) Total outlay of the scheme to be implemented through the O/o CGA would be less than Rs. 1080 crore.
(ii) Four tiered project organization structure viz.
Contents
Modules developed /under development for stakeholders as per the Union Cabinet above mandate are as under:
(a) PAO to beneficiaries (b) Agency to beneficiaries (c) State treasuries to beneficiaries
(a) CBS (b) India Post (c) RBI (d) NABARD & Cooperative Banks
The DBT scheme announced by the govt of India for implementation w.e.f 01.01.2013. It decided that payments (Aadhaar enabled or via NEFT) to ultimate beneficiaries are going to process through (CPSMS). The erstwhile committee issued detailed guidelines on 12.4.2013 (OM No 4) regarding use of CPSMS by Ministries /Department/Implementing Agencies for DBT.
Further, the utilization of PFMS has been made mandatory for payment, accounting and reporting under Direct Benefit Transfer, with effect from 1st April 2015. No payments under the Direct Benefit Transfer schemes (except PAHAL) too processed unless the electronic payment files for such payments received through the system developed by the CGA from 1st April 2015.
As a result, every Department/Ministry will transfer funds electronically to every beneficiary (individual or institution) through PFMS. Further, implementing agencies will transfer the cash components to beneficiaries through PFMS. within the case where funds transferred to State Government/Treasury, each Ministry will coordinate and make sure that the cash component of every scheme transferred through PFMS. In both the above cases, all Departments/ministries will use the PFMS system of CGA for processing payments which already linked with NEFT and APB of NPCI for settlement of funds and may process both sorts of payments on one platform.
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Public Financial Management System (PFMS) may be a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI.
PFMS Scholarship 2020: the general public Financial Management System (PFMS) may be a Government of India project that appears after social sector programs. In four countries, namely Madhya Pradesh, Bihar, Mizoram, and Punjab, this scheme was first introduced.
To update checking account details, just in case of failed checking account validation, log within the GST Portal. Navigate to Services > Refunds > Track Application Status > Enter ARN > UPDATE checking account button in Bank Validation Status column.
Public Financial Management System
PFMS means the general public Financial Management System (formerly Central Plan Scheme Monitoring System) which employed by government agencies to form payments directly into the recipient’s checking account.
The Bank will send SMS alerts once you get DBT within the account otherwise you transact on your account. Alternatively, you’ll also check your account balance using ATM, micro atm/ Bank Mitra, internet banking or calling the bank for details of your transactions.
Public Financial Management System (PFMS) may be a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI. PNB has implemented DBT payments through PFMS for the beneficiaries covered under the scheme.
Also Read: NVSP
Eligibility Criteria for PFMS Registration 2020:
The student must have qualified Class 12th and therefore the student should be in top 20% candidates to use for PFMS Merit Scholarship. The age of the scholar should be between 18 and 25. The annual income of the oldsters shouldn’t be quite Rs 6 Lakh once a year.
PFMS – The short sort of the general public Finance Management System understood as PFMS. It centralized portal for fund disbursement for central scholarship and other welfare schemes. The PFMS does also disburse funds for the schemes where the contribution from central government is involved.
Public Financial Management System (PFMS) established as a web-based online transaction system for fund management and e-payment to implementing agencies and beneficiaries. The first objective is to link with the financial networks of Central and therefore the State Governments and the agencies of State Governments.
The Direct Benefit Transfer (DBT) under the Scheme PM-KISAN done through the System of Public Finance Management System (PFMS), a web-based payment and MIS IT application of the govt of India administered by the Controller General of Accounts (CGA), Ministry of Finance, Government of India.
Public Financial Management System (PFMS) may be a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI. PNB has implemented DBT payments through PFMS for the beneficiaries covered under the scheme.
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