The full form of PFMS is the Public Financial Management System. CPSMS was the prior name for PFMS (Central Plan Schemes Monitoring System). It is a piece of internet software created and released by the CGA group (Controller General of Accounts). The Indian government’s expenditure division, headed by the Finance Minister, is responsible for it.
Through the NPCI, it offers a network for online subsidy payments to bank accounts with and without Aadhar numbers as part of Direct Benefit Transfer (National Payments Corporation of India). Many banks started making DBT payments to recipients who met the requirements of the policies via the PFMS.
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.
Responsibilities of PFMS
- The cash flow method and a transaction-based accounting network are the two fundamental components of PFMS.
- As a component of the government’s Digital India strategy, PFMS offers a reliable, effective decision support tool and a real-time, insightful information management system.
- Integrating PFMS with the central bank system has the most significant positive impact on the country.
- The online payment will soon be available to practically all beneficiaries and vendors through PFMS. In addition to all banks’ CBS, PFMS currently includes an interface for real-time financial payment documentation (Core Banking System).