What is the full form of PFMS?
The full form of PFMS is the Public Financial Management System. PFMS was previously called CPSMS (Central Plan Schemes Monitoring System). It is an online software program designed and introduced by the organization of CGA (Controller General of Accounts). It belongs to the Finance Minister, expenditure department of the Indian government.
It provides an online subsidy payment network to both Non Aadhar based bank accounts and Aadhar based bank accounts under DBT (Direct Benefit Transfer) through the NPCI (National Payments Corporation of India). Many banks initiated DBT payments via the PFMS for the recipient qualifying under the policies.
Responsibilities of PFMS
- The main functions of PFMS are the cash flow method and a transaction cum network of accounting.
- As part of Govt’s Digital India initiative, PFMS provides a reliable, efficient decision support device, real-time and meaningful information management system.
- The most significant benefit of PFMS in the nation is the combination with the central bank system.
- Pretty soon, PFMS can move the online payment to almost every beneficiary or vendor. PFMS currently has an interface to provide real-time financial payment documentation, in addition to all banks’ CBS (Core Banking System).