PFMS (Public Financial Management System)

PFMS stands for Public Financial Management System. 

It is a government initiative in India aimed at enhancing the efficiency and transparency of financial transactions.

PFMS facilitates the tracking and monitoring of funds disbursed under various schemes and programs.

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The Public Financial Management System (PFMS) in India is an online platform that provides end-to-end solutions for processing, tracking, monitoring, and accounting of financial transactions related to various government schemes and programs. Here are some key details:

Objective: PFMS aims to bring about efficiency, transparency, and accountability in the financial management of public funds.

Scope: It covers both plan and non-plan expenditures of the central government. The platform is used for direct benefit transfer (DBT) under various schemes.

Integration: PFMS integrates with the core banking system of banks to provide real-time information on fund utilization.

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Benefits:

Enables efficient fund flow and expenditure tracking.

Reduces delays and leakages in fund disbursement.

Facilitates monitoring and evaluation of various government programs.

Enhances transparency and accountability in financial transactions.

Components: PFMS comprises different modules, including Budget, Plan, Expenditure, Financial Statements, and more, to cover the entire financial management lifecycle.

Implementation: It is implemented at various levels of government, including central ministries, state governments, and implementing agencies.

User Accessibility: The platform provides different levels of access to users based on their roles and responsibilities.

Reports and Analytics: PFMS generates various reports and analytics to provide insights into fund utilization, helping in decision-making processes.

Remember, the specifics may evolve, so it's advisable to check the latest government sources or official documents for the most up-to-date information.

OFFICIAL WEBSITE:- 👇

   https://pfms.nic.in/NewDefaultHome.aspx

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