The Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. The primary objective of PFMS is to establish an efficient fund flow system and expenditure network. PFMS also provides various stakeholders with a reliable and meaningful management information system and an effective decision support system.
Objectives of PFMS:
- Monitoring of flow of funds from the Centre to the lowest level of implementation- both for fund flows to State Consolidated Funds & to Implementing Agencies.
- Registration, along with their bank accounts, of all agencies receiving plan funds - at all tiers of operation
- Payment to ultimate beneficiaries through banking channel
- Reduction of float/ funds in the agency bank accounts
- "Just in time" provision of funds to agencies, based on floats/ funds available.
- Capturing component-wise expenditure on a real-time basis at all tiers of implementation, including at Panchayat and village levels
- Decision Support System (DSS) to all levels of programme administration (Centre, State, District & Local Government, i.e. Panchayat / Municipality)
- Enhance transparency & accountability in public expenditure.
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Different Stakeholders:
- NITI Aayog as owner of project.
- O/o Controller General of Accounts as implementing Agency
- Program Divisions in Ministries as Scheme Owner
- PAO/DDO as fund release and accounting entit
- RBI as banker to the Centre and State governments.
- State Finance and other Departments
- Treasuries Payment units of State Governments
- Banks
- Post Office
- NPCI, IDRBT as intermediaries in financial transaction settlement system
- Scheme Implementing Agencies at all level.
- Comptroller and Auditor General as external auditor
Beneficiaries to know complete view of benefits received by them. For more information please visit http://pfms.nic.in
