PFMS Full Form
The full name or PFMS Full Form is Public Financial Management System. Earlier, it was called by the name Central Plan Schemes Monitoring System (CPSMS). PFMS is application software that was developed by CGA for e-payments. To know the meaning and payment information through PFMS, scroll down this page.
PFMS Full Form
PFMS has become quite popular now days, as there is increasing demand of digitization in India. But many people, still doesn’t have complete knowledge about the Public Financial Management System. So, here on this page, we have brought you detailed information regarding this topic in a well-structured way.
What is PFMS?
Indian Central Government has taken the initiative to develop PFMS, so that the money will be spent at large programs as per the purpose and accounting of the same will be done. Presently, PFMS is also connected with the Core Banking System (CBS), for real-time banking transactions.
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History of PFMS:
- In 2007–08, economic survey makes a stress on the financial monitoring of the schemes.
- In 2008–09, Finance Minister makes an announcement regarding the Management Information System.
- By 2009, the system came into existence in Madhya Pradesh, Bihar, Mizoram and Punjab.
- By the 2009-18, web portal of CPSMS were activated and after that Central Plan Scheme Monitoring System was integrated with the Core Banking Solution (CBS) that includes Public Sector Banks and some Private Sector Banks all over the India.
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How does PFMS work?
PFMS is application software under which the government of India updates the date of people living in the country. The work updating is done by the Planning Commission of India which includes bank details, identity details etc
When the government has to transfer the scheme payment to the beneficiaries account, then using the list of bank details that is prepared by the Planning Commission of India, profit money is transferred to the bank account of the people.
Now days, Government gets the information of bank account through aadhaar card, as bank accounts are now linked up with the aadhaar card. So, to take up advantage of any scheme/subsidy aadhaar card is necessary.
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Subsidy sent by PFMS System:
These are some of the benefit schemes and subsidies that are offered by the government and the payment of these planned schemes is sent directly to the bank account of the people.
- Benefits of Pradhan Mantri Awas Yojana
- Government subsidized gas cylinders
- Old age pension scheme money
- Debt waiver money given to the farmer.
- Scholarship to Student
- Money of laborers working in MNREGA.
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Benefits of PFMS System:
1) When PFMS system was not there, transfer of money was done in a manual manner, which was quite hectic and many people doesn’t get the benefits of the subsidy.
2) Under DBT (Direct Benefit Transfer), money transfers directly without any involvement of another person to the beneficiary account.
3) Through the introduction of PFMS, people don’t needs to visit to any department for getting their subsidy money.
4) As PFMS is an e-payment system, so no person can make hindrance on it as it works with computer software and internet.
The detail mentioned on this page about PFMS Full Form and how it works is written by the team members of recruitmentresult.com Stay in touch with us for more similar updates and don’t forget to bookmark our site.
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