What is the full form of PFMS

What is the full form of PFMS

What is the full form of PFMS

PFMS represents Public Financial Management System. Once in the past, it was known as Central Plan Schemes Monitoring System (CPSMS). It is an online programming application created and actualized by the Office of Controller General of Accounts (CGA). It offers a stage for e-installment of sponsorship under Direct Benefit Transfer (DBT) to both Aadhar based and Non-Aadhar based ledgers through NPCI. Numerous banks have actualized DBT installments through PFMS for the recipients secured under the plans. 

The fundamental obligation of PFMS is to encourage sound Public Financial Management System for Govt. of India by giving a reserve stream framework and an installment cum bookkeeping system. It offers a constant, solid, and significant administration data framework and a viable choice emotionally supportive network as a major aspect of the Digital India activity of Govt. of India. 

The greatest bit of leeway of PFMS is its joining with the Core banking framework in the Country. In the long run, PFMS is equipped for pushing on the web installments to pretty much every recipient/seller. At present, PFMS has an interface notwithstanding the Core Banking System (CBS) of all banks to offer constant revealing of banking exchanges.

Brief History of PFMS: 

PFMS was presented during 2009 as a Central Sector Scheme of Planning Commission with the goal to follow reserves discharged under Govt. of India Plan plans and ongoing detailing of consumption at all degrees of the execution of the plan. Following a couple of years, in the year 2013, the degree was enlarged to cover direct installment to recipients under both Plan and non-plan plans. In late 2014, it was arranged that PFMS will do digitization of the records and extra highlights would be added to PFMS at various stages.