PFMS: Public Financial Management System
PFMS Full Form
PFMS full form stands for Public Financial Management System. Public Finance Management System or PFMS (formerly known as Central Planning Planning Monitoring System or CPSMS) is a public financial management reform initiative of the Government of India that oversees programs in the social sector.
Considering the large number of programs on which this money is spent, PFMS is to ensure that this money is spent according to its intended purpose, and one of its accounts provided. It provides a platform for e-payment of subsidy through Direct Benefit Transfer (DBT) to both Aadhaar based and non-Aadhaar bank accounts through NPCI.
- The Finance Minister announced the establishment of an auxiliary decision-making system and an administrative information system in 2009.
- The EFC of the Planning Commission approved the implementation of CPSMS in phases. The finance minister gave his approval in principle for the entire project
- The system was being implemented in four states of Madhya Pradesh, Bihar, Mizoram, and Punjab. The CPSMS-CBS interface was active and exchanged real-time information with banks.
- After successfully completing the pilot, CPSMS took advantage of its CPSMS-CBS interface to pilot e-payments to beneficiaries under various social sector schemes.
- The Planning Commission, Government of India, issued an office memorandum directing CPSMS to be a direct benefit transfer scheme of the Government of India.
What Is The Full Form Of PFMS?
PFMS full form stands for Public Financial Management System. It is a central scheme monitoring system, governed by the Ministry of Finance Of India. The purpose of this system is to track and monitor the provision and use of funds under real-time project schemes.
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