PFMS-Public Financial Management System

Introduction:

In this article we are going to brief you about PFMS. If you have ever heard about PFMS then you know what it is, if not then, our article helps you to understand about PFMS, what is PFMS, its features and Importance in India.

PFMS means public financial management system, which helps the transaction system for fund management and e payment for implementing agencies. It is a web-based online system to transfer the subsidies for the beneficiaries of bank accounts.

What is PFMS?

PFMS is helpful for both Aadhar and non-Aadhar based bank accounts through NPCI. This is a website that can be used for e payment of subsidy under direct benefit transfer scheme. Punjab national bank has implemented DBT payments through PFMS for all persons covered under this scheme. This is a financial management platform started by the office of the comptroller general of accounts and ministry of finance with the planning commission.

It gives information regarding bank transactions. India is the biggest country in which there are various transactions from the central government to the state government. From there to direct the beneficiary, this platform of PFMS is beneficial for the government to secure transactions directly to the beneficiary.

Information available in PFMS:

There are different Important aspects of PFMS which can be seen on this website. Referring to Important Information available on PFMS then, PFMS is first started as CPSMS of the planning commission in 2008 -2009. after that, it has decided to take the financial accounts of the central and state finance.

How to access PFMS:

We have to log in to PFMS through our bank account, as mentioned below, and fill all details and submit them.

PFMS is a government website?

PFMS is a government website and helps people in many ways. Through PFMS students can get scholarships. The scholarship amount will be directly deposited to the student bank account. You have to apply through the online portal. There is no offline scheme.

The eligibility conditions for this scholarship are:

  • The student should have passed 12th, and must in top20% of the candidates.
  • The annual income of parents must be less than 6 lakh per annum.
  • The age of the student must be 18 to 25 years.

Scholarships are provided for the following:

  • Colleges and Universities
  • Post and pre-matric scholarship for SC students.
  • National means come merit scholarship.
  • A national scheme for girls for secondary education.
  • Top-class education scheme for SC’s.
  • Upgradation merit for SC students.
  • Post matric scholarships for OBCS.

The process needs these documents passport-sized photo in Jpeg format, scanned signature in jpeg format not more than one mb size, marksheet copy in PDF format, and fee receipt in PDF format.

Application process:

  • Login to the PFMS online.
  • Register in that for the first-time user.
  • Find the suitable link.
  • Fill all the details asked.
  • Press the submit button.
  • Print out can be obtained for future reference.

Conclusion:

PFMS is a fantastic step taken by India. with this scheme, India becomes the first country in the world to receive the benefits of the government through this scheme. Now the government subsidies and benefits are reaching the people of India and helping the needy. PFMS transaction figures tell that it is reaching the people in time. This is the significant step taken by the government; the RIGHT of people go directly and instantly.

Hope our article is helpful to understand and know about importance of PFMS. All the information provided in this article is for information only. If you feel the information is in violation of copyright policies or rights, Please email reachusthefirstreviews@gmail.com. We will review your request and act accordingly.