PFMS Full Form: Public Financial Management System,Establishes a common electronic platform for a large number of program implementation agencies under both the central government and state governments for complete tracking of fund flows from the central government until it reaches the intended beneficiaries. Enables real-time monitoring of disbursement and utilization of funds, provides decision support systems in ministries and departments and all state and union territories. State government public
- PFMS Full Form in English: Public Financial Management System
- Category: Governmental » Policies & Programs
- PFMS Full Form in Hindi: सार्वजनिक वित्तीय प्रबंधन प्रणाली
- PFMS Full Form in Marathi: सार्वजनिक वित्तीय व्यवस्थापन प्रणाली
What is the Full Form of PFMS?
The full form of PFMS is “Public Financial Management System“, the full form of PFMS means “Public Financial Management System” in Hindi. PFMS is a system whereby any subsidy or other monetary benefit gave by the government is directly deposited in the beneficiary’s bank account. Let us go ahead and provide you a little more detail about it.
This service has been started by the Indian government, this system started by the Indian Government must really be appreciated because it has not only curbed corruption. In addition to this, in a very short time, it has helped to bring the financial benefit given by the government to the beneficiary’s account. Actually, PFMS is an automatic system, in which the money is transferred simultaneously to the bank account of millions of people with a single click without any intervention.
Public financial management systems, DBT, and other government schemes are used for the transfer of subsidies. The system uses NACH PLATFORM (National Automated Clearing House) and transfers funds to millions of people across India. Well, India has the largest subsidy scheme from the center to the state and millions of people are enrolled so that you must have a strong mechanism to transfer money.
What is PFMS?
PFMS stands for Public Financial Management System. Formerly, it was known as the Central Planning Planning Monitoring System (CPSMS).t provides a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhaar-based and non-Aadhaar bank accounts through NPCI. Many banks have implemented DBT payment through PFMS for the beneficiaries covered under the schemes.
The Public Financial Management System (PFMS) initially introduced the CPSMS scheme as a pilot scheme in 2008-09 as a pilot for four flagship schemes in four states Madhya Pradesh, Bihar, Punjab, and Mizoram. MGNREGS, NRHM, SSA, and PMGSY. of Central, State Governments and State Government agencies. The plan was included in the 12th Plan initiative of the Planning Commission and the Ministry of Finance.
PFMS was started by the Government of India in the year 2016. PFMS was started by the Ministry of Finance, Government of India in association with the Planning Commission, it is a very useful service, which is being used on a very large scale in today’s time, from its inception, the Finance Ministry of India, Planning Both the Commission were very comfortable in doing their work, before the introduction of the PFMS system, the money benefit or subsidy of the scheme provided by the Government of India is put in the accounts of the beneficiaries under ‘DBT’. DBT is also known as Direct Benefit Transfer. DBT was launched on January 1, 2013, the purpose of starting it was that all the beneficiaries of the subsidy should be benefited by sending money directly to their bank account so that there is no problem in getting money benefits to the general public.
What is the full form of PFMS?
The main responsibility of the PFMS is to facilitate the public financial management system for the government. By providing a fund flow system of India and a payment cum accounting network. It provides a real-time, reliable, and meaningful management information system and an effective decision support system as part of the Government’s Digital India initiative, PFMS was first known as CPSMS. The CPSMS is called the ‘Central Plan Scheme Monitoring System’. But from the year 2016 till now, the money benefit of all the schemes run by the Government of India through the PFMS system is transferred directly to the bank account of the people under DBT.
The biggest advantage of PFMS is its integration with the core banking system in the country. Ultimately, PFMS is capable of making online payments accessible to almost every beneficiary/vendor. Currently, PFMS has an interface in addition to the core banking system (CBS) of all banks to offer real-time reporting of banking transactions.
PFMS was introduc in 2009 as a Central Sector Scheme of the Planning Commission, which was intend to track the funds releas under the government. The scope was widen to cover direct payments to beneficiaries under both plan and non-plan schemes, in India, after a few years of real-time reporting of expenditures at all levels of implementation of the Bharat Yojana schemes and the scheme. In late 2014, it was plann that PFMS would digitize accounts and add additional features to PFMS at various stages.
PFMS Full Form in General
PFMS Meaning (Technology)
Planar-flow melt spinning (PFMS) is a single-stage rapid continuous casting method for the production of thin metal sheets, ribbons, or wires.
PFMS Full Form in Universities & Institutions
PFMS Meaning (Academic & Science)
Pine Forest Middle School (PFMS) is a middle school located in Fayetteville, North Carolina, United States.
PFMS Meaning in various Indian Languages
|PFMS meaning in Arabic||نظام الإدارة المالية العامة|
|PFMS meaning in Bengali||পাবলিক ফিনান্সিয়াল ম্যানেজমেন্ট সিস্টেম|
|PFMS meaning in English||Public Financial Management System|
|PFMS meaning in Gujarati||જાહેર નાણાકીય વ્યવસ્થાપન સિસ્ટમ|
|PFMS meaning in Hindi||सार्वजनिक वित्तीय प्रबंधन प्रणाली|
|PFMS meaning in Kannada||ಸಾರ್ವಜನಿಕ ಹಣಕಾಸು ನಿರ್ವಹಣಾ ವ್ಯವಸ್ಥೆ|
|PFMS meaning in Malayalam||പബ്ലിക് ഫിനാൻഷ്യൽ മാനേജുമെന്റ് സിസ്റ്റം|
|PFMS meaning in Marathi||सार्वजनिक वित्तीय व्यवस्थापन प्रणाली|
|PFMS meaning in Nepali||सार्वजनिक वित्तीय व्यवस्थापन प्रणाली|
|PFMS meaning in Punjabi||ਪਬਲਿਕ ਵਿੱਤੀ ਪ੍ਰਬੰਧਨ ਸਿਸਟਮ|
|PFMS meaning in Sindhi||عوامي مالياتي انتظام جو نظام|
|PFMS meaning in Tamil||பொது நிதி மேலாண்மை அமைப்பு|
|PFMS meaning in Telugu||పబ్లిక్ ఫైనాన్షియల్ మేనేజ్మెంట్ సిస్టమ్|
|PFMS meaning in Urdu||پبلک فنانشل مینجمنٹ سسٹم|
FAQ’S For PFMS Full Form
Ans. The through of the system is operated. Public Financial Management System (PFMS) Know Your Payment, Through PFMS Find Scholarship Schemes DBT Mission Login Portal Track NSP Payments Public Financial Management System, through this you can know about scholarship schemes. … You can also get status information of payments.
Ans. The PFMS scholarship eligibility criteria are as follows: Candidates should have secured the top 20% position in the Class XII examination. Candidates should be between 18-25 years of age. The family income should not exceed INR 6,00,000 per annum.
Ans. 2.3.1 Opening Balance
In subsequent years, the opening balance will be automatically available in the system. Step1: For entering the opening balance, the data operator will log in into the PFMS portal and select My Funds>Opening Balance from the menu. Step2: Click on Add Opening Balance button.
Ans. PFMS is a public financial management system for schemes of Govt. of India which can be also used for state schemes. PFMS is a transaction-based system to provide real-time utilization of funds released from the consolidated funds of India.