What is the full form of PFMS?
The PFMS full form is the Public Financial Management System. PFMS was formerly known as CPSMS (Central Plan Schemes Monitoring System). It is an online software application built and introduced by the CGA (Controller General of Accounts). It belongs to the Finance Minister and the Indian government’s expenditure department.
Read Other Full Forms
It offers an online subsidy payment network to Aadhar-based and non-Aadhar-based bank accounts under DBT (Direct Benefit Transfer) via the NPCI (National Payments Corporation of India). Numerous banks launched DBT payments via the PFMS for recipients meeting policy requirements.
PFMS Responsibilities
- The primary functions of PFMS are the cash flow technique and an accounting transaction cum network.
- As part of the Government of India’s Digital India strategy, PFMS provides a dependable, efficient, real-time, and meaningful information management system.
- The integration with the central bank system is the most significant benefit of PFMS for the nation.
- Soon, PFMS will be able to move online payments to nearly all beneficiaries and vendors. In addition to all banks’ CBS, PFMS features an interface that provides real-time financial payment documentation (Core Banking System).
