PFMS is a financial management platform. This platform was started by the Office of the Controller General of Accounts, Ministry of Finance with the Planning Commission.
Do you know, What is PFMS’s full form? PFMS Full Form is a Public Financial Management System. The main goal behind the introduction of PFMS was to distribute the necessary schemes and their details to the targeted beneficiary without any trouble.
History of PFMS
In 2009, the Government of India introduce a Public Financial Management System (PFMS Full Form). The goal behind starting PFMS was to track the funds that had been/were being released as an effect of various plan schemes. Another goal was to keep a track of the expenditure of scheme implementation in real-time.
How does PFMS Works?
It making online payment and transactions of subsidies under the Direct Benefit Transfer (DBT) to bank accounts irrespective of the fact if they are linked with Aadhaar or not.
PFMS Official Website
The government to make transactions, and distribute funds directly to the beneficiary without any trouble.
It increases efficiency, and transparency in the system. The process eliminates the concept of middlemen, which increases accountability in the system.
India is the biggest country that provides subsidiaries to the beneficiary by state and central governments. This system makes things easier and faster.
Benefits of PFMS
Just as mentioned in the above lines, PFMS has a lot of benefits.
- It has made transactions easier by introducing the method of online payment.
- The funds directly reach the targeted beneficiary.
- The concept of middlemen is eliminated which increases accountability.
- The system becomes more efficient and reliable.
Q1) What does PFMS mean?
The full form of PFMS is Public Financial Management System. In 2009, GOI introduce this system. To make direct transactions between government and beneficiary possible.
Q2) Who is eligible for PFMS?
PFMS scholarship is provided by the government. The scholarship is for a total of 82000 candidates, where 41000 are girls and 41000 are boys. The eligibility criteria for this scholarship are:
- The student must successfully pass class 12th.
- To get a scholarship from PFMS, the student must be in the top 20%.
- The student’s age should be between 18 and 25 years.
- The student’s parents should have an annual income of less than 6LPA.
Q4) What is the use of PFMS?
This system distributes funds directly to the beneficiary. For instance, PFMS scholarships are awarded to students who fill the eligibility criterion. The scholarship amount directly transfers to the student’s bank account which increases transparency and introduces effectiveness.
Q5) Is PFMS Safe?
Yes, PFMS is very reliable and safe.