In this article, we are going to know PFMS full form.
PFMS Full Form
What Is The PFMS Full Form?
The Full Form Of PFMS is Public Financial Management System.
P= Public
F= Financial
M= Management
S= System
Below We Are Going To Explain The Meaning Of PFMS,
PFMS Full Form
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Meaning Of PFMS
What Is The Meaning Of PFMS?
The Meaning Of PFMS,
PFMS stands for Public Financial Management System. Formerly, it was known as Central Plan Schemes Monitoring System (CPSMS). It is a web software application developed and implemented by the Office of Controller General of Accounts (CGA).
It offers a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non-Aadhar based bank accounts through NPCI. Many banks have implemented DBT payments through PFMS for the beneficiaries covered under the schemes.
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Below We Are Going To Explain The Abbreviation Of PFMS,
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Abbreviation Of Public Financial Management System.
What Is The Abbreviation Of Public Financial Management System?
The Abbreviation Of Public Financial Management System Of PFMS.
Public= P
Financial= F
Management= M
System= S
The main responsibility of PFMS is to facilitate sound Public Financial Management System for Govt. of India by providing a fund flow system and a payment cum accounting network. It offers a real-time, reliable, and meaningful management information system and an effective decision support system as part of the Digital India initiative of Govt. of India.
The biggest advantage of PFMS is its integration with the Core banking system in the Country. Eventually, PFMS is capable of pushing online payments to almost every beneficiary/vendor. At present, PFMS has an interface in addition to the Core Banking System (CBS) of all banks to offer real-time reporting of banking transactions.
Brief History of PFMS:
PFMS was introduced during 2009 as a Central Sector Scheme of Planning Commission with the objective to track funds released under Govt. of India Plan schemes and real-time reporting of expenditure at all levels of the implementation of the scheme.
After a few years, in the year 2013, the scope was widened to cover direct payment to beneficiaries under both Plan and non-plan schemes. In late 2014, it was planned that PFMS will do digitization of the accounts and additional features would be added to PFMS at different stages.
Frequently Asked Question:
What Is PFMS Generated Payment?
The PFMS system is linked to the Core Banking System (CBS) of banks, to induce real-time reporting of banking transactions and for creating e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI.
What Is PFMS DBT Pm Kisan Payment?
PFMS DBT Pm Kisan Payment Means
Recently Modi government has started a Scheme that credited farmers with some amount supported land DBT direct benefit transfer on Kisan Yojana. If you have received any amount on and get a message by the name of PFMS then it is from the Kisan Yojana Scheme by the Government of India.
Who Are Eligible For PFMS?
Eligibility Criteria for PFMS scholarship 2020
Family income must be less than 6 lakhs.
The regulation must be between 18 – 25.
Candidate should pass at least 10th standard.
Maintainance and all fees will be paid by this program.
How Can I Check My PFMS Scholarship?
Students can check UP scholarship status either on Pfms.nic.in OR scholarship.up.nic.in. To check the scholarship status on Pfms.nic.in students need to provide their checking account details. Hence on scholarship.up.nic.in students can check UP scholarship status using application numbers.
What Is Mean By PFMS?
Public Financial Management System
PFMS means the general public Financial Management System previously Central Plan Scheme Monitoring System; which is employed by govt agencies to form payments directly into the recipient’s checking account.
Why Am I Getting Money From PFMS?
Public Financial Management System (PFMS) is a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI. PNB has implemented DBT payments through PFMS for the beneficiaries covered under the scheme.
Why Did I Receive Money From PFMS?
PFMS validates the Bank/ Post Office Account details with beneficiary’s Bank/ Post Office. This ensures that money is transferred to a validated account thereby reducing the risk of misdirected payments.
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