- PFMS was initiated in 2009 as a web-based and centralized online transaction platform for fund management and electronic payments to implementing agencies and beneficiaries, giving end to end financial management services to all stakeholders.
- It is developed & implemented by Controller General of Accounts under the Ministry of Finance.
- Its aim is to strengthen India’s public financial management by ensuring an efficient fund-flow mechanism along with an integrated payment-cum-accounting network.
- It enables real-time tracking of funds released under all Government of India Plan schemes and provides live expenditure reporting at every level of programme implementation.
- It is a single national platform for government payments, accounting, reconciliation of transactions, and Direct Benefit Transfer (DBT).
- To improve cash management, PFMS supports modules such as Single Nodal Agency (SNA), Treasury Single Account (TSA), Central Nodal Agency (CNA), and SNA SPARSH, ensuring faster and more streamlined fund transfers.
- For beneficiary support, PFMS has introduced a Customer Relationship Management (CRM) system, strengthening the grievance redressal mechanism for users and recipients.
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