PFMS portal processes record transactions on single day

The Public Financial Management System (PFMS) portal has processed record Rs 71,633 crore transactions on a single day. This was a historical record breaking volume of digital transactions achieved by PFMS.

Public Financial Management System (PFMS)

It is end-to- end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting. It is implemented by Controller General of Accounts and administered by the Department of Expenditure, both in Ministry of Finance. Various ministries/departments utilise this platform to monitor utilisation of funds provided to the implementing agencies and states governments.
It provides unified platform to scheme managers for tracking releases and monitoring their last mile utilisation. It also provides single platform for efficient management of funds by tracking them and real time reporting of expenditure and receipts through treasury and bank interface. It is also used for Direct Benefit Transfer (DBT) payments under MGNREGA and other notified schemes of the Centre.

Month: Current Affairs - March, 2018