Full form of PFMS

PFMS stands for Public Financial Management System.

In the past, it was referred as Central Plan Schemes Monitoring System (CPSMS). PFMS is an online application which is developed and implemented by the CGA (Controller General of Accounts) office. PFMS comes under the Ministry of Finance department of Govt. of India.

For E-payment of subsidy, it provides the platform under Direct Benefit Transfer (DBT) to both types of bank accounts such as Aadhar based and also Non-Adhar based, through National Payments Corporation of India (NPCI). Through the PFMS, most of the banks have implemented DBT payments for the beneficiaries which are covered under the schemes.

Responsibilities of PFMS

The important responsibility of PFMS is to facilitates sound by providing the fund flow system and transaction cum accounting network.

As a part of Digital India Govt. initiative, PFMS also provides real-time, reliable and an effective decision support system and management information system.

The biggest benefit of PFMS is the integration with core banking system.

The PFMS can forward online payments to the most of every vendor or beneficiary. Currently, in addition to the Core Banking System (CBS) of all banks,  the PFMS has an interface for providing real-time reporting of the transactions of banks.