A “historic” Rs 71,633 crore was processed and routed through the PFMS portal on a single day. This is a Historical Record Breaking Volume of Digital Transactions achieved by PFMS.
The Public Financial Management System (PFMS) is an end-to-end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
- It is administered by the Department of Expenditure.
- It is implemented by the Controller General of Accounts.
- It provides scheme managers with a unified platform for tracking releases and monitoring their last mile utilisation.
- It provides a platform for efficient management of funds through tracking of funds and real-time reporting of expenditure and receipts through treasury and bank interface.
- The line ministries/departments utilise this platform to monitor the utilisation of funds provided to the implementing agencies and state governments.
- PFMS is also used for DBT payments under MGNREGA and other notified schemes of the Government of India.