Rs 71,633 cr transacted via PFMS portal on Mar 28

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.

Functions:

  • 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.

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