Department of Food & Public Distribution Launches Electronic fund transfer

Department of Food & Public Distribution launched the Electronic Transfer of Funds.

Objective:

  • To ensure quick and direct transfer of funds to the beneficiaries.
  • This protected mode of making the payments on-line, would be time saving and eliminate physical cheques and their manual processing.

This in turn would help in bringing more efficiency in the financial working of the department. The Department of Food and Public Distribution has a key role in terms of the payment of subsidies mainly for Food and Sugar covering a significant amount of Budget outflow.

Implementation & features of the Electronic Fund Transfer System:

  • The Department of Food & Public Distribution and RBI have implemented the electronic payment system of the computerized accounting in joint venture with the National Informatics Centre.
  • The STQC Directorate of IT department has certified the electronic payment system as fully secured.
  • This system will serve as the middleware between the COMPACT (the accounting application) for processing of bill and Core Banking Solutions (CBS) for the bank as well as the RBI.

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Categories: India Current Affairs 2017

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