Strengthening of the PFMS
On the occasion of Civil Accounts Day celebrated on March 1st, Shri Anthony Lianzuala, Controller General of Accounts (CGA) launched the following two functionalities of Public Finance Management System aimed at strengthening, monitoring and user interface:
- The Mobile App for monitoring Banks performance.
- PFMS –Dashboard.
Public Finance Management System
Public Finance Management System (PFMS) is a web-based online software application developed and implemented by the Office of Controller General of Accounts (CGA). PFMS facilitates sound Public Financial Management System for Government of India (GoI) by establishing an efficient fund flow system as well as a payment cum accounting network.
Mobile App for monitoring Banks performance
The Bank Monitoring Mobile Application is developed to monitor bank performance by keeping track of various key performance Indicators for the over 250 Banks integrated with PFMS’s Account Validation and Payment system.
Indicators such as time taken to credit funds into the Beneficiary’s account are used to access the Banks performance over time. The app is intended for use by the banks themselves, Scheme Managers and other monitoring agencies.
PFMS –Dashboard will enable the Department of Expenditure and the Senior Officers of all Civil Ministries to monitor expenditure on a near real-time basis with the expenditure data made available from PFMS up to the previous day.
The Dashboard also integrates data from the treasury systems of the 29 States and 2 UTs with legislature together with data for Non-Tax Receipts.
The Dashboard also features Bank Balance of all the Agencies involved in the implementation of schemes of Government of India. This will aid in reducing idle/parked/unutilised funds with the Agencies and will facilitate just-in-time releases, thereby reducing the cost to the Government of India.
Categories: Economy & Banking Current Affairs