Ministry of Finance Current Affairs

PFMS portal processes record transactions on single day

The Public Financial Management System (PFMS) portal has processed record Rs 71,633 crore transactions on a single day. This was a historical record breaking volume of digital transactions achieved by PFMS.

Public Financial Management System (PFMS)

It is end-to- end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting. It is implemented by Controller General of Accounts and administered by the Department of Expenditure, both in Ministry of Finance. Various ministries/departments utilise this platform to monitor utilisation of funds provided to the implementing agencies and states governments.

It provides unified platform to scheme managers for tracking releases and monitoring their last mile utilisation. It also provides single platform for efficient management of funds by tracking them and real time reporting of expenditure and receipts through treasury and bank interface. It is also used for Direct Benefit Transfer (DBT) payments under MGNREGA and other notified schemes of the Centre.

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Cabinet approves re-structuring of NSDF and NSDC

The Union Cabinet has approved proposal for restructuring of National Skill Development Fund (NSDF) and National Skill Development Corporation (NSDC) to strengthen their governance, implementation and monitoring framework.

The purpose of restructuring is also to ensure better corporate governance, transparency and accountability in operations of NSDC. Besides it will also strengthen oversight role of NSDF. It will also lead to restructuring of composition of Board of NSDF and NSDC to strengthen governance, implementation and monitoring framework.

Background

NSDC and NSDF were set up by Ministry of Finance and registered in July 2008 and January, 2009 respectively for implementing coordinated action for skill development. NSDF’s main objective is to enhance, stimulate and develop skills of Indian youth force by various sector specific programmes. It was incorporated as trust to act as receptacle for financial contributions from Governmental sources, bilateral and multilateral and other agencies. NSDF entered into Investment Management Agreement (IMA) with NSDC for utilization of its corpus to meet desired objectives of National Skill Development Mission and encourage skill development in country.

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