PFMS Full Form
PFMS stands for 'Public Financial Management System'. It is an online financial management system implemented by the Government of India. The full form of PFMS is 'Public Financial Management System'.
What is PFMS?
The Public Financial Management System or PFMS is a web-based online software application developed and implemented by the Government of India's Controller General of Accounts (CGA).
PFMS aims to provide a comprehensive payment, receipt and accounting system for all central government schemes. It covers end-to-end tracking of fund disbursement and real-time reporting of expenditure across all schemes.
Key Features of PFMS:
Provides centralised access and tracking of government funds and expenditures under various schemes.
Enables direct payment to beneficiaries under schemes through electronic fund transfers.
Real-time reporting of transactions and fund usage through digitisation.
Promotes transparency and accountability in public spending through online tracking.
Helps minimize frauds and misuse of government finances.
Allows seamless information exchange across departments/agencies involved.
Facilitates efficient management of government budgets, accounts and finances.
Supports efficient treasury management with linkage to core banking systems.
The full form PFMS encapsulates its objective to enable public financial management using an integrated online system for complete tracking, monitoring and accounting of central government finances.
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