Public Financial Management System (PFMS) is an online system designed to facilitate the management of public funds by central and state governments. It consists of six modules: Accounting, Audit, Accounts and Audit, Payroll, Human Resource Management and Financial Analysis. To know complete information keep reading with knowledge glow.
What is PFMS in Government India?
PFMS is a web-based financial management system used by government departments and agencies to record their financial transactions. It can be used to manage the budget of government agencies, monitor the financial performance of these agencies and provide them with reports on how much money they have spent each year.
PFMS has been developed by DoPT under its Financial Management System (FMS) project since 2001-2002. The first version was released in 2004 with support from USAID under its Global Capacity Building Initiative (GCBI). Since then, many new versions have been released every year until 2017 when it became an open source software with commercial support available for free download via GitHub repository
How Can I Check My PFMS Account Balance
- Open the PFMS account and use the mobile app or website.
- Enter your PFMS account number in the field provided.
- Enter your mobile number in the field provided.
- Enter your password in the field provided.
Which Bank Is Registered In PFMS?
- How to check your PFMS Account Balance?
- Log on to the PFMS website at https://pfms.nic.in/ and select “PFMS Account” under “MyAccount”.
- Enter your User ID and Password, then click on “Continue”. If you have forgotten these details, please refer to the guidance found online.
- Click on “View Details” under each account type that you wish to view; this will display information about each account including its balance as well as any transactions that were made using it during a particular month period (for example: January 1 through December 31).
- ICICI Bank, Canara Bank, Punjab & Sind Bank, Indian Bank, Axis Bank, HDFC Bank and State Bank of India enabled for SNA Model-1 on PFMS
What Are the Objectives of PFMS?
The objectives of PFMS include:
- To provide a transparent, efficient and effective system of managing public funds.
- To improve the financial management capacity of the public sector.
- To promote accountability, transparency and good governance in the use of public resources.
Responsibilities of PFMS
PFMS is a real-time financial management system. It helps in monitoring of government expenditure, identifying leakage of funds, reducing corruption and time taken for processing payments.
Conclusion
PFMS is a consolidated financial management system to provide unified approach to the planning, reporting and management of the financial resources in the public sector.
Frequently Asked Questions on Public Financial Management System
1: What is PFM?
Public Financial Management (PFM) is a system of financial management designed to ensure transparency, accountability, efficiency, effectiveness, and integrity in public sector spending.
2: How does PFMS differ from accounting?
Accounting is the process of recording transactions and summarizing them in order to provide information about the financial position of an organization. In contrast, PFMS is concerned with the effective use of funds and ensuring that they are spent efficiently and effectively.
3: Why is PFMS necessary?
PFMS helps to improve the quality of services provided by government agencies. It ensures that taxpayers’ money is being properly spent and that the right people are receiving their entitlements.
