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Financial Management System Funds are given to the beneficiary by the Central Government. Which is deposited directly in the bank account of the beneficiary by the government. This not only benefits the person but also does not allow any corruption due to direct money transfer. This is a complete secure system of the central government. It was started in 2016 by the Government of India. In PFMS, both the Ministry of Finance and the Planning Commission work together. Prior to PFMS, funds were given to the beneficiary through Direct Benefit Transfer system. It was launched in 2013
How does PFMS work?
This is a software, which is completely controlled by the government. In this software, the Government of India has uploaded and kept the details of every citizen and keeps updating from time to time. Through this the government gives subsidy or money benefit to the beneficiary. The Planning Commission updates the DATA of the people.
The Planning Commission, i.e. the Policy Commission, compiles the list of persons who have to pay benefits. When the government decides to give benefits to the people under a scheme, the policy commission makes a list of all the people who are to be given benefits. Now a list of their bank details is made and the money is put in the account of all of them at once. This way the money easily reaches the beneficiary’s account.
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