PFMS - All you need to know about the Public Financial Management System

The Central Plan Scheme Monitoring System (CPSMS) (which is now known as PFMS) is a public financial management reform initiated by the Indian government. This system basically monitors the programs in the social sector and does the job of tracking the disbursed funds. The main engineer behind the PFMS is Mr Sameer Jaiswal.

List Of Scholarships Under PFMS

The following scholarships are present at the PFMS scholarship 2020:-

• PFMS Scholarship 2019 to Universities/College Students
• PFMS 2019 Post Matric Scholarship for SC Students
• The PFMS Scholarship 2019 Pre-Matric Scholarship for SC Students
• PFMS Student Scholarship National Means cum Merit Scholarship
• PFMS Scholarship 2019 National Scheme for Incentive for the girl child for secondary education
• pfms.nic.in scholarship 2019 Top Class Education Scheme for SC
• The pfms.nic.in scholarship for Up-gradation of Merit of SC Students
• pfms.nic.in scholarship for Post-Matric Scholarship for OBCs
  
  

Eligibility Criteria / PFMS

To be eligible for the scholarship the student must follow the following eligibility criteria given below:-

• The applicant must be a citizen of India
• Annual family income must be below Rs. 6 lacs
• The applicant must be in between the age of 18 to 25 years
• The applicant must have at least passed class 10th

There are such a large number of programs on which a lot of money is spent and the PFMS is an initiative by the government of India to make sure that this money is spent on its intended purpose, and also provides an accounting of this money.

The Public Financial Management System (PFMS), was earlier known by the name, Central Plan Schemes Monitoring System (CPSMS). It is basically a web-based online software application developed and put into effect by the Office of Controller General of Accounts (CGA). Initially, the PFMS was started in the year 2009 as a Central Sector Scheme of Planning Commission with the aim of tracking funds that have been released under all of the Plan schemes of the Government of India and the efficient reporting of its expenditure at all levels of the Programme implementation.

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Registration Process under PFMS Scholarship 2020

To apply for the scholarship the candidates need to follow the registration process given below:-

• First, visit the official website given here
• Click on the “PFMS Scholarship Student Registration” option present at the homepage.
• Select the scheme “Scholarship to Universities/College Students”.
• Select the following details-

• Year of passing class 12th along
• Education Board

• Enter the following details-

• Bank account number
• IFSC code of the bank’s branch.

• Click on the drop-down menu, select the category
• Click on “Search”.
• The system will search the name and automatically fill-up the form displayed on the screen.
• Enter the following details-

• Mobile number
• Email ID.

• Create a user ID and password
• Fill up the captcha code given below.
• Upload the documents.
• Click on “Submit”

In the year 2013, the scope of the PFMS/ CPSMS was enlarged to cover the direct payments to the beneficiaries under both the Plan and non-Plan Schemes. In the later part of 2014, it was envisaged that the digitization of the accounts needs to be done through the PFMS and the additional functionalities will be built into the PFMS at different stages. Starting with the Pay & Accounts Offices payments, the O/o CGA made further value addition by making a proposal to bring in additional financial activities of the Government of India in the scope of the project.

The main aim of PFMS/ CPSMS is to facilitate a sound Public Financial Management System for the Government of India by setting up an efficient fund flow system and a superb payment cum accounting network. The PFMS provides its stakeholders with a reliable and meaningful management information system as well as a proper decision support system, as a part of the Digital India initiative of the Indian government.

The application has been envisaged to provide to all the Plan and Non-Plan payments of the Government of India, all the tax and non-Tax receipts as well, and other functions like the comprehensive HRMIS and self-contained pension and the GPF modules. Keeping the future in mind, all the existing standalone systems that are catering to the several functions in the Government of India currently will be subsumed in the PFMS/ CPSMS.

The PFMS is in complete integration with the Core banking system in the Country and this is its biggest strength of all. The PFMS has the capability to push the online payments to the majority of the beneficiaries/vendor. As of now, the PFMS interface is having the interface apart from the Core Banking System (CBS) of all the Public Sector Banks, Regional Rural Banks, the major private sector banks, the Reserve Bank of India, India post and the Cooperative Banks.

There are several benefits of the PFMS Scholarships. One of the major benefits of the public financial management system scholarship for 2020 is the distribution of this scholarship to all of those students who are expectedly going to give an outstanding performance in their higher education in some of the most renowned colleges and universities all over the country. This opportunity is going to be beneficial to especially those students who are poor and belong to an economically backward society. These students will then carry their education forward without any financial worries.

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