Drishti IAS - English (Information & Motivation)
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Drishti IAS - English (Information & Motivation)
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The correct answer is option (c).
The Public Financial Management System (PFMS) is a web-based online software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance and Government of India.
PFMS started during 2009 with the objective of tracking funds released under all Plan schemes of Government of India and real time reporting of expenditure at all levels of programme implementation.
As the backbone of the payment system of the Government of India, PFMS is integrated with the Core Banking System in the country and hence, has the unique capability to first validate the account before pushing online payments to almost every beneficiary/vendor.
PFMS is also the channel for payment, accounting and reporting under Direct Benefit Transfer. As such, every Department/Ministry of Government of India transfers funds electronically to beneficiary (individual or institution) through PFMS.
Through the Direct Bank Transfer, the Government intends to achieve electronic transfer of benefits, reduce delays in payments and most importantly, accurate targeting of beneficiaries, thereby, curbing leakages and duplication.
Therefore, option (c) is the correct answer.
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