List of Banks Integrated with PFMS

There are running so many governmentschemes for public welfare. In most of the schemes, the government transfers money to the bank account of the public who are eligible for that scheme.

A few years ago, all themoney was transferred by government officials and state ministers. But because of the corrupt people, that money did not reach the needy.

After the Digitalized India, government transfer the money directly to the bank account of the public.For which a complete system was designed; that is PFMS.

What is PFMS?

PFMS is a web-based online software program. PFMS is the abbreviated form of the Public Financial Management System.This program was started inthe year 2009.

PFMS works as apillars for the dream of Digital India, which is an initiative by theIndian Government.

By using PFMS, any Indian citizen can check whether his or her scholarship has arrived in his or her bank account while sitting at home on his or her mobile phone, whether money from a housing scheme has arrived in the account, and whether or not money from other government schemes has arrived in the account.

Objective of PFMS

The main objectives behind thePFMS are:

• To track money distributed under all Government of India Plan schemes
• To provide a real-time description of expenditure at all the levels of program execution

The scope was then expanded to include direct payments to recipients under all Schemes.

Currently, PFMS connects to over 300Banks with the Core Banking System which includes:

• PublicSectorBanks
• Private SectorBanks
• The Reserve Bank of India (RBI)
• Regional Rural Banks
• Co-operativeBanks
• Indian Post, etc.

Advantages of PFMS

From a stakeholders to a student, PFMS is a very beneficial software for all. Here are some majorbenefits of PFMS given below:

• Public Financial Management System provides a fund flow system and a accounting network for monitoring.
• PFMS works on all operating systems. It is a web software which is very easy to use.
• By using PFMS, you can transferfundsdirectly to the bank account.
• This software is used to track the process of money and government schemes. It is very beneficial for students to track their scholarship process
• It has created the same portal to offer details of scheme-specific, agency-specific, state-specific, and ministry-specific sanctions.
• All entities, including NGOs, that are withdrawing grants from more than one scheme or department, might be flagged by PFMS.
• PFMS is integrated with all the Financial Management Systems of States.
• PFMS provides a reliable, real-time, and effective management information system to the stakeholders.

List of Banks integrated with PFMS

Here is the list of all the bank name that are integrated with Public Financial Management System (PFMS):