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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):

S. No. Bank Name
1. Abu Dhabi Commercial Bank
2. Allahabad Bank
3. Allahabad UP Gramin Bank
4. Andhra Bank
5. Andhra PragathiGrameenaVikas Bank
6. Axis Bank
7. Bank of Bahrain and Kuwait
8. Bank of Baroda
9. Bank of India
10. Bank of Maharashtra
11. Bassein Catholic Co-op. Bank Ltd.
12. Bombay Mercantile Co-op. Bank Ltd
13. Canara Bank
14. Central Bank of India
15. Citi Bank
16. City Union Bank Ltd
17. Corporation Bank
18. CSB Bank Limited
19. DCB Bank Limited
20. Dena Bank
21. Deutsche Bank
22. Dhanlaxmi Bank Ltd
23. Haryana Gramin Bank
24. HDFC Bank Ltd
25. HSBC
26. ICICI Bank Ltd
27. IDBI Bank Ltd
28. Indian Bank
29. Indian Overseas Bank
30. Indusland Bank
31. Jharkhand Gramin Bank
32. Karnataka Bank
33. KarurVysya Bank
34. Kotak Mahindra Bank
35. Madhya Bihar Gramin Bank
36. Maharashtra Gramin Bank
37. Manipur State Co-op. Bank Ltd.
38. New India Co-operative Bank Ltd.
39. NKGSB Co-op Bank Ltd.
40. Oriental Bank of Commerce
41. Punjab and SindBank
42. Punjab National Bank
43. RBL Bank
44. Sarva U.P. Gramin Bank
45. South Indian Bank
46. Shri MahilaSevaSahakariBank Ltd, Ahmedabad
47. Standard Chartered Bank
48. State Bank of India
49. SVC Co-operative Bank Ltd.
50. Syndicate Bank
51. TamilnadMercantile Bank Ltd.
52. The Cosmos Co-operative Bank Ltd.
53. The Federal Bank Ltd.
54. The Jammu and Kashmir Bank Ltd.
55. The Kalupur Commercial Co-operative Bank Ltd.
56. The Laxmi Vilas Bank Ltd.
57. The Saraswat Bank Co-operate Ltd.
58. The Thane Janata Sahakari Bank Ltd.
59. UCO Bank
60. Union Bank of India
61. United Bank of India
62. Vijaya Bank
63. Yes Bank Ltd.

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