PFMS
PFMS (Public Financial Management System) :
What is Direct Benefit Transfer through PFMS? :
The Central Government has announced Direct Benefit Transfer (DBT) under selected Schemes in selected districts across the country w.e.f. 1.1.2013. This shall result in transfer of amounts due to the beneficiary directly to her/his Aadhaar linked bank account thereby eliminating the existing intervening layers.
Role of PFMS
- PFMS can serve as a common central portal for registering implementing agencies and beneficiaries.
- E-payments and validation – PFMS has an active interface with 90 Banks presently. This includes 26 PSBs, 59 RRBs and 5 large Private Sector Banks.
- PFMS validates the Bank/ Post Office Account details with beneficiary’s Bank/ Post Office. This ensures that money is transferred to a validated account thereby reducing the risk of misdirected payments.
- Implementing Agency verifies the details of name, address etc. provided by the beneficiary with the validated information supplied by Bank/Post Office.
- Thereafter the implementing agency can make e-payments to beneficiaries to their validated bank accounts directly from the same PFMS portal where beneficiary details have already been captured.
- Notification