Finance Minister Hails PFMS for Rs 34 Lakh Crore DBT Efficiency
New Delhi: Finance minister Nirmala Sitharaman on Friday said direct benefit transfer (DBT) of Rs 34 lakh crore has been facilitated by the Public Financial Management System (PFMS) and asked accounts officers to further enhance efficiency and transparency of the system. “PFMS has been the cornerstone of establishing an efficient fund flow system alongside a robust payment and accounting network,” she also said in a written message to the Controller General of Accounts (CGA) and the Indian Civil Accounts Organisation (ICAO) on the occasion of the 48th Civil Accounts Day.
The PFMS is the management information system used by officers of the Indian Civil Accounts Service to maintain the accounts of the government. It is also used to transfer funds to beneficiary accounts of various government schemes via DBT. “The direct benefit Transfer mechanism, facilitated through PFMS, has led to the transfer of Rs 34 lakh crore from the government. This is a testament to the system's effectiveness in eliminating inefficiencies and ensuring that the benefits are delivered directly to the citizens without any leakages,” Sitharaman said in her message, read out by Finance Secretary T V Somanathan at the event.
The finance minister also highlighted that 1,081 different schemes, including those of state governments, have been seamlessly integrated into the DBT. The PFMS has played a pivotal role in revolutionising the financial administration of the government. “This has not only facilitated a real-time, reliable, and meaningful management information system but also has paved the way for a more transparent, accountable, and people-centric governance” she said.