Public Financial Management System (PFMS) is an initiative of Ministry of Finance, Govt. of India which provides a web based application for e-payment of Direct Benefit Transfer (DBT)/ Non DBT payments for both Aaadhar based & Non- Aaadhar based bank accounts with the objective of bringing transformational accountability and transparency in the Government Financial Management Systems and promoting overall good governance in India.
PFMS established a common platform for complete tracking of fund flows from the Central Government to large number of programme implementing agencies, both under Central Government and the State Governments till it reaches the final intended beneficiaries by its interface with all the Banks and State Treasuries. PFMS thereby enables real time monitoring of disbursements and utilization of funds which in turn provides a sound Decision Support System across Ministries and Departments of Government of India.
The Departments of Central Government, Central Government PSU, State Government PSU, Statutory Bodies, Local Bodies, Trusts, Registered Societies, State Govt institutions and Individuals eligible for receiving grant in aids from GoI for running various Government schemes can open their accounts in our Bank for using PFMS channel for their payments to vendors/beneficiaries.