Question

What is the online financial management system through which the Government of India monitors the fund flow released to States under various schemes?
1. Comprehensive Financial Management System
2. PRIA Soft
3. Public Finance Management System
4. Direct Beneficiary Transfer

Answer 1

Correct Answer - Option 3 : Public Finance Management System

The correct answer is Public Finance Management System.

• Public Finance Management System is the financial management system through which the Government of India monitors the fund flow released to States under various schemes.

• Public Finance Management System (PFMS):
  • Public Financial Management System (PFMS) is an online software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance.
  • It was started in 2009 to track funds released under all Plan schemes of the Government of India.
  • It also has the feature of real-time reporting of expenditure at all levels of Programme implementation.

 

• Comprehensive Financial Management System is an enterprise-level digital management system.
  • It helps to know the status of projects along with the dispersal of budged funds. 
• PRIA Soft is a centralized Accounting Software intended for use by all three levels of Panchayati Raj that are Zilla, Block and Village Panchayat. 
  • It helps to keep track of all the in-flow (Receipts) and out-flow (Expenditure) of the Panchayati Raj Institutions.
• Direct Beneficiary Transfer helps to transfer subsidies directly to the bank account of the subsidiary.