Indian Bank launches Public Financial Management System

Public sector Indian Bank has introduced public financial management system, aimed at benefiting government agencies for taking up payment service.

Indian Bank, Managing Director and CEO, Kishor Kharat along with senior bank executives launched the service here, recently, a bank statement said.

Following the thrust given by central government agencies to process all payments through the PFMS platform, city headquartered bank launched the service.

PFMS is designed to help the government agencies for processing payments, tracking, monitoring, accounting, reconciliation.

Currently, the facility was being used for NREGA transactions in Tamil Nadu and Andhra Pradesh, it said.

Kharat on the occasion also launched 'Bharat QR' - a mobile payment collection facility to accept digital payments.

On enrolment of the service, a merchant will receive Bharat QR sticker which will allow customers to make payments through the QR facility.

Merchants need to put up the stickers at the shop for the customer to scan and pay by using any of the digital mode of transactions, it added.