Rs 71,633 cr transacted via PFMS portal on Mar 28: FinMin

The Finance Ministry today said a "historic" Rs 71,633 crore was processed and routed through the PFMS portal on March 28.

The Public Financial Management System (PFMS), administered by the Department of Expenditure, is an end-to- end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.

It provides scheme managers a unified platform for tracking releases and monitoring their last mile utilisation.

"On March 28, an amount of Rs 71,633.45 crore has been digitally transacted/routed through PFMS Portal for 98,19,026 transactions. This is a historic record of number of digital transactions processed in a single day," the ministry said in a statement.

Of this, Rs 52,292 crore was transferred to state governments, while other digital payments by PAOs (Principal Accounts Office) were to the tune of Rs 13,040 crore.

Besides, Direct Benefit Transfer (DBT) payments by implementing agencies accounted for Rs 2,493 crore, while other digital payments was to the tune of Rs 2,472 crore.

PFMS is an ambitious project of the government being implemented by the Controller General of Accounts.

It provides platform for efficient management of funds through tracking of funds and real time reporting of expenditure and receipts through treasury and bank interface.

The line ministries/departments utilise this platform to monitor the utilisation of funds provided to the implementing agencies and state governments. PFMS is also used for DBT payments under MGNREGA and other notified schemes of the Government of India.