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The Full form of PFMS is Public Financial Management System. PFMS was formerly known as CPSMS (Central Plan Schemes Monitoring System). It is an online software application developed and implemented by the Office of Controller General of Accounts (CGA). It comes under the department of expenditure, Ministry of Finance, Govt. of India.

It offers a platform for electronic-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non-Aadhar based bank accounts through National Payments Corporation of India (NPCI).

Many banks have implemented DBT payments through Public Financial Management System for the beneficiaries covered under the schemes. To facilitate sound Public Financial Management System for Govt. of India is the main responsibility of PFMS by providing a fund flow system and a payment cum accounting network. It offers a reliable, real-time, and an effective decision support system and a meaningful management information system as a part of the Digital India initiative of Govt. of India. Integration with the Core banking system is the biggest advantage of PFMS in the Country.

Eventually, PFMS is capable of pushing online payments to almost every beneficiary/vendor. At present, PFMS has an interface in addition to the CBS (Core Banking System) of all banks to offer real-time reporting of banking transactions.

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