Banks gradually integrating with FCRA-PFMS
Ministry
of Home Affairs has confirmed that Standard Chartered Bank is now “integrated
with FCRA-PFMS in all respects”. Quite a few other banks too are likely to be
added to the list of 32 Banks earlier issued by MHA. Readers may recollect that
in our Blog Post of 28th December 2017, we had suggested: “Don’t make haste in
changing your FCRA Bank Account”.
of Home Affairs has confirmed that Standard Chartered Bank is now “integrated
with FCRA-PFMS in all respects”. Quite a few other banks too are likely to be
added to the list of 32 Banks earlier issued by MHA. Readers may recollect that
in our Blog Post of 28th December 2017, we had suggested: “Don’t make haste in
changing your FCRA Bank Account”.
We
have at hand a letter dated: 5th January 2018 signed by Mr. Ravinder Kumar,
Director (MU) and addressed to the General Manager of Standard Chartered Bank
stating: “As per report received from PFMS (FCRA) integration team at NIC, it
has been confirmed that your Bank is integrated with FCRA-PFMS in all respects.
Therefore, no FCRA accounts in your bank are now required to be transferred to
any other Bank in terms of this Ministry’s Notice No.
2/21022/58(951)/2017/FCRA(MU) dated 21.12.2017 circulated on FCRA web portal
dated 21.12.2017.”
have at hand a letter dated: 5th January 2018 signed by Mr. Ravinder Kumar,
Director (MU) and addressed to the General Manager of Standard Chartered Bank
stating: “As per report received from PFMS (FCRA) integration team at NIC, it
has been confirmed that your Bank is integrated with FCRA-PFMS in all respects.
Therefore, no FCRA accounts in your bank are now required to be transferred to
any other Bank in terms of this Ministry’s Notice No.
2/21022/58(951)/2017/FCRA(MU) dated 21.12.2017 circulated on FCRA web portal
dated 21.12.2017.”
CAP’s Advisory
To
reiterate what we have stated earlier on 28th December 2017, if you are
satisfied with the services of your current bank which is not currently in the
MHA’s list, please talk to them first if they are already in the process of
getting PFMS compliant. If not, please move your FCRA account to any of the 32
banks listed by MHA.
reiterate what we have stated earlier on 28th December 2017, if you are
satisfied with the services of your current bank which is not currently in the
MHA’s list, please talk to them first if they are already in the process of
getting PFMS compliant. If not, please move your FCRA account to any of the 32
banks listed by MHA.
Finally,
even if your bank assures you that they will join the Public Financial
Management System, please don’t be complacent or wait beyond another week. If
your Bank fails to provide evidence of having joined the PFM System, please
change your bank before 21st January 2018 and notify the change to MHA in Form
FC 6.
even if your bank assures you that they will join the Public Financial
Management System, please don’t be complacent or wait beyond another week. If
your Bank fails to provide evidence of having joined the PFM System, please
change your bank before 21st January 2018 and notify the change to MHA in Form
FC 6.
What is PFMS?
PFMS
is a Central Sector Plan Scheme implemented by the Office of the Controller
General of Accounts in partnership with National Informatics Centre (NIC). The
scheme has established a common transaction-based on-line fund management and
payment system and MIS for the Plan Schemes of Government of India. The
platform has now been extended to State Governments for effecting payments of
plan funds received directly at the State Treasuries.
is a Central Sector Plan Scheme implemented by the Office of the Controller
General of Accounts in partnership with National Informatics Centre (NIC). The
scheme has established a common transaction-based on-line fund management and
payment system and MIS for the Plan Schemes of Government of India. The
platform has now been extended to State Governments for effecting payments of
plan funds received directly at the State Treasuries.
What PFMS can do?
1.
PFMS can track the utilization / transfer of funds up to end user spread across
the country.
PFMS can track the utilization / transfer of funds up to end user spread across
the country.
2.
The MIS generated through PFMS can track availability of funds, unspent
balances (live balance in account of the implementing Agency.
The MIS generated through PFMS can track availability of funds, unspent
balances (live balance in account of the implementing Agency.
3.
PFMS supports fund management and e-payment through a secure integration with
Core Banking Solution (CBS) of banks.
PFMS supports fund management and e-payment through a secure integration with
Core Banking Solution (CBS) of banks.
4.
The PFMS system has been configured to facilitate all payments either Plan or
Non-Plan based on creation of sanctions through PFMS.
The PFMS system has been configured to facilitate all payments either Plan or
Non-Plan based on creation of sanctions through PFMS.
5.
PFMS establishes a common transaction-based on-line fund management and payment
system.
PFMS establishes a common transaction-based on-line fund management and payment
system.
6.
PFMS can provide MIS for all the expenditure both Plan and Non-plan Schemes of
Government of India.
PFMS can provide MIS for all the expenditure both Plan and Non-plan Schemes of
Government of India.
x
x
If any informations on UNION BANK OF INDIA added in new with32 bank list
Hello there! This is my first visit to your blog! We are a collection of volunteers and starting a new initiative in a community in the same niche. Your blog provided us beneficial information to work on. You have done a wonderful job! etf japan
“My spouse and I stumbled over here coming from a different web page and thought I should check things out. I like what I see so now i’m following you. Look forward to exploring your web page again.”
I enjoy your blog posts, saved to my bookmarks!
“Hi! This is my first visit to your blog! We are a group of volunteers and starting a new initiative in a community in the same niche. Your blog provided us beneficial information to work on. You have done a marvellous job!”