The Public Financial Management System (PFMS) was earlier known as

Question

The Public Financial Management System (PFMS) was earlier known as

1. A. Central Plan Schemes Monitoring System (CPSMS) (Correct answer)
2. B. Controller General of Accounts (CGA)
3. C. Central Sector Scheme of Planning Commission
4. D. Core Banking System (CBS)

Correct Answer

Option A — Central Plan Schemes Monitoring System (CPSMS)

Detailed Solution & Explanation

The correct answer is Central Plan Schemes Monitoring System (CPSMS).

Key Points

• PFMS (Public Financial Management System) was earlier known as the Central Plan Schemes Monitoring System (CPSMS).
• It was rebranded to PFMS to expand its scope beyond plan schemes.

Additional Information

• PFMS is run by the Office of the Controller General of Accounts under the Ministry of Finance, and began as the CPSMS in 2009.
• It tracks central funds end to end, from release to final beneficiary, and is the backbone of Direct Benefit Transfer (DBT).
• The renaming reflected a widening scope: from monitoring plan schemes to managing payments, receipts and accounting across government.
• Its main gains are fewer intermediaries, real-time visibility of unspent balances, and 'just-in-time' fund release rather than large advances.