Public Financial Management System Ideas and lessons from India
by Saborni Poddar
May 6, 2020
1 min
As part of its program to facilitate exposure visits to India for governments across the globe, MSC has documented India’s journey towards financial inclusion and digital governance. The first three modules of this series were Aadhaar, PMJDY, and Digital Governance. The fourth module of this series is on Public Financial Management System (PFMS).
Indian government manages its public finance using an application called Public Financial Management System (PFMS). It is used for payment, accounting, and reconciliation of government transactions. During the lockdown period (March 2020 till 17th April 2020), government-supported more than 200 million households by transferring cash amounting to USD 7 billion directly to their bank accounts. All these transactions were managed in PFMS.
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