New Delhi, March 1 (IANS) Out of the 1,200 central and state government schemes, 1,100 are now under the ambit of the Direct Benefit Transfer (DBT) system, said Union Finance Minister Nirmala Sitharaman on Saturday.
FM Sitharaman said that this ensures that funds are directly transferred to the beneficiaries’ bank accounts, eliminating middlemen and reducing delays.
“Everything is going via direct payment, so there are no middlemen, no unborn children getting allowances,” the minister said, while speaking at the 49th Civil Accounts Day celebrations in the national capital.
The Finance Minister added that everybody who receives the fund has a biometric-verified account into which the money goes.
“The Public Financial Management System (PFMS) has played a crucial role in streamlining DBT,” she stated, noting that the system enables the government to ensure that the funds reach the intended beneficiaries without any irregularities.
FM Sitharaman further stated that PFMS currently serves around 60 crore beneficiaries, making it the largest financial management system of its kind in the world. Its end-to-end digitalisation feature has strengthened financial governance and enhanced accountability in fund distribution.
The PFMS interacts with over 250 external systems, including the Government e-Marketplace (GeM), the Goods and Services Tax Network (GSTN), PM Kisan, and the Tax Information Network (TIN 2.0). This integration allows smooth financial transactions and supports the government’s vision of cooperative federalism, the Finance Minister said.
In addition, PFMS has connected financial systems across states, working with 31 state treasuries and over 40 lakh programme implementing agencies.
“With its extensive network, the system plays a key role in ensuring that government funds are utilised effectively and reach those who need them the most,” Sitharaman said.
“When we talk about PFMS integrating systems. What better example can there be of cooperative federalism if only we recognise, all 31 state treasuries and over 40 lakh programme implementing agencies enabling unified financial management across states,” she said.
–IANS
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