What is the PFMS? What is the purpose to use?
PFMS stands for Public
Financial Management System. It is an online platform developed by the
Government of India to track and manage the flow of public funds in various
government schemes and programs. The purpose of PFMS is to improve
transparency, efficiency, and accountability in public financial management.
The PFMS system is used by several stakeholders, including central
government ministries, state governments, autonomous bodies, and implementing
agencies. It enables them to electronically manage budgeting, release of funds,
authorization, accounting, and monitoring of financial transactions related to
government schemes and programs.
PFMS Purpose:
By using the PFMS, the government can track the flow of funds from the
central level to the final beneficiaries, ensuring that the funds are utilized
for their intended purposes. It helps in preventing leakages, misappropriation,
and delays in fund disbursement. The system also facilitates real-time
reporting and monitoring of financial data, allowing the government to make
data-driven decisions and improve financial governance.
Additionally, the PFMS provides a platform for direct benefit transfers,
where government subsidies and welfare payments can be directly transferred to
the bank accounts of eligible beneficiaries. This reduces leakages and ensures
that the benefits reach the intended recipients more efficiently.
Overall, the PFMS is a crucial tool for the Indian government to streamline
financial management, enhance transparency, and improve the delivery of public services.
PFMS | Add Vendor details on PFMS portal | Update Name Of Vendor
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How to add vendors in PFMS?
To add vendors in PFMS (Public Financial Management System), you can follow these general steps:
1.
Registration: The vendor needs to
register on the PFMS portal as a beneficiary. This typically involves providing
necessary details such as name, address, contact information, bank account
details, and other required information.
2.
User ID and Password: After the registration process, the vendor will be provided with a unique
user ID and password for accessing the PFMS portal.
3.
Login: Using the provided user
ID and password, the vendor can log in to the PFMS portal.
4.
Profile Update: Once logged in, the vendor should navigate to the profile section and
update their profile information accurately. This includes verifying and
updating personal and bank account details, ensuring they match the vendor's
official records.
5.
Vendor Registration: In the PFMS portal, there is usually a section dedicated to vendor
registration. The vendor needs to locate this section and initiate the vendor
registration process.
6.
Vendor Details: Fill in the required information regarding the vendor, such as vendor name,
address, contact details, bank account information, and any other relevant
details as specified by the PFMS system.
7.
Document Submission: The vendor may be required to submit certain supporting documents as part
of the registration process. These documents may include PAN card, GST
registration certificate, bank account proof, and any other documents specified
by the PFMS system.
8.
Verification: Once the vendor registration details and documents are submitted, they
will undergo a verification process by the concerned authorities. The
verification process ensures the accuracy and authenticity of the vendor's
information.
9.
Approval: After successful
verification, the vendor registration request will be reviewed, and upon
approval, the vendor will be added to the PFMS system.
It's important to note that the specific steps and process for adding
vendors may vary depending on the implementation of PFMS in different states or
organizations. Therefore, it's recommended to refer to the official PFMS portal
or contact the concerned authorities for detailed instructions and guidance on
vendor registration in your specific case.
How to update name of Vendor On PFMS ?
To update the name of a vendor on PFMS (Public Financial Management
System), you typically need to follow these steps:
1.
Login: Access the PFMS portal
using your user ID and password. If you don't have an account, you may need to
register as a vendor and obtain login credentials.
2.
Navigate to Vendor Profile: Once logged in, locate the vendor profile section. It is usually under the
"Vendor Management" or "Profile Management" menu.
3.
Edit Profile: In the vendor profile section, you should find an option to edit or update
your profile information. Click on this option to make changes to your vendor
details.
4.
Update Vendor Name: Locate the field that contains the vendor's name and modify it as required.
Enter the updated name in the designated field.
5.
Save Changes: After updating the vendor name, ensure to save the changes by clicking on
the "Save" or "Update" button. This action will submit the
updated information to the PFMS system.
6.
Verification and Approval: Once you save the changes, the updated vendor name may undergo a
verification process by the PFMS authorities. They will review the updated
information and approve it if everything is in order.
7. Confirmation: Upon successful verification and approval, you should receive a
confirmation notification indicating that the vendor's name has been updated in
the PFMS system.
It's important to note that the specific steps and options for updating the
vendor name may vary depending on the implementation of PFMS in different
states or organizations. Therefore, it's recommended to refer to the official
PFMS portal or contact the concerned authorities for precise instructions on
how to update the vendor name in your specific case.