Punjab Minister Unveils Three IT-Driven Financial Modules

Synopsis

Punjab Finance Minister Harpal Singh Cheema has launched three IT-based financial modules aimed at enhancing financial transparency and efficiency, as well as supporting pensioners' welfare. The new initiatives include the Pensioner Sewa Portal, the Non-Treasury Integrated Financial Management System, and SNA SPARSH for real-time fund transfers.

Key Takeaways

Launch of three IT-based financial modules
Pensioner Sewa Portal enhances pension management
NT-IFMS streamlines non-treasury accounting
SNA SPARSH enables real-time fund transfers
Punjab eligible for Rs 400 crore incentive

Chandigarh, Feb 18 (NationPress) In a significant move towards digital transformation, Punjab Finance Minister Harpal Singh Cheema on Tuesday launched three IT-based financial modules that aim to enhance financial transparency and efficiency, while also prioritizing the welfare of pensioners.

During the inauguration of the Pensioner Sewa Portal (PSP), the Finance Minister underscored the government's dedication to its pensioners, stating that this digital initiative is crafted to provide a comprehensive array of pension-related services.

"This portal will enable the smooth processing of pension disbursement cases from treasuries to banks, diminish delays in pension payments, offer real-time case tracking, and ensure effective grievance resolution," stated Cheema, adding that the extensive database within the PSP will assist in making informed decisions for the welfare of pensioners.

The Minister also introduced the Non-Treasury Integrated Financial Management System (NT-IFMS), an innovative non-treasury accounting system aimed at optimizing the accounting processes of deposit works overseen by the Forest and Works Departments.

He elaborated on the advantages of NT-IFMS, indicating that the module is designed to manage the receipt and expenditure of funds that do not pass through the treasury.

"This module will improve transparency, ensure quicker monthly submissions and account compilations at the AG office level, and facilitate improved decision-making through precise reporting via sub-modules NTs (MIS), accounting, billing, and receipts," the minister noted.

In launching SNA SPARSH, a newly developed fund flow mechanism for centrally sponsored schemes, the Finance Minister explained that it enables real-time fund transfers to beneficiaries through an integrated framework comprising PFMS, State IFMS, and the E-kuber system by the RBI, thus preventing idle state funds from being parked in bank accounts, reducing borrowing costs, lessening float, and enhancing cash management efficiency at the state level.

He announced that Punjab has been selected among the states for the implementation of SNA-SPARSH beginning in October 2024. Through strategic initiatives, the Department of Finance successfully onboarded nine CSS by January 31, making the state eligible for a Rs 400 crore incentive from the Centre.