Synopsis
Union Finance Minister Nirmala Sitharaman announced that 1,100 out of 1,200 government schemes are now integrated into the Direct Benefit Transfer system, facilitating direct transfers to beneficiaries' accounts and enhancing financial management.Key Takeaways
- 1,100 out of 1,200 schemes under DBT.
- Funds transferred directly to bank accounts.
- Elimination of middlemen and delays.
- PFMS aids in streamlining DBT.
- Services around 60 crore beneficiaries.
New Delhi, March 1 (NationPress) - According to Union Finance Minister Nirmala Sitharaman, out of the total 1,200 central and state government schemes, 1,100 are now included under the Direct Benefit Transfer (DBT) initiative. This update was shared during her address on Saturday.
FM Sitharaman highlighted that this shift guarantees that funds are directly deposited into the beneficiaries' bank accounts, thereby eliminating intermediaries and reducing delays in the process.
"Everything is processed through direct payments, thus eliminating middlemen and preventing unauthorized individuals from accessing allowances," she mentioned at the 49th Civil Accounts Day celebrations in the national capital.
The Finance Minister noted that each beneficiary has a biometric-verified account that receives the funds.
She stated, "The Public Financial Management System (PFMS) has been instrumental in optimizing the DBT process," adding that this system ensures that funds reach the rightful recipients without any discrepancies.
FM Sitharaman further claimed that the PFMS currently assists around 60 crore beneficiaries, making it the largest financial management framework of its kind globally. Its comprehensive digitalization has fortified financial governance and improved accountability in fund allocation.
The PFMS interfaces with over 250 external systems, such as the Government e-Marketplace (GeM), the Goods and Services Tax Network (GSTN), PM Kisan, and the Tax Information Network (TIN 2.0). This integration facilitates seamless financial transactions and backs the government’s aim of cooperative federalism, according to the Finance Minister.
Moreover, PFMS has linked financial systems across states, collaborating with 31 state treasuries and over 40 lakh program implementation agencies.
“With its extensive network, the system is vital in ensuring efficient utilization of government funds, directing them to those in greatest need,” Sitharaman asserted.
"When discussing PFMS's system integration, one can observe a prime example of cooperative federalism, as we recognize all 31 state treasuries and over 40 lakh program implementation agencies facilitating unified financial management across states," she concluded.
