Synopsis
Union Finance Minister Nirmala Sitharaman announced that 1,100 out of 1,200 government schemes are now included in the Direct Benefit Transfer (DBT) system, ensuring funds go directly to beneficiaries, enhancing accountability and governance.Key Takeaways
- 1,100 of 1,200 schemes on DBT
- Elimination of middlemen
- 60 crore beneficiaries served
- PFMS is the largest global financial system
- Integration with 250+ external systems
New Delhi, March 1 (NationPress) - Out of the total 1,200 schemes initiated by both central and state governments, 1,100 are now incorporated into the Direct Benefit Transfer (DBT) framework, as announced by Union Finance Minister Nirmala Sitharaman on Saturday.
FM Sitharaman emphasized that this method guarantees direct deposit of funds into beneficiaries’ bank accounts, thereby eliminating intermediaries and minimizing delays.
"All transactions are processed through direct payments, which means no middlemen and no fictitious beneficiaries receiving allowances," the minister remarked during her address at the 49th Civil Accounts Day celebrations in the capital.
The Finance Minister noted that every recipient of these funds possesses a biometric-verified account for fund disbursement.
"The Public Financial Management System (PFMS) has been instrumental in enhancing the efficiency of DBT,” she stated, highlighting that the system ensures funds reach their intended recipients without discrepancies.
FM Sitharaman further revealed that the PFMS currently supports approximately 60 crore beneficiaries, making it the largest financial management system globally. Its complete digitalization has fortified financial governance and accountability in fund allocation.
The PFMS collaborates 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 facilitates seamless financial transactions and aligns with the government’s vision for cooperative federalism, according to the Finance Minister.
Additionally, PFMS has established connections among financial systems across various states, collaborating with 31 state treasuries and over 40 lakh programme implementing agencies.
“With its extensive network, the system significantly contributes to ensuring that government funds are effectively utilized and reach those who require them the most,” Sitharaman remarked.
"When we discuss PFMS's system integration, it exemplifies cooperative federalism as it unites all 31 state treasuries and over 40 lakh programme implementing agencies for unified financial management across states," she concluded.
