Public Financial Management System(PFMS) is an initiative started by Government of India which aims to improve the efficiency and effectiveness of financial transactions and management of public funds. It provides tracking and monitoring to ensure proper utilization of funds under different Plan Schemes.

CUB's USP for PFMS services:

• No need to visit branch to do payment.
• Initiate your payment through CUB Corporate Netbanking and check payment status anytime.
• Processing through NEFT and RTGS
• Payments Authorization through DSC and ePA (Electronic Payment Advice) mode

Steps to register for PFMS services:

1. Register your Program Implementing Agency (PIA) on PFMS portal, after getting approval from the competent authorities.
2. After PIA registration on PFMS, it will receive an Agency Admin login and password.
3. Login to PFMS portal with Admin credentials.
4. PFMS works on the concept of maker and checker. PIA needs 2 User Ids:
• Data Operator :Data Operator (maker) will enter all the transaction entries and will submit it to the Data Approver(checker) for verification.
• Data Approver :Data Approver will be the checker for PFMS transactions. Data Approver will do the verification, approval or rejection of the transactions.
5. Login from your Data Operator ID and add the beneficiary and transaction details.
6. Approve the payment from Data Approver ID.

Now, do any one of the below options for PFMS Payment:

• Through CUB Corporate Netbanking
• Or Visit your home branch.

CUB will wait for the government intimation for the mentioned account to receive benefits. Once received, customer can avail the PFMS benefits.

Please contact us here or visit your CUB home branch for any assistance. To know more about PFMS services, please visit PFMS portal

FAQs

General Queries

A. What type of transactions can be handled by PFMS?

PFMS handles transactions like Direct Benefit Transfer, Pension Payments, Subsidy Payments, Government Employee Salaries, Income Tax Refunds, Scholarships disbursements, Vendor Payments, Healthcare Payments and Grant & Aids.

B. What are the security measures followed?

Our mobile application is very secure and support services like multi factor user authentication through MPIN, Biometric Verification and Transaction Alerts. Secure payment is done through Soft Token and Hard Token. To know more about tokens please click here

C. Who are eligible to receive benefits of PFMS?

The eligibility to receive benefits through PFMS varies depending on the specific government program, scheme or initiative. Eligibility criteria are determined by the government agency responsible for the program. Some common entities and individuals who receive PFMS benefits are Direct Beneficiaries, Pensioners, Scholarship Recipients, Farmers, Government employees, NGOs, Educational Institutions, SMEs, Healthcare Providers, Disaster relief and Aid Recepients, Tribal and Indigenous Communities.

D. Are there any charges or fees associated with receiving payments through PFMS?

CUB doesn’t take any fee or charges from the customer for availing PFMS benefits.

E. Can user opt out of receiving government benefits through PFMS, if they prefer any different payment method?

Customers can opt out of PFMS if the government program under which they are receiving benefits offers them the flexibility to opt out. Customers will have to consult with the relevant authorities and follow their guidance when seeking alternate methods of receiving government benefits.