PFMS SCHOLARSHIP 2019-20:
Scholarships form an essential part for everyone and specifically those who belong to the backward classes. To help them the Government of India has come up with a plan of public financial management system (PFMS) which is a plan monitoring system of the department of expenditure, ministry of finance, Government of India.
Through the implementation of this scholarship, many incentives will be provided to the students who belong to different backward categories that are Scheduled caste, Scheduled tribe, other backward caste and also the people who belong to economically backward society.
Public Financial Management System (PFMS) is a platform for e-payment of subsidy under Direct Benefit Transfer (DBT) to both Aadhar based & Non- Aadhar based bank accounts through NPCI. Every work under this is done with full transparency. Under this, three ids are made which are named as maker, admin and checker. The checker approves or rejects the details which are provided by the maker to the bank.
Any candidate who fulfills the eligibility can apply by visiting their official website (https://pfms.nic.in/), entering the required details, uploading the documents and then finally submitting it.
Prerequisite for an institute
- Creation of data operator, data approver
- Parent account mapping
- DSC enrollment
- Signatory configuration
- Activation of account for E-payment
Here’s the list of documents to be uploaded:
1. Passport sized photograph
2. Mark sheets
3. Signature of candidate
4. Fee receipt
This opportunity can prove as to be an advantage for all the underprivileged children who can work hard to bring name and fame to their families.
The availability of the PFMS Scholarship 2019-20 list will only be on the official website of PFMS (https://pfms.nic.in/)
The primary objective of PFMS is to establish an efficient fund flow system and expenditure network. PFMS provides various stakeholders with a reliable and meaningful management information system and an effective decision support system.
The PFMS Scholarship 2019-20 registration https://pfms.nic.in/ 2019 has to be done in an online mode and there will be no other way of accessing the Application form of PFMS. The applicants will have to register themselves successfully in order to access the Scholarship.
RENEWAL OF SCHOLARSHIP
All the candidates who had enrolled for the scholarship program of PFMS 2019(pfms.nic.in) can renew their scholarship by submitting the required details. There are only some easy steps which the students need to perform. The renewal of scholarship would serve as a backbone to all the children who have maintained their academics from past years.
Steps to Renew the PFMS Scholarship 2019-20
- Visit the official website of the PFMS scholarship portal(pfms.nic.in)
- Click on the link ‘PFMS student scholarship renewal 2020’.
- Enter the year in which you have passed class 12th and also select the board.
- Update bank account details and enter IFSC code.
- Update the mobile number and enter the OTP sent to the registered number.
- Update email link and click on the verification link.
- Update the registration details
- Finally, click on submit button.
As per 2019 data PFMS scholarships are provided to individuals by 24th January. After 24 January all bank accounts would be updated as per the scholarship provided. After logging in to pfms.nic.in it will show about the current status of scholarship whether it has been provided or is still pending.
AADHAR BASED PAYMENT:
a. Maker selects the beneficiary by ticking check box for payments.
b. Amount is entered against each beneficiary for payment.
c. Submit the payments to checker for approvals .
d. Checker logs in on the system and clicks on the approval requests submitted by the maker (the checker can reject or approve the request).
e. Once approved, the payment file is transmitted to the sponsor bank.
f. Simultaneously, in case where printed debit advice has been selected as the authentication mode by the agency, this printed and signed advice is sent to the concerned bank branch.
g. After this, the electronic file is sent to NPCI using the Aadhar payment bridge and the respective accounts of the beneficiaries are credited.
h. Payment to beneficiaries is confirmed to the implementing agencies through a reverse MIS and to the beneficiaries through SMS (if the mobile number of beneficiary has been captured in the beneficiary database)
The rate of scholarship are Rs. 1000/- at Graduation level for the first three years of College and University courses and Rs. 2000/- per month at Post-Graduation level. Students pursuing professional courses would get Rs. 2000/- per month in the 4th and 5th year. The scholarships would be paid for 10 months in an academic year
PFMS 2019 LIST UP
- PFMS Scholarship 2019 to Universities/College Students
- PFMS 2019 Post Matric Scholarship for SC Students ( pfms.nic.in sc)
- PFMS Scholarship 2019 Pre-Matric Scholarship for SC Students
- PFMS Student Scholarship National Means cum Merit Scholarship
- PFMS Scholarship 2019 National Scheme for Incentive for the girl child for secondary education
- pfms.nic.in scholarship 2019 Top Class Education Scheme for SC
- pfms.nic.in scholarship for Up gradation of Merit of SC Students
Benefits of PFMS
It establishes a common electronic platform for complete tracking of fund flows from the Central Government to large number of programme implementing agencies, under both Central Government and the State Governments until it reaches the final intended beneficiaries. It also saves people time by transferring the scholarship directly to their bank accounts using online modes.
There are in total 60 banks which provide the PFMS facility. To get the list of banks, you can refer to this official website; https://fcraonline.nic.in/fc_bank_list.aspx
Modules developed /under development by PFMS for stakeholders as per the Union Cabinet above mandate are as under:
- I. Fund Flow Monitoring. (a) Agency registration. …
- II. Direct Benefit Transfer DBT modules. (a) PAO to beneficiaries (b) Agency to beneficiaries (c) State treasuries to beneficiaries.
- III. Interfaces for Banking.
ANSWERS TO SOME BASIC QUESTIONS:
Who will get PFMS?
PFMS is public financial management system for schemes of Govt. of India which can be also used for state schemes. PFMS is a transaction based system to provide real time utilization of funds released from consolidated fund of India
What is the purpose of PFMS?
Public Financial Management System (PFMS) was established as a web-based online transaction system for fund management and e-payment to implementing agencies and beneficiaries. The primary objective of is to link with the financial networks of Central and the State Governments and the agencies of State Governments
Eligibility Criteria for PFMS Registration 2019?
The student must have qualified Class 12th and the student should be in top 20% candidates to apply for PFMS Merit Scholarship. The age of the student should be between 18 and 25. Annual income of the parents should not be more than Rs 6 Lakh per annum.
How much can you get from scholarships?
Most students can expect to receive $5,000 to $10,000 in scholarships, but that varies widely based on the cost of attendance at the college and how hard the student works on the application process
Do scholarships pay for everything?
Of course, the scholarship that most students really want to secure is a full-ride scholarship. This type of award not only covers tuition and fees, but also books, room and board, supplies, and sometimes even living expenses. Some awards also cover the costs for study abroad programs
What ACT score is needed for a full ride?
To be eligible, students must have ACT scores of at least 31 or SAT scores of at least 1430, be in the top 5% of their high school classes, and have a GPA of 3.8 or above.
Is PFMS safe?
In furtherance of these objectives and in compliance with the provisions of the IT Act, along with other related laws and recommendations made by the Reserve Bank of India (RBI), the Public Finance Management System (PFMS) established itself as a safe, secure, efficient and robust payment platform