Punjab Minister Launches Three IT-Based Financial Modules

(MENAFN- IANS) Chandigarh, Feb 18 (IANS) In a step towards digital transformation, Punjab Finance Minister Harpal Singh Cheema on Tuesday inaugurated three IT-based financial modules, aimed at bolstering financial transparency and efficiency, besides ensuring the welfare of pensioners.

While inaugurating the Pensioner Sewa Portal (PSP), the Finance Minister highlighted the government's commitment to its pensioners and emphasised this digital platform is designed to provide a comprehensive range of pension-related services.

"This portal will facilitate the seamless processing of pension disbursement cases from treasuries to banks, reduce delays in pension payments, offer real-time case tracking, and ensure efficient grievance handling," said Cheema, while adding the extensive database within PSP will further assist in making informed decisions for the welfare of pensioners.

The Minister also unveiled the Non-Treasury Integrated Financial Management System (NT-IFMS), a pioneering non-treasury accounting system to streamline the accounting processes of deposit works managed by the Forest and Works Departments.

He outlined the benefits of NT-IFMS, noting that the module is designed to handle the receipt and expenditure of funds not routed through the treasury.

"This module will enhance transparency, ensure faster monthly submission and compilation of accounts at the AG office level, and support better decision-making through accurate reporting via sub-modules NTs (MIS), accounting, billing, and receipt," said the minister.

Inaugurating SNA SPARSH, a new fund flow mechanism for centrally sponsored schemes, involves real-time fund transfer to beneficiaries through an integrated framework of PFMS, State IFMS, and the E-kuber system of the RBI, the Finance Minister said this mechanism prevents idle parking of state funds in bank accounts, minimises the cost of borrowings, reduces float, and improves cash management efficiency at the state level.

He said Punjab has been included in the list of chosen states for SNA-SPARSH implementation in October 2024 and through strategic efforts, the Department of Finance successfully on-boarded nine CSS by January 31, making the state eligible for an incentive of Rs 400 crore from the Centre.

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