Many students find it hard to continue with their studies due to poverty. Scholarships programs can help them to fulfill their desires of having a good career by providing financial aid. The PFMS (or Public Financial Management System) is an amazing initiative by the Govt. of India that fulfills the aforementioned purpose.
PFMS is a Government Scheme designed to monitor the available scholarship schemes. The Ministry of Finance is in direct control of this innovative scheme. Students with poor financial backgrounds can apply for the PFMS Scholarship Scheme. The Indian Central Govt. keeps track of the distributed funds to the downtrodden students.
It is a great attempt to make sure that money is spent on a noble cause. So, what is PFMS? In this article, you get an insight into the intuitive scholarship program by the Ministry of Finance. Know how to register and login into your account.
What is PFMS?
It is a Govt. of India initiative that records financial reforms in the social sector. It evaluates funds payout, as well. The main objective of the PFMS Scheme is to provide the best monitoring service, review the work, and help in the decision support system. It ensures that the Scheme is carried with transparency and accountability.
PFMS makes sure that the fund utilized in lots of programs are channelized properly. The need for such an establishment became a necessity after the Govt. felt that the existing accounting system is deficient. The scheme is available in all the Indian states.
PFMS even won the developer innovation and excellence award by Microsoft in 2009. Furthermore, it is one of the most intuitive online transaction systems as of now. This Program has collaborated with CBS to carry away banking transactions. CBS owns around 150 banks including the PSU banks.
As aforementioned, this innovative scholarship scheme provides financial help to the students who are not capable of paying their fees because of their poverty. PFMS Scholarship Scheme is initiated by the GoI so that the poor students can carry on with their studies.
Because of the scholarship, different types of incentives are provided to the poor students. The concerned authorities carry away the whole procedure in a smooth way. The scheme greatly benefits the students belonging to the Scheduled Tribes, Scheduled Castes, Economically Backward Societies, and Other Backward Castes.
PFMS Scholarship and its amazing features
- This amazing scheme works hand to hand with around 150 CBS-enabled banks along with some PSU banks
- PFMS scheme consists of recipients and organizations that help in the admission procedure
- PFMS scholarship program approves the post office or bank accounts of the recipient
- The scheme guarantees that cash is disbursed to the right place. That way, it reduces the risk of mishandling government funds
- The agency responsible for the implementation of the scheme evaluates the names, addresses, and other information of the recipient from the available data from the post office or banks
- The power of the agencies is limited to the e-installs of recipients. The students receive the approved balance from their PFMS gateway without anyone’s involvement
PFMS Scholarship and its benefits
The main objective of the PFMS Scholarship Scheme provided by the Ministry of Finance is to encourage students to continue with their studies. As a result, students give outstanding results in higher education both in colleges and universities.
This Central Government Scheme is intended to benefit all the students who belong to the weaker section of society. Poverty cannot cause them to stop their studies. Students can get higher education without worrying about their poor financial condition.
PFMS Scholarship eligibility criteria
Here are the eligibility criteria for the students who want to avail the benefits of this scheme.
- This unique scholarship is open to all the students who are permanent residents of India
- The annual income of the household does not exceed 6 lakh rupees
- Students with ages between 18 and 25
- A student must pass the class 10 examination
Students must abide by the prescribed eligibility norms of the PFMS Scholarship Program. The authorities are responsible for the verification of the eligibility criteria of the students. If certain criteria are not fulfilled, the application may get rejected. Most importantly, the student cannot access the special scholarship program by the Ministry of Finance.
The PFMS provides different types of scholarship schemes for the school and college students. Therefore, the students have to fulfill the eligibility criteria of the specific kind of scholarship they are applying for. Keep in your mind not to give any kind of misinformation to the authority. Or else, you cannot access this wonderful scheme.
The list of various schemes under the PFMS Scholarship
- PFMS scholarship to students studying in colleges and universities
- Pre-matric PFMS scholarship for students who belong to the SC category
- Post-matric PFMS scholarship for students who belong to the SC category
- Post-matric PFMS scholarship for students who belong to the OBC category
- Means cum Merit PFMS Scholarship for downtrodden students
- A special incentive scheme for secondary education to girl students
- High-class education PFMS scheme for students from the SC category
- Merit PFMS scholarship scheme for SC students
Important documents required to avail PFMS scheme
The documents that you need for online registration for this Scholarship are mentioned below. All the documents need to be in PDF file format.
- Class 10 and Class 12 mark sheet
- School fee receipt
- Scanned signature copy of the student
- Family income certificate
- Aadhar Card
- Passport size photograph
Important things to remember while applying
- Make sure to check whether you are eligible for the specific scholarship or not.
- Fill the application form with care. Or else it may create a problem afterward
- Upload the right document in the online portal
- You have to link your Aadhar Card to the bank or post office account
- Do not forget to take out a printout after applying
What is the PFMS online portal?
The presence of the PFMS portal makes it easier for the students to check everything related to their scholarship. The portal is very helpful for students who want to get a scholarship. You can know about the payment status of your application in this online portal. Also, you can check the PFMS list and your registration status.
How to check the PFMS scholarship status
- Visit pfms.nic.in to check the status of your scholarship
- Click on the ‘Know your payments’ option on the homepage
- Enter your bank name
- Enter your account number two times for confirmation
- Fill in the captcha code and press the ‘Search’ button
- Now, you can have the current status of your scholarship
Online portal features
- Saves you time – The whole process of applying for the PFMS scholarship is very fast on the online portal. That’s because there is no paperwork required for registration. It saves you a lot of time.
- Hassle-free checking of scholarship status – Students can enquire about their scholarship. They can do it with their bank or post office account number.
- Bank transfer – Students can receive their scholarship amount in their bank accounts hassle-free.
- Automation – The innovative design of the PFMS online portal automates all the processes. It includes submission, processing, verification, approval, and sanction of the scholarship program.
- Important alerts to the students – Students receive SMS and emails from time to time. As a result, they face no trouble throughout the process.
- Good consumer support system – The helpline numbers on the PFMS online portal provide great support. In short, they answer your queries relating to your scholarship. Moreover, they provide prompt service.
- Guidelines for the students – The online instruction manual is quite helpful for the students. It helps the students to complete the application form.
Online registration procedure for the PFMS Scholarship Scheme
After you have fulfilled the eligibility criteria, it is time for you to register online. It is an important part of the whole process. And, students have to provide accurate information.
- Visit the official website. The link for the registration is present on the homepage.
- Another page opens for student registration.
- Choose from the drop-down option under ‘Select Scholarship Scheme’
- Select the class 12 pass out year from the drop-down option
- Choose the Education Board.
- Enter the details of your bank account along with the IFS code of the specific branch
- From the drop-down option, choose the right category and press the ‘search’ button.
- The system searches and fills up the space displayed on the screen
- Enter your contact number to receive the OTP.
- Insert the OTP on the space provided and click ‘Verify’
- Next, you need to enter your valid email address
- Create a unique User Id along with a password and fill in the captcha
- Click the ‘Submit’ button. This brings an end to the process.
How to track NSP payments
- First of all, you need to visit the official website of PFMS
- On the homepage, you can see an option ‘Track NSP Payments’. Click on it.
- A new page opens and you can find a form. Complete filling up the form with the correct details.
- Enter the captcha word from the adjacent box and press ‘Search’
- All the NSP payment details will display on your screen.
The login procedure for the PFMS Scholarship Scheme
With the online portal, you can log in to your PFMS account in quick steps. Follow the procedures below to access your account.
- Go to the official PFMS online portal by following the link.
- In the right-hand upper portion of the main page, you can find the PFMS login button.
- Click on the button and you appear on a new page.
- Select the pass out year from the option.
- Enter your username and your secret password.
- Click the ‘Log In’ button and access your PFMS account.
Renewal application form for PFMS Scholarship Program
Sometimes people wonder, what is PFMS renewal form? Students who have applied for the scholarship have to renew their scholarship. In other words, the candidates have to provide accurate details. For that, they need to fill up the renewal form. This is how you can do it.
- First, go to the PFMS online portal and press the ‘Login’ button.
- Enter your PFMS account by inserting your User Id and password.
- Choose the renewal form.
- Update the information on the renewal form.
- Upload the important documents.
- Submit the renewal form. Take a print out of the renewal application form for further use.
Renewal of the scholarship is very important to the students. Some of them hold a good academic result and need to renew the Scheme. As a result, those students enjoy the benefits of the scheme. However, you have to apply for the scholarship renewal on the PFMS website. There is no other procedure for that. Follow the steps with utmost caution and complete filling up the application form.
How to get your PFMS login details if you have registered Agency
- Go to the website of PFMS.
- On the right side of the homepage, you can find a link that says ‘Get Login details if Agency is already registered’.
- Click on the hyperlink and a new webpage opens up.
- Enter the login id, email address, unique agency code, and account number of the agency.
- Fill the space with the captcha and press the ‘Submit’ button.
Now you can have the PFMS login details of the agency.
However, students need to visit the official PFMS online portal often. That way, they can update themselves to the latest information. In short, the PFMS scholarship scheme is a wonderful initiative of the Central Govt. to ensure that better opportunities go to the right people. Moreover, all kinds of transactions are transparent through this online portal. By now, you must be aware of what is PFMS.