Digital PFM - Digital PFM

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Website is dedicated to empowering PFM professionals with the necessary resources needed for effective Digital PFM. Website lists resources, technical notes, best practices, blogs, and news to enhance transparency, efficiency, and accountability in public finance using digital technologies. Whether you're a policymaker, practitioner, or researcher, website supports your journey toward smarter PFM.

About Digital PFM

PFM is being transformed by digital technologies, including AI, Machine Learning, and blockchain. AI, particularly in cognitive automation, plays a vital role in automating complex PFM tasks that require human-like decision-making, such as budget forecasting, anomaly detection, and compliance checks. AI/ML enhances decision-making and predictive analytics, while blockchain ensures transparency and security in transactions. Data analytics provides real-time insights, optimizing resource allocation.

Data governance remains crucial for AI, ensuring accuracy, consistency, and security across systems, which builds trust and compliance. Key components of digital PFM include digital budgeting, e-procurement, automated financial reporting, and Integrated Financial Management Information Systems (IFMIS). Additionally, Public Investment Management Information Systems (PIMIS), payroll, and other PFM IT systems enhance efficiency and accountability, creating a transparent and effective PFM ecosystem for governments.

India: e-RUPI Digital Payment Solution for Targeted Benefits

Prime Minister Narendra Modi launched e-RUPI, a digital payment solution, via video conferencing. Developed by NPCI, the Department of Financial Services, the Ministry of Health and Welfare, and the National Health Authority, e-RUPI is a QR code or SMS-based e-voucher. It ensures targeted, transparent, and leak-proof delivery of benefits, strengthening Direct Benefit Transfer (DBT). The system connects service sponsors with beneficiaries and providers without physical interaction, guaranteeing payment only after service completion. Several banks, including SBI and HDFC, are onboard for issuing and redeeming e-RUPI vouchers, enhancing digital transactions in India.

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Digital Money and Smart Contracts

India: e-RUPI Digital Payment Solution for Targeted Benefits

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