In this article, we shall be discussing the government’s PFMS scholarship, its features and the procedure for application.

Education is one of the primary areas where India lags. It is not just an economic issue, but also a social and cultural issue. It is for this reason that the government has several schemes that are linked to education PFMS Scholarship.

It has become important not only from the point of view of demographical development and growth but also from an administrative point of view for the government.

The government has been taking several initiatives to digitize its administration and use technology to fill up the gaps caused in public administrations due to the lack of adequate manpower. So ensuring that the general public has basic educational qualifications is beneficial for the government as well as far as the success of its schemes is concerned.

One such initiative launched by the government to stimulate education amongst the youth is the PFMS scholarship. PFMS stands for Public Financial Management System. PFMS is a portal that provides financial support as a scholarship to economically backward students. The Public Financial Management System program is a government-owned program where financial funds are given to eligible beneficiaries. There are some basic eligibility criteria a candidate must meet to be listed in this PFMS scholarship scheme. Let us take a look at those.

PFMS Scholarship 2024: General Overview

The Public Finance Management System (PFMS), formerly called the Central Plan Scheme Monitoring System (CPSMS), is a unique web-based tool for keeping tabs on government social sector programs and schemes and tracking cash disbursements. Students can monitor the status of all centrally funded and central sector programs for which DBT (Direct Benefit Transfer Mode) is used to make payments. Additionally, the portal includes details about a few scholarship programs. 

Eligibility For PFMS Scholarship

To apply for this scheme candidates must fulfil the following criteria. Those who do not, cannot apply for this scholarship. The criteria are as follows.

1. The applicant must be a permanent resident of India
2. The annual income of the beneficiary’s family must be below ₹ 6,00,000/-
3. The age criteria for applicants is between 18 and 25 years
4. Applicants must have cleared the minimum examination of Secondary Education.

Types of PFMS Scholarship Schemes

There are close to eight PFMS scholarship schemes run under a public finance management system. Details of schemes are provided below:-

1. PFMS pre-matriculation scholarship for scheduled caste
2. PFMS post-matriculation scholarship for scheduled caste
3. Public Financial management system National Student means cum merit scholarship
4. Scholarship program for the incentive to the girl child for secondary education
5. PFMS scholarship programs for university and college students
6. PFMS scholarship program for up-gradation of merit of scheduled caste students
7. Top-class education scheme for the scheduled caste scholarship program is there
8. Scholarship program for a post-matriculation scholarship for other backward-class candidates

Documents Required For Application

While making an application for the PFMS scholarship, the applicant must furnish copies of the following documents:

1. Educational certificate
2. Mark sheet of matriculation
3. Domicile certificate
4. Certificate of caste
5. Passport size photograph
6. Aadhar Card details
7. Receipt of fee
8. Mobile number
9. Bank account details
10. Certificate of family income

Applying for PFMS Scholarship Online

The following steps must be taken to apply for a PFMS scholarship online.

1. The first step of registration is visiting the official website
2. On the homepage, the applicant will find an option named ‘PFMS scholarship student registration’. Click on this option
3. Next, the applicant has to select the desired scheme
4. After selecting it a new page will open which will ask for information
5. Provide details such as 12th standard education, and basic details along with the Board of education
6. Enter bank account details and IFSC code from the drop-down menu
7. Select the category and submit this information through the portal
8. Now provide mobile number details
9. An OTP is sent to that registered mobile number
10. After filling in this OTP number click on proceed
11. Post verification of mobile number will ask for email ID
12. Now create a user ID and password for future login
13. Select the user ID and password and provide a captcha code to proceed
14. In the next step, it is required to upload the relevant documents
15. Select the sections and upload the documents that are asked
16. Now click on the submit button for the final submission
17. In this way, you can apply for the procedure of PFMS scholarship under the public financial management system portal.

Checking the Status of the Application

At any time an applicant can check the status of the scholarship amount sanctioned under the scheme from the official website. Let us take a look at this step by step.

1. First, visit the official website of the public financial management system
2. On the home screen, there is an option for ‘know your payment‘
3. Click on this option
4. It will ask Bank account number verification of account number along with the captcha code
5. Provide all these details and click on search for knowing payment
6. You can also take a printout for future reference

List of Participant Banks in the PFMS Scholarship Scheme

The following banks are tied with the PFMS scholarship schemes, so if the applicant has an account in any of these banks, they can benefit directly from the association.

1. Abu Dhabi Commercial Bank 
2. Allahabad Bank 
3. Allahabad Gramin Up Bank
4. Andhra Bank
5. Andhra Pragathi Grameena Bank
6. Axis Bank
7. Bank Of Bahrain And Kuwait
8. Bank Of Baroda
9. Bank Of India
10. Bank Of Maharashtra
11. Bassein Catholic Co-Op. Bank Ltd.
12. Bombay Mercantile Co-Op. Bank Ltd.
13. Canara Bank
14. Catholic Syrian Bank Ltd.
15. Central Bank Of India
16. Citibank
17. City Union Bank Ltd
18. Corporation Bank
19. DCB Bank Limited
20. Dena Bank
21. Deutsche Bank
22. Dhanlaxmi Bank Ltd
23. HDFC Bank 
24. HSBC Bank
25. ICICI Bank 
26. IDBI Bank 
27. Indian Bank
28. Indian Overseas Bank
29. IndusInd Bank Limited
30. Jharkhand Gramin Bank
31. Karnataka Bank
32. Karur Vysya Bank
33. Kotak Mahindra Bank
34. Madhya Bihar Gramin Bank
35. Manipur State Co-Op.Bank Ltd.
36. New India Co-Operative Bank Ltd
37. NKGSB Co-Op Bank Ltd
38. Oriental Bank Of Commerce
39. Punjab And Sind Bank
40. Punjab National Bank
41. Rbl Bank
42. South Indian Bank
43. Standard Chartered Bank
44. State Bank Of India
45. SVC Co-Operative Bank Ltd.
46. Syndicate Bank
47. Tamil Nadu Mercantile Bank Ltd
48. The Cosmos Co-Operative Bank Ltd.
49. The Federal Bank Ltd
50. The Jammu And Kashmir Bank Ltd
51. The Kalupur Commercial Co. Op. Bank Ltd.
52. The Lakshmi Vilas Bank Ltd
53. The Saraswat Co-Operative Bank Ltd
54. The Thane Janata Sahakari Bank Ltd
55. Uco Bank
56. Union Bank Of India
57. United Bank Of India
58. Vijaya Bank
59. Yes Bank Ltd

Conclusion

As mentioned before, education is not just an economic but also a cultural and social problem in our country. The way education is looked at as a secondary expenditure has caused a lot of resistance even for children who possess the interest and the aptitude to study further. You Can Contact Vakilsearch for more Information!

Only a limited amount of education is necessary to secure employment. But with such schemes as the PFMS Scholarship, students can independently pursue education in the field of their choice and excel in their own way. So such schemes must be appreciated and utilized to their fullest extent to demonstrate to the skeptics the importance of education.

If you have any other queries or require any help about legal or regulatory matters, feel free to contact our lawyer experts and we shall ensure that you receive the right kind of assistance for your requirement.

FAQs on the PFMS Scholarship

How to check scholarship payment on PFMS?

You can check scholarship payments on PFMS by visiting the PFMS portal (pfms.nic.in) and logging in with your credentials. Navigate to the 'Scholarship' section to view payment details.

How can I check my PFMS balance?

To check your PFMS balance, visit the PFMS portal and log in. Go to the 'Know Your Payments' section and enter your bank account details or Aadhaar number to view your balance.

How to check the scholarship amount?

To check the scholarship amount, log in to the PFMS portal, navigate to the 'Scholarship' section, and view the details of your scholarship application.

What is the PFMS Scholarship 2024?

The Public Finance Management System (PFMS) was formerly called the Central Plan Scheme Monitoring System (CPSMS). It is a unique web application designed to track the distribution of funds and monitor government programs and schemes in the social sector.

How to apply for PFMS?

To apply for PFMS scholarship or benefits, visit the PFMS portal and register yourself. Fill out the scholarship application form and submit the required documents online. Ensure all details are accurate and complete to facilitate the smooth processing of your application.

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