New Delhi [India], June 7 (ANI): Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Tuesday launched the single nodal agency dashboard of the Public Financial Management System (PFMS) to ensure effective leveraging of technology in public finance.
In her address during the launch of the single nodal agency (SNA) Dashboard, the Finance Minister said that the implementation of SNA has been a milestone in public finance by effectively leveraging technology in the last 75 years.
Sitharaman commended the role of the Controller General of Accounts (CGA) in bringing transparency in the federal system of accounting.
The SNA Dashboard is a major reform initiated in 2021 with regards to the manner in which funds for Centrally Sponsored Schemes (CSS) are released, disbursed and monitored.
This revised procedure, now referred to as the SNA model, requires each State to identify and designate a SNA for every scheme. All funds for that State in a particular scheme are now credited in this bank account, and all expenses by all other Implementing Agencies involved are effected from this account, according to a statement released by the Union Ministry of Finance.
The SNA model ensures that the allocation of funds to States for the CSS are made in a timely manner and after meeting various stipulations. Effective implementation of this Model has brought about greater efficiency in CSS fund utilization, tracking of funds, pragmatic and just-in-time release of funds to the States; ultimately all contributing to better Cash Management of the Government.
The Training Modules of the Department of Expenditure were also launched as part of the Mission Karmayogi.
The Finance Minister said Mission Karmayogi has been tasked with capacity building commission. It will come up with training modules in order to empower, train and skill the civil servants.
In his address at the launch of SNA Dashboard, Finance Secretary and Secretary Expenditure T V Somanathan, said that the complete visibility of money reaching the end beneficiary is the primary achievement of SNA.
Somanathan also added that float of funds could be reduced and thus, interest costs are saved, and these steps are helpful in containing the fiscal deficit in challenging times like now.
He underlined that another feature of SNA is that it has a centralised core and a decentralised periphery giving freedom to the States and agencies in implementation of schemes. (ANI)