Punjab Introduces Digital Financial Systems for Transparency and Pensioner Welfare
Punjab has taken a major step in financial transparency and efficiency. Finance Minister Advocate Harpal Singh Cheema inaugurated three IT-based financial modules to streamline processes and support pensioners.
Pensioner Sewa Portal (PSP) for Seamless Pension Processing
While launching the Pensioner Sewa Portal (PSP), Cheema emphasized Punjab’s commitment to pensioners. This portal offers various pension-related services, including:
- Faster pension processing from treasuries to banks
- Real-time case tracking to prevent delays
- Efficient grievance handling for pension-related issues
The database within PSP will also help the government make better policy decisions for pensioners.
Non-Treasury Integrated Financial Management System (NT-IFMS)
The Finance Minister also launched NT-IFMS, a new accounting system for deposit works in the Forest and Works departments. This system will:
- Manage funds not routed through the treasury
- Ensure transparency in financial transactions
- Speed up monthly account submissions at the Accountant General’s office
- Enhance reporting accuracy through sub-modules like NT-MIS, NT-Accounting, NT-Billing, and NT-Receipt
SNA SPARSH for Efficient Fund Flow in Government Schemes
The third initiative, SNA SPARSH, improves fund distribution for Centrally Sponsored Schemes (CSS). It integrates with PFMS, State IFMS, and RBI’s E-Kuber system to ensure real-time fund transfers. This mechanism will:
- Prevent idle state funds from sitting in bank accounts
- Reduce borrowing costs and financial float
- Improve cash management at the state level
Punjab was chosen for SNA-SPARSH implementation in October 2024. By January 31, 2025, the state onboarded nine CSS, making it eligible for a ₹400 crore incentive from the Government of India.
Government Officials Applauded for Their Efforts
Finance Minister Harpal Singh Cheema congratulated officials from Treasure & Accounts, NIC, and PFMS for their hard work in launching these initiatives.
Senior officials, including Principal Secretary Finance Ajoy Kumar Sinha, Secretary Expenditure Vijay Namdeorao Zade, Director Treasury & Accounts Mohammad Tayyab, and RBI Regional Director Vivek Srivastava, attended the event.
These digital reforms mark a significant step toward financial transparency and efficiency in Punjab.
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