The correct answer is option 'D' i.e. 2019.

Explanation:
The Bihar Government introduced the Comprehensive Financial Management System (CFMS) in the year 2019.

Under the CFMS, the state government aims to digitally streamline the financial management system of the state. This system helps in effective and efficient management of financial resources, budgeting, and monitoring of expenditures. It also enhances transparency, accountability, and accuracy in financial transactions.

Benefits of CFMS:
The introduction of CFMS brings several benefits to the Bihar Government and its citizens. Some of the key benefits are:

1. Enhanced transparency: CFMS ensures transparency in financial transactions as all the processes are digitized. This helps in reducing corruption and promoting good governance.

2. Improved efficiency: The system automates various financial processes, such as budget allocation, expenditure monitoring, and payment processing. This saves time, reduces paperwork, and improves overall efficiency.

3. Real-time monitoring: CFMS provides real-time monitoring of financial transactions, enabling the government to have better control over its finances. It helps in identifying any discrepancies or irregularities in the financial system.

4. Accurate reporting: With CFMS, the government can generate accurate and timely financial reports. This helps in better decision-making and planning for future financial activities.

5. Ease of access: CFMS provides a user-friendly interface that can be accessed by different stakeholders, including government officials, departments, and citizens. It facilitates easy and convenient access to financial information.

6. Integration with other systems: CFMS can be integrated with other government systems, such as e-procurement and tax systems, to ensure seamless flow of financial data and improve overall governance.

Overall, the introduction of the Comprehensive Financial Management System (CFMS) by the Bihar Government in 2019 has brought significant improvements in the financial management processes of the state. It has enhanced transparency, efficiency, and accountability, leading to better utilization of resources and improved governance.

Comprehensive Financial Management System (CFMS):

• Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April 2019.
• Bihar Government introduced the Comprehensive Financial Management System (CFMS) for handling financial matters of all the state government departments, including budget preparation through the digital process.
• The system will make all financial activities in the State online and Paperless.
• Monitoring and controlling of CFMS-
• Dashboards with real-time updates about Revenue and Expenditure.
• Tracking of budget, grant, expenditure details at various levels.
• Tracking of pending bills/claims for approval.
• Central database maintaining Pensioners, Employees, Beneficiaries Cyber treasury for e-Payment.
• The system has a robust validation engine for checking critical business rules for Accounting, Pension, Payments, Budget Management and Control.
• It checks for Duplication in financial Transactions to avoid dual posting.
• Effective and efficient monitoring and control of state revenue and expenditure-
• By efficient management of funds.
• By monitoring and controlling government liabilities.
• By monitoring ways and means position Real-time financial position of state finances by Online updation and consolidation of Receipts & Payments.