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Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April, 2019. This system
  • a)
    will make all financial activities in the State online and Paperless
  • b)
    will solve the problem of NPA of banks
  • c)
    will ensure effective implementation of State projects
  • d)
    will manage State Government finances including local bodies
  • e)
    None of the above/More than one of the above
Correct answer is option 'A'. Can you explain this answer?
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Bihar Government has introduced the Comprehensive Financial Management...
The correct answer is will make all financial activities in the State online and Paperless.
  • 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 Transaction 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 On-line updation and consolidation of Receipts & Payments.
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Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April, 2019. This systema)will make all financial activities in the State online and Paperlessb)will solve the problem of NPA of banksc)will ensure effective implementation of State projectsd)will manage State Government finances including local bodiese)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April, 2019. This systema)will make all financial activities in the State online and Paperlessb)will solve the problem of NPA of banksc)will ensure effective implementation of State projectsd)will manage State Government finances including local bodiese)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April, 2019. This systema)will make all financial activities in the State online and Paperlessb)will solve the problem of NPA of banksc)will ensure effective implementation of State projectsd)will manage State Government finances including local bodiese)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Bihar Government has introduced the Comprehensive Financial Management System (CFMS) on 1st April, 2019. This systema)will make all financial activities in the State online and Paperlessb)will solve the problem of NPA of banksc)will ensure effective implementation of State projectsd)will manage State Government finances including local bodiese)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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