Department of Food Launches Electronic Transfer of Funds

The Department of Food & Public Distribution has launched the system of electronic transfer of funds. Shri Sudhir Kumar, Secretary of the Department launched the system here today. On the occasion he said that the system would bring more efficiency in the financial working of the Department and would ensure quick and direct transfer of the funds to the beneficiaries.

The Department of Food and Public Distribution has a major role to play in the payment of subsidies particularly Food and Sugar covering a substantial amount of Budget outflow. The Department and Reserve Bank of India in partnership with the National Informatics Centre have implemented the electronic payment system of the computerized accounting. This is a fully secured web system of electronic payment certified by the STQC Directorate of the IT Department. It would bring transparency in the payment system. The system serves as a middleware between the accounting applications namely COMPACT for bill processing and Core Banking Solution (CBS) for the bank and the Reserve Bank of India. Apart from being a secured mode of payment, it would be saving time in fund transfer by eliminating physical cheques and their manual processing.

Tags: CBSDepartment of Food & Public DistributionFinancial servicesGovernment of IndiaNational Informatics CentrePaymentPayment systemReserve Bank of India

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