Chandigarh, February 18 : Punjab Finance Minister Advocate Harpal Singh Cheema took a landmark step towards digital transformation. He inaugurated three crucial IT-based financial modules on Tuesday. This is aimed at bolstering financial transparency and efficiency in the State. It also ensures the welfare of pensioners.

Finance Minister Launches PSP to Streamline Pension Services

While inaugurating the Pensioner Sewa Portal (PSP), the Finance Minister highlighted the Punjab Government’s unwavering commitment to its pensioners. He emphasized that this digital platform provides a comprehensive range of pension-related services.

This portal will facilitate the seamless processing of pension disbursement cases from treasuries to banks. Sewa Portal will reduce delays in pension payments. It will offer real-time case tracking. It will ensure efficient grievance handling,” said Finance Minister Harpal Singh Cheema. He added that the extensive database within PSP will assist the State. It will help in making informed decisions for the welfare of pensioners.

financial transparency : Cheema Unveils NT-IFMS for Transparent, Efficient Accounting

Finance Minister Cheema also unveiled the Non-Treasury Integrated Financial Management System (NT-IFMS). It is a pioneering non-treasury accounting system. The system aims to streamline the accounting processes of deposit works managed by the Forest and Works departments. He highlighted the advantages of NT-IFMS. He explained that the module is designed to handle the receipt and expenditure of funds not routed through the treasury. “This module will enhance transparency. It will ensure faster monthly submission and compilation of accounts at the AG office level. It also supports better decision-making through accurate reporting via sub-modules NT-MIS, NT-Accounting, NT-Billing, and NT-Receipt,” added the Finance Minister.

SNA SPARSH Launch: New Fund Flow Mechanism for CSS, Punjab Earns ₹400 Cr Incentive

Launching SNA SPARSH introduces a new fund flow mechanism for Centrally Sponsored Schemes (CSS). This mechanism involves real-time fund transfer to beneficiaries. It operates through an integrated framework of PFMS, State IFMS, and E-kuber system of RBI. The Finance Minister said that this mechanism prevents idle parking of state funds in bank accounts. It minimizes the cost of borrowings. It reduces float and improves cash management efficiency at the state level. He said that Punjab was included in the list of chosen states for SNA-SPARSH implementation in October 2024. Through strategic efforts, the Department of Finance successfully onboarded 09 CSS by January 31, 2025. This achievement made the state eligible for an incentive of Rs. 400 Cr from the Government of India.

In conclusion, the Finance Minister Harpal Singh Cheema extended his heartfelt congratulations. He also expressed appreciation to the dedicated officers and officials of the Treasuries & Accounts, NIC, and PFMS Team. Their relentless efforts have achieved these significant milestones.

Principal Secretary Finance Ajoy Kumar Sinha was present on this occasion. Secretary Expenditure Vijay Namdeorao Zade also attended. Director Treasury & Accounts Mohammad Tayyab was there. Deputy Accountant General Ravi Nandan Garg and Deputy Accountant General Manisha Toor attended as well. Additional Director T&A Simarjeet Kaur and Regional Director RBI Vivek Srivastava were present too.