Department of Food Launched System for Electronic Transfer of Funds
The Department of Food launched the system of electronic transfer of funds. This would help in ensuring quick & direct transfer of funds.
The Department of Food & Public Distribution on 16 July 2013 launched the system of electronic transfer of funds to ensure quick and direct transfer of funds to its beneficiaries. The electronic transfer would help in bringing in more efficiency in the financial working of the department. 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 of Food & Public Distribution and Reserve Bank of India have implemented the electronic payment system of the computerized accounting in partnership with the National Informatics Centre. The STQC Directorate of IT department has certified the electronic payment system as fully secured.
This system will serve as the middleware between the COMPACT (the accounting application) for processing of bill and Core Banking Solutions (CBS) for the bank as well as the RBI. This secured mode of making the payments online, would be time saving and eliminate physical cheques and their manual processing.
Sudhir Kumar, Secretary of the Department of Food & Public Distribution launched the Electronic Transfer of Funds.