The Public Financial Management System or PFMS Scholarship is a unique initiative by the Government of India to directly transfer scholarships to the user, without the involvement of any middlemen. This scheme aims to guarantee that the cash invested is channelized for the right purposes; keeps track of the allocated resources.
Every year, the Central Government allocates and spends a certain amount of funds to give to selective meritorious and creditable students. Through the online platform of PFMS, the fund amounts are transferred directly to the individual under ‘Direct Benefit Transfer (DBT),’ therefore reducing any foul play/misuse of money by other parties during the transfer process. Money is transferred to Non-Aadhar or Aadhar Based Bank Accounts of Citizens through NPCI (National Payments Corporation of India), and the entire process is governed by the O/O controller general of accounts, under the Ministry of Finance.
This initiative is currently benefiting more than 82,000 students across the country with their various study purposes.
General necessary points to keep in view about PFMS Scholarship 2020
- For the scholarship, candidates can apply only through the ONLINE portal.
- The candidates are required to submit/upload all records/documents as necessary or requested to avail of the scholarship.
- Aspiring candidates must ensure they meet the minimum criteria as set out in the notification to avail of the scholarship.
- The official website of the PFMS scholarship website is https://pfms.nic.in/scholarship.
Check Out: National Scholarship Portal (NSP)
PFMS Scholarship List 2020
The Public Financial Management System offers a wide range of PFMS Scholarshipto students belonging to different categories and different levels of education, from school to college, based on reservation.
The PFMS list of scholarships available for the year 2019-2020 is listed below:
- PFMS scholarship for college/university students
- PFMS post-matric scholarships for SC/ST students
- PFMS scheme of post-matric scholarship for SC students
- PFMS scholarship of national means cum merit scheme
- PFMS national scheme of incentive for girl child
- PFMS post-matric scholarship for OBC students
- PFMS up-gradation scheme for the benefit of SC students
- PFMS scholarship to provide top-class education to SC students
Also Read: Central Sector Scholarship
PFMS Registration Process
Candidates who wish to avail of the PFMS Scholarship benefit are required to login to the official website of the Public Financial Management System and fill the application form with all the compulsory and necessary details and submit it within the due date.
- Students can also apply for more than one application under the PFMS Scholarship Scheme. Applications for the scholarship are available only on the official website of PFMS and must be submitted through ONLINE mode only; no other mode of submission will be entertained, and the application will be discarded immediately.
- Aspiring applicants must meet the eligibility criteria and requirements, as mentioned in the notification on the website. It is only after that that the students enroll themselves effectively for the scholarship program.
- Scanned copies of necessary documents, about the scholarship name, the 12th passing marks of the candidate, and other relevant data should be kept ready before-hand to avoid any mistake while filling out the application.
- After filling out the entire form, students must ensure to cross-check and double-verify every detail and document and make sure that there are no errors or discrepancies.
- While processing all the applications, the Government verifies every entry made by the candidate. Therefore, every document must support all information.
- Candidates may begin applying for the scholarship only once the application portal under PFMS is activated.
- To ensure no delay in entering information, all relevant details like contact information, bank details, etc. must be kept ready while applying for the scholarship. Students shall receive an OTP on the entered number, thus validating the information.
- While registering, students must be careful in selecting their class/category as reservation plays an important role in allotting scholarships.
Steps to register on the PFMS website
- Go to the official PFMS website and click on the ‘PFMS 2020 scholarship – student registration’.
- Under the same portal, click on ‘Scholarships for university/ college students.’
- Then, the candidate is required to enter his/her education details like the year of passing the 12th standard.
- Then, enter the respective bank account details where you want the fund transferred like account number and IFSC code of the bank branch correctly.
- Then, the candidate must select his/her correct category.
- Check, verify, and validate all details.
- Then, he/she must enter their correct mobile number. Then, the candidate will receive an OTP number on the entered number. Fill it out in the OTP socket.
- At this point, candidates will be required to verify their identity by providing their valid e-mail id.
- The candidate is then required to click on the link sent to your mail inbox. Create a login and password.
- Once all details have been verified, hit the submit button.
Also Read: UP Scholarship 2020
Documents Required For PFMS
All candidates who wish to avail the scholarship under the PFMS Scholarship Scheme and benefit from it, need to upload certain documents to validate the details they entered in their respective application form. All the uploaded documents should match in correspondence with all the information entered by the candidate in the application form, i.e., all documents to support all information.
Any information found different or mismatching between the uploaded document and the entered details will lead to the immediate cancellation of the application, hence the removal of the name from the candidate list.
The necessary documents while registering for the PFMS Scholarship are:
- Scanned copy of recent passport size photograph of the candidate. Specifications– Photo must be either in jpeg/jpg/png/bmp/tiff/ gif formats. Size of the photo must not exceed 1 MB in size
- Mark sheets of the candidate in PDF format.
- Scanned copy of the signature of the candidate.
- Scanned copy of the fee receipt in PDF format.
- Scanned copy of the class/category/reservation certificate of the candidate. (PDF format)
- Aadhaar Card
- Bank details, such as account number, IFSC code
- Identity proof of the candidate
- Income certificate /caste certificate
- Any other essential documents as the case may be
PFMS Scholarship Eligibility Criteria
All the students who wish to apply for the PFMS Scholarship must meet the specified criteria and eligibility criteria to effectively enroll themselves in this beneficial program. If any candidate is found not to satisfy the minimum criteria stated in the brochure, then he/she shall be disqualified from applying for the scholarship.
Various types of scholarships are available based on different sub-criteria but are defined by a few standard enlisted main criteria. Every detail must be checked and double-verified by the candidate before proceeding to the main application submission step.
The standard PFMS eligibility criteria are listed below:
- All candidates must have passed the 12th standard examination.
- Candidates must be meritorious, i.e., scored very high marks. They should belong to the top creamy layer and be among the top 20% of top scorers.
- Age criteria: The minimum and maximum age to apply for the scholarship is 18 and 25 years, respectively. There is no relaxation in this condition.
- The annual income of parents should be less than six lakhs per annum. This is because this scholarship aims to aid the weaker sections and economically backward classes financially. Hence, only such candidates’ application shall be further processed.
Also Read: SC-ST Scholarships
PFMS Scholarship Payment Status
If any student receives any information about their PFMS scholarship 2020 status, he/she shall be deemed to receive the scholarship amount in two ways– payment from the Government through Aadhaar card number and payment through bank account number.
Payment through Aadhaar card number
- Candidates will have to enter their valid Aadhaar card number and verify it.
- Then, candidates will have to enter the word verification code displayed on the window.
- Click on the search button.
Payment through the Bank account number
- Select the bank name from the drop-down where you have your account at.
- Enter the account number and confirm the same
- Perform word verification by entering the text displayed on the window (non-case delicate letters)
- Finally, click on the search button.
Also Read: Oasis Scholarship
PFMS Scholarship Renewal
Candidates registered in the PFMS Scholarship Scheme who have successfully availed. The scholarship shall be required to enter the required information and qualifications to renew their application status.
The task of renewal of PFMS scholarship is a fairly easy and simple procedure. Re-registration of the candidate is required for the renewal process. Submission of required documents and information is necessary to ensure consistency in their academic record.
Like the registration process, the renewal process can only be done through the ONLINE portal. No other procedure of renewal is acceptable. Candidates are advised to regularly visit the website to know about updates and follow them.
Steps to Renew the PFMS Scholarship 2020
Given below are the steps on how to renew the PFMS scholarship.
- Visit the official website of the PFMS scholarship and click on the link ‘PFMS student scholarship renewal 2020.’
- Enter the year in which you passed the 12th standard board exam and select from which board of education did you pass your 12th standard examination
- Update your bank account details like bank name, account number and IFSC code of the bank branch
- If the candidate is enrolled for the PFMS scholarship scheme 2020, then some details will already be placed on the renewal form
- Update the mobile number. Enter the OTP sent to your mobile number in the OTP socket
- Update e-mail id and click on the verification link sent to the same
- Update registration details
- Finally, click on the SUBMIT button of the renewal application form
Also Read: MCM Scholarship
Benefits PFMS Scholarship
The benefits of PFMS scholarship is that it helps the deserving and economically poor students with financial aid to help them with their education. Not only has it motivated students to study but has helped more than 82,000 students realize their dream of pursuing further education after 12th standard, in different fields.
Some of the major benefits of PFMS Scholarship are:
- Direct Scholarship Amount Transfer: Follows the Direct Bank Transfer (DBT) method to transfer funds/money directly into the beneficiary’s account
- The scholarship is applicable for selected candidates only, who applied through the portal on the website.
- Diversity: The list of PFMS Scholarships offers different programs and scholarship schemes to cater to different categories of candidates
- Help Manual: Students can access the complete information in one place, which is available on the official portal of the PFMS program.
- Easy Registration: The scholarship scheme is made public and activated right at the beginning of the academic year itself, thus helping students to a large extent.
- Transparency: From fund flow to money transfer to the payment, the system is entirely transparent. It provides timely and useful updates at every single stage of the process.
- Easy management: No third party, like agents, are involved. Therefore, there is no misuse of funds.
- Updates: Regular updates and alerts, via SMS messages and e-mails, are sent to candidates
- Helpline: For any query regarding PFMS scholarship, candidates can contact the helpline number.
Also Read: MP Scholarship 2020
Ans. All candidates can check the official website regularly for updates. Any information regarding the latest updates on their scholarship application/renewal/other information will be available there.
Ans. The PFMS scholarship applies from school to the college level of education.
Ans. Candidates are required to visit the official site and submit the application form with all the required details to register themselves for the scholarship.
Ans. All candidates are advised to check the complete eligibility criteria and other information provided in the brochure. On failure of fulfilling the standard criteria, he/she will not be able to apply.
Ans. One can check their application status by entering their Aadhaar number and bank account number.
Ans. The scholarship shall be directly credited to the candidates’ bank account.