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What is the News?
The Union Minister for Finance has launched the Single Nodal Agency(SNA) Dashboard of PFMS (Public Financial Management System).
What is SNA Dashboard?
SNA Dashboard is a major reform initiated in 2021.
Purpose: It is a system with regards to the manner in which funds for Centrally Sponsored Schemes (CSS) are released, disbursed and monitored.
Under this system, each state is required to identify and designate an SNA for every scheme. All funds for that State in a particular scheme are now credited in this bank account and all expenses by all other Implementing Agencies involved are effected from this account.
Significance of SNA Model
Firstly, this model ensures that the allocation of funds to States for the CSS is made in a timely manner and after meeting various stipulations.
Secondly, effective implementation of this Model has brought about greater efficiency in CSS fund utilization, tracking of funds, pragmatic and just-in-time release of funds to the States; ultimately all contributing to better Cash Management of the Government.
Source: The post is based on the article “Union Finance Minister launches Single Nodal Agency(SNA) Dashboard as a part of the Azadi ka Amrit Mahotsav (AKAM) celebration” published in PIB on 7th June 2022.
