600 univs set to go cashless to use UGC funds

Deepika Burli

Bengaluru:





Universities across the country may now have to resort to cashless means like bank transfers, cheques and credit debit cards while making use of periodic funds from University Grants Commission (UGC).In a directive to the 600odd universities which come under it, UGC has proposed that they may make use of the current system of demand drafts only on rare occasions. The commission said the move was in order to bring in accountability , transparency and seamlessness in the process of transfer of grants. The commission said it has virtually made payments cashless and decreased the interface between stakeholders and employees of the organisation. The commission typically disburses grants through its flagship Public Financial Management System (PFMS). Each university is required to register by filling up details on the portal to ensure funds reach them from the commission as scheduled.
“The Commission had introduced disbursement of grants through the PFMS and to ensure timely disposal of fellowships and scholarships, the UGC has been vigorously following the policy of their disposal through direct benefit transfer which also uses the PFMS transfer,“ stated the circular.
“Going cashless is an excellent move and it increases accountability and transparency in the system,“ said Ninge Gowda, registrar (administration) of Bangalore University .

Source: Times of India, 7-12-2016