Nirmala Sitharaman launched single nodal agency dashboard

Tags: International News

Finance Minister Nirmala Sitharaman launched the Single Nodal Agency Dashboard on 7th June during the iconic week celebrations of Azadi Ka Amrit Mahotsav in New Delhi.

• About Single Nodal Agency (SNA) dashboard

• This Single Nodal Agency (SNA) dashboard will provide a platform to the Ministries/Departments to monitor the transfer of funds to the States and their utilisation.

• SNA Dashboard is developed by the Public Financial Management System (PFMS).

• This is a part of a major public financial management reform that was initiated in 2021 with regards to the manner in which funds for Centrally Sponsored Schemes are released, disbursed and monitored. 

• This revised process, now referred to as the SNA model, requires each state to identify and designate one SNA for each plan.

• All funds for that state in a particular scheme will be deposited in this bank account, and all expenses will be borne by all other implementing agencies linked to this account.

• The SNA model ensures that funds for centrally sponsored schemes are allocated to the states in a time bound manner and after fulfilling various conditions.

• Significance of SNA Dashboard

• It will bring greater efficiency in fund utilisation, tracking of funds, viability and timely release of funds to the states of Centrally Sponsored Schemes.

• This will contribute to better cash management of the government.