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Haryana to have its own NBFC

Statesman News Service | Chandigarh |

In order to ensure the efficient management of surplus funds of public enterprises, autonomous bodies of the state, the Haryana government has decided to set up a new Non Banking Financial Company (NBFC) such as Haryana State Financial Services Limited (SFSL). Haryana Finance Minister Abhimanyu said on Sunday that SFSL will act as an in-house treasury manager and expected to become operational in the first quarter of 2018-19.

He added that the state government has decided to restructure its Sate Subordinate Accounts Services and Audit cadre, to promote highest standards of professional competence in areas of accounting and auditing. For this purpose, the Institute of Public Auditors of India, Chandigarh is conducting a study.

This would facilitate the cadre to do their job in a more professional manner and eventually result in better management of state finances in government departments as well as public sector enterprises.

He said that the state government has set up Swarna Jayanti Haryana Institute for fiscal management to provide structured training and research programmes for government officers and officials in the areas of public finance policy, financial management and financial administration. He said the focus of the institute is a specific focus on taxation, budgeting, financial planning, audit and accounts management procedures and policy issues.

To further promote financial discipline, he said that, the state government would make major procedural change by allowing departments and public sector undertakings including autonomous bodies to operate only one or two major bank accounts with effect from April this year.

Abhimanyu said that the state government has made considerable progress in treasury management through implementation of Integrated Financial Management System and Public Finance Management System for online monitoring of flow of funds from government to end user on a real time basis.