The state finance department has introduced an online centralized databank system for all statutory government bodies, corporations and authorities to keep an eye on their assets and liabilities and check whether they are carrying out regular financial audits or not.
A notification issued by the finance department on Saturday states that it was under consideration for some time to improve the present system of maintaining financial data in all government statutory bodies, such as corporations, undertakings and societies that have been set up under various government departments.
Transparency in governance
This move will further improve transparency and uniformity among the various government agencies. Through the system, the statutory government bodies will have to upload data on a quarterly basis on their total income, expenditure, assets and loan and on the financial and physical progress of the bodies.
All the administrative departments have been asked to ensure that all the statutory bodies upload the financial data by December 31 of this year so that the government can start keeping a track on their financial data online from the first day of the next year.