Bureaucratic reluctance in adopting a management protocol, including dynamic password and biometric access, prescribed for insulating the online treasury management platform from fraudulent practices is reported to rendered it vulnerable. Finance Department sources told The Hindu that while envisaging the Integrated Financial Management System (IFMS) since 2007-08 successive Secretaries who oversaw the project execution had mooted adequate precautions to plug all loopholes. The online treasury management system that handles around 10 lakh transactions a month is just one of the components of the IFMS. Dynamic password, the system of changing the password periodically is a major deterrent to check irregularities, but it was not experimented. Crucial functionsAll crucial functions related to the system management are being directly controlled and monitored by the treasury director.

Source: The Hindu August 05, 2020 12:45 UTC