New Delhi, Jan 15 (PTI) The Delhi government has approved the implementation of an integrated financial management system (IFMS) costing Rs 261.66 crore to serve as a unified platform enabling real-time financial information, improved resource utilisation and transparency, officials said on Thursday.

The expenditure finance committee (EFC) of the government, in its recent meeting headed by Chief Minister Rekha Gupta, approved the IFMS project proposal of the finance department.

The department pointed out challenges faced by it in financial management and fiscal oversight due to the lack of real-time information from various stakeholders, the existence of multiple outdated IT systems and inefficiencies of resource utilisation, the officials said.

IT major Deloitte was selected to assist the finance department in the conceptualisation and design of the IFMS. The system will be hosted on the Ministry of Electronics and Information Technology (MeitY), providing a high degree of scalability and security, said an official document.

Implementation of the IFMS will significantly improve efficiency, transparency, accountability and fiscal governance across the Delhi government, it said.

The IFMS project duration is 90 months, divided into distinct phases to ensure structured implementation and sustained operations. The project will be developed in two years, said the document.

The EFC, after detailed deliberation over the requirements of IFMS and its technical, administrative, operational, maintenance and financial aspects, approved the project and sanctioned the estimated cost of Rs 261.66 crore for it.

The IFMS will comprehensively cover management of budget, finances, revenue, expenditure, accounts, debt, guarantee and grant, investment, projects, materials, contracts, assets and contingent liability. It will also have portals for employees, pensioners, vendors, mobile apps, helpdesk and chatbot functionalities, said the document.

"The IFMS will serve as a unified platform for all financial transactions across all the departments and agencies of the Delhi government, enabling real-time data exchange, streamlining and automation of business workflows, strengthening decision-making and ensuring secure integrations," it said.

While granting its approval, the EFC directed the finance department to incorporate a stringent penalty clause in work award letter to the selected concessionaire for the timely completion of the project.

A project management committee will regularly monitor the progress of work execution in terms of quality and timelines to avoid time and cost overruns. The IFMS will help set up a comprehensive, integrated and secure financial management system that ensures real-time data availability, transparency, efficiency and accountability in all financial operations of the Delhi government, the officials said.

It aims to support informed decision-making, streamline financial processes, provide a single source of truth for all stakeholders, reduce redundant processes and provide a unified platform for seamless stakeholder collaboration, they added. PTI VIT VIT KSS KSS