The Government of Uttar Pradesh has signed a Memorandum of Understanding (MoU) with eGov Foundation to implement Municipal Financial Accounting System. The system will cover 652 Urban Local Bodies (ULBs).
The MoU was signed by Sanjay Kumar Singh Yadav, Special Secretary, Urban Development, Government of Uttar Pradesh and Viraj Tyagi, CEO, eGov Foundation. Other dignitaries including Dr Kajal, Director, Local Bodies and Hiren Doshi, VP-Strategy & Partnerships, eGov Foundation were also present during the occasion.
The objective of the MoU is to provide the Accrual Based Double Entry Financial Accounting Application of DIGIT (Digital Infrastructure for Governance, Impact & Transformation) – India’s Largest Open Source Platform for Urban Governance.
Uttar Pradesh Government envisages digitising the accounting records and operations, thereby strengthening the financial autonomy and financial sustainability of the ULBs. The State Government has bolstered its commitment towards the national goal of capacity building and enhanced municipal service delivery.
“This partnership with eGov Foundation will further strengthen the revenue and expenditure management, capital budgeting, efficient management of assets and financial transactions thereby improve the Credit Worthiness to raise additional resources from the market,” said Manoj Kumar Singh, Principal Secretary, Urban Development Department, Government of Uttar Pradesh.
Commenting on the MoU, Dr Kajal said, “Collaborating with eGov Foundation has strengthened our vision of promoting good governance in financial management. The key drivers that led to this partnership revolve around enhancing the elements of efficiency and accountability in municipal accounting, increasing the transparency of the process and improving the dissemination of financial information to the ecosystem.”
Vijay Tyagi of eGov Foundation said, “Partnering with the Government of UP, we aim at catalysing the urban governance for a greater good. Harnessing technology, eGov Foundation will digitise the accounting operations, drive efficient interactions between citizens and city administration and strengthen the transparency in the system. With this exemplary partnership, we will help UP Govt to strengthen the foundation for financial self-sufficiency, accountability, and sustainability of ULBs in the state.”
According to eGov Foundation, DIGIT Financial Accounting System will empower the ULBs with comprehensive set of capabilities that includes Expenditure management, Receivables management, Bank reconciliation, Revenue management, Extensive list of reports per the need of the accounting system, State-level dashboards for assets, liabilities, income-expenditure tracking and financial ratios.