PM CARES Fund and PMNRF : Latest Audit Data and Financial Highlights

Why in News?

The latest audited accounts of the PM CARES Fund have been made public, showing that its closing balance increased to ₹8,452.07 crore as of March 31, 2025, from ₹7,173.03 crore in the previous financial year.

What is the PM CARES Fund?

PM CARES stands for Prime Minister's Citizen Assistance and Relief in Emergency Situations.

• It was established on 27 March 2020 during the COVID-19 pandemic.
• It was created as a public charitable trust.
• The fund was established to provide assistance during emergencies such as the COVID-19 pandemic.
• The Prime Minister is the ex-officio Chairperson of the Trust.
• The fund can receive domestic as well as foreign contributions.

Key Financial Highlights: 2024-25

According to the latest audited accounts:

Nearly 92.8% of the closing balance was held as fixed deposits with scheduled banks.

Fixed Deposits: Major Source of Income

Interest earned from fixed deposits emerged as one of the most important sources of income for the fund.

During 2024-25:

• Interest from fixed deposits: ₹469.38 crore
• Interest from savings bank accounts: ₹5.77 crore
• TDS refund on fixed-deposit interest: ₹13.49 lakh

This indicates that the fund's financial position is increasingly supported by interest income from its accumulated corpus.

Donations Declined in 2024-25

• Despite the rise in the overall balance, contributions from both domestic and foreign sources declined.

Domestic Contributions

• Domestic donations fell from ₹681.81 crore in 2023-24 to ₹479.04 crore in 2024-25.

Foreign Contributions

• Foreign contributions declined from around ₹1.13 crore to ₹92.83 lakh during the same period.

Thus, the rise in the closing balance cannot be attributed solely to fresh donations. Interest income, refunds and the relatively low expenditure also contributed to the increase.

Expenditure Fell Sharply

The fund's payments declined substantially during 2024-25.

• 2023-24: ₹15.60 crore
• 2024-25: ₹87.85 lakh

This represents a sharp reduction in annual expenditure compared with the pandemic years when the fund was used extensively for COVID-19-related interventions.

PM CARES Fund: Evolution Over the Years

2020-21: Large Inflows During COVID-19

The fund witnessed its largest inflows during the pandemic.

In 2020-21:

• Domestic voluntary contributions: ₹7,183.78 crore
• Foreign contributions: ₹494.92 crore
• Interest income: ₹224.33 crore
• Total funds available: ₹10,990.17 crore
• Expenditure: ₹3,976.17 crore

The expenditure was primarily associated with COVID-19 response measures.

2021-22: Focus on Health Infrastructure

In 2021-22, the fund received:

• ₹1,896.76 crore through voluntary contributions
• ₹40.12 crore through foreign contributions

It spent ₹3,716.29 crore on COVID-related infrastructure and equipment, including:

• Oxygen generation plants
• 99,986 oxygen concentrators
• Oxygen control systems
• COVID-19 hospitals
• Liquid oxygen equipment

The closing balance subsequently declined to ₹5,415.66 crore.

2022-23 and 2023-24: Expenditure Declines

As the immediate pandemic emergency subsided, expenditure declined significantly.

2022-23

• Receipts: ₹1,307.41 crore
• Expenditure: ₹439.38 crore
• Closing balance: ₹6,283.68 crore

2023-24

• Receipts: ₹904.95 crore
• Expenditure: ₹15.60 crore
• Closing balance: ₹7,173.03 crore

Of the 2023-24 expenditure, ₹15.38 crore was spent under the PM CARES for Children Scheme.

PM CARES Fund -Key Areas to Study

1. Governance and Transparency

The publication of audited accounts raises broader questions about:

• Transparency in public funds
• Accountability mechanisms
• Audit and disclosure
• Public charitable trusts
• Institutional governance

2. Disaster Management

• The fund was established during the COVID-19 pandemic and is intended to assist during emergency situations.

3. Public Finance

The data provides an example of:

• Voluntary contributions
• Foreign contributions
• Interest income
• Fixed deposits
• Expenditure management
• Financial reporting

4. COVID-19 Response

The fund played a role in financing healthcare-related interventions during the pandemic, particularly:

• Oxygen infrastructure
• Medical equipment
• COVID-19 hospitals
• Support for vulnerable groups

PM CARES Fund vs PM National Relief Fund

Significance 

• The latest figures highlight an important shift in the financial profile of PM CARES Fund.
• During the COVID-19 emergency, the fund witnessed large contributions and substantial expenditure. With the decline in pandemic-related spending, expenditure has fallen sharply, while the accumulated corpus has continued to generate interest income.
• As a result, the fund's balance increased from ₹7,173.03 crore in March 2024 to ₹8,452.07 crore in March 2025—an increase of about ₹1,279 crore.
• The data therefore provides an important case study for understanding the relationship between emergency financing, public charitable funds, financial transparency and disaster management in India.

FAQs: PM CARES Fund and PMNRF