The PM CARES Fund reported a corpus of Rs 8,452 crore for FY 2024-25, with 93% held in fixed deposits. Annual interest earnings of Rs 475 crore nearly equaled fresh donations, while expenditure remained low at Rs 87.85 lakh. The report has drawn attention due to audit delays and missing financial disclosures.
The PM CARES Fund, a public charitable trust established to manage resources during public health emergencies, has released its audit report for the financial year ending March 31, 2025. The statement shows the fund’s total corpus stood at Rs 8,452 crore. A significant portion of this capital, Rs 7,846.65 crore, is held in fixed deposits, accounting for roughly 93% of the total available funds. The remaining balance is held in scheduled bank accounts.
The fund's financial structure reflects a reliance on interest income rather than active deployment. During the 2024-25 financial year, the trust generated Rs 475 crore in interest from its deposits. This figure is nearly identical to the Rs 480 crore in fresh domestic donations received during the same period. This suggests that the fund is currently functioning more as an endowment, with interest earnings covering a large portion of the capital inflows.
Utilization of the funds remained limited during the year. The total expenditure recorded was Rs 87.85 lakh, with the majority, Rs 87.84 lakh, allocated to the PM CARES for Children Scheme. Small bank and service charges accounted for the minor remaining expenses. Observers have noted that this spending level is quite low when compared to the total size of the corpus, leading to questions about the pace of deployment for the fund's stated objectives.
The audit report, signed in August 2026, was released over a year after the financial year concluded. This delay has attracted criticism regarding disclosure standards. Furthermore, the report lacks certain explanatory notes that are typically attached to audited financial statements. The document also appears to be missing a Unique Document Identification Number, or UDIN, which is generally used by chartered accountants to verify the authenticity of financial filings.
Another point of interest in the financial statement is the report of Rs 324.66 crore in refunds from implementing agencies. This amount is significantly higher than the previous year's refund figure of Rs 84.31 crore. Given the size of these refunds, there is a lack of detailed explanation in the public document regarding where this money originated or why it was returned. The fund has historically remained outside the purview of the Comptroller and Auditor General and the Right to Information Act, as it is classified as a public charitable trust funded by voluntary contributions.
For those tracking the fund’s management, the key monitorables will be future utilization rates, the release of missing explanatory notes, and any further updates regarding the transparency of the refund figures.