Atal Pension Yojana enrolments cross 4 crore


NEW DELHI: Total enrolments within the Union authorities’s social safety scheme Atal Pension Yojana (APY), geared toward staff within the unorganised sector,  crossed 4 crore by the tip of fiscal 2021-22.

More than 99 lakh APY accounts have been opened throughout FY22, taking the variety of subscribers to 4.01 crore at finish the tip of March, the Pension Fund Regulatory and Development Authority (PFRDA) mentioned in a launch on Thursday.

According to PFRDA, the scheme has been profitable because of the energetic participation of all classes of banks.

Around 71% of enrolments have been achieved by public-sector banks, 19% by regional rural banks, 6% by personal sector banks, and three% by funds and small finance banks, as per authorities knowledge.

State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved annual goal amongst public-sector banks.

Apart from banks, 9 state degree banker’s committees–Bihar, Jharkhand, Assam, Uttar Pradesh, West-Bengal, Rajasthan, Madhya Pradesh, Odisha and Tripura–also achieved annual targets beneath APY.

Of the entire enrolments beneath APY as of March finish, almost 80% subscribers have opted for the 1,000 pension plan and 13% for 5,000 pension plan. Of the entire APY subscribers, 44% are girls and 56% males, and 45% subscribers fall within the 18-25 12 months age group.

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Last 12 months in his Independence Day speech, Prime Minister Narendra Modi in his Independence Day speech in August 2021 had emphasised on the saturation of the federal government’s social safety schemes together with Atal Pension Yojana to every entitled particular person. 

PFRDA plans to focus on Jan Dhan accounts holders, promote digital mode of enrolment, contain central ministries, state governments, and businesses like NRLM/ SRLM for APY outreach programmes.

Atal Pension Yojana is a assured pension scheme of the Union authorities, and administered by PFRDA. The scheme permits any Indian citizen, aged 18-40 years to affix by a financial institution or publish workplace branches the place one has the financial savings checking account. Under the scheme, a subscriber would obtain a minimal assured pension of 1000 to 5000 monthly from the age of 60 years, relying upon the contribution. The identical pension can be paid to the partner of the subscriber after the demise of subscriber and on demise of each the subscriber and partner, the pension wealth as amassed until age 60 of the subscriber can be given to the nominee.

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