PFRDA pats banks for the tremendous success of Atal Pension Yojana with 4 cr subscribers

MUMBAI, Apr 21 (The CONNECT) - The total enrollments under Atal Pension Yojana (APY) have crossed 4.01 crore as by March 31, 2022 out of which more than 99 lakh AP accounts were opened during FY 2021-22.

The scheme had seen this tremendous success due to the active participation of all categories of Banks. Around 71% of the enrolments done by Public-sector banks, 19% by Regional Rural Banks, 6% by Private Sector Banks, 3% by Payment and Small Finance Banks.

Atal Pension Yojana is the guaranteed pension scheme of Government of India administered by PFRDA. The scheme allows any Citizen of India between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. A subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending upon his contribution.   The same pension would be paid to the spouse of the subscriber after the demise of subscriber and on demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.

Out of the total enrolments, nearly 80% subscribers have opted for Rs 1000 pension plan and 13% for Rs 5000 pension plan. Male subscribers dominated with 56% share, where as 44 % were women. Another interesting aspect is that 45% of the account holders are aged between 18 and 25 years.

In his Independence Day 2021 speech Prime Minister Narendra Modi emphasized on the saturation of Government’s social security schemes including Atal Pension Yojana to each and every entitled person.

PFRDA, in line with the Government’s saturation mission has undertaken to conduct outreach programmes in co-ordination with all categories of banks across the country.

State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved annual target in the Public-sector Bank category, while Vidarbha Konkan Bank, Tripura Gramin Bank, Jharkhand Rajya Gramin Bank , Paschim Banga Gramin Bank, Baroda UP Bank, Uttarbanga Ksheriya Gramin Bank ,Aryavart Bank, Baroda Gujarat Gramin Bank, Uttar Bihar Gramin Bank, Maharashtra Gramin Bank, Odisha Gramya Bank, Madhya Pradesh Gramin Bank, Karnataka Vikas Grameena Bank, Chaitanya Godavari Grameena Bank, Telangana Grameena Bank, Andhra Pradesh Grameena Vikas Bank, Baroda Rajasthan Kshetriya Gramin Bank, Rajasthan Marudhara Gramin Bank, Dakshin Bihar Gramin Bank, Prathama UP Gramin Bank, Punjab Gramin Bank, Puduvai Bharthiar Grama Bank, Andhra Pragathi Grameena Bank, Manipur Rural Bank and Uttarakhand Gramin Bank achieved annual targets in the Regional Rural Bank category.

Also, Tamilnad Mercantile Bank, AU Small Finance Bank,Shri Mahila Sewa Sahakari Bank, The Kalupur Commercial Co-Operative Bank, The Sabarkantha District Central Co-Operative Bank and Rajkot Nagarik Sahakari Bank achieved annual target in other bank categories.

Apart from the Banks, 9 State Level Banker’s Committees Bihar, Jharkhand, Assam, Uttar Pradesh, West-Bengal, Rajasthan, Madhya Pradesh, Odisha and Tripura achieved annual targets under APY.