PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme; The Number of Current APY subscribers crosses 86 Lacs mark.

15 FEB 2018

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015.

Pension Fund Regulatory and Development Authority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight. Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning Banks and their performance is as below:

The APY scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the Scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.

The number of current APY Subscribers has crossed 86 lacs mark. The yearly addition in APY enrollment is provided below:

PIB

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A total of 3.07 lac APY accounts have been sourced under One Nation One Pension. The stellar performance of the banks under the campaign includes some of the largest banks in the country namely, State Bank of India sourcing a stupendous 51,000 APY accounts and other prominent banks like Canara Bank which has sourced 32,306 APY accounts, Andhra Bank at 29,057 APY accounts, in other private banks category, Karnataka Bank at 2641 APY accounts, in RRB’s category, Allahabad UP Gramin Bank at 28,609 accounts followed by Madhya Bihar Gramin Bank at 5,056 APY accounts , Baroda Uttar Pradesh Gramin Bank at 3,013 APY accounts, Kashi Gomti Samyut Gramin Bank at 2,847 APY accounts & Punjab Gramin Bank at 2,194 APY accounts.

At a time when the interest rate on various financial instruments including Savings Bank is declining, Atal Pension Yojana as a pension scheme offers a guaranteed rate of 8% assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8% at the time of maturity, after staying invested in the scheme for 20-42 years. Increasing enrolment is attributed to financialisation of assets and driving the people to pension products which has Govt of India implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee.

Department of Financial Services in association with Pension Fund Regulatory and Development Authority (PFRDA) has been organizing various APY campaigns to give thrust through which the population not covered by any pension scheme is approached by APY Service Provider banks and Department of Posts to inform about the salient features and benefits of the APY scheme and are encouraged to get enrolled in the scheme. PFRDA organised a National Level Pension Mobilization Campaign ” One Nation One Pension” from 2nd August to 19th August 2017 in association with the APY Service Provider Banks all over the country. 62 lacs subscribers have become members of the Atal Pension Yojana till date in 2 years after launch of the scheme.

The objective of PFRDA is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India as a nation can move from a pension less to a pensioned society and the citizens can live a life of dignity in their vulnerable years.

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