The Business Bytes
TBB BUREAU
NEW DELHI, NOV 25
Over 40 lakh new subscribers have been enrolled under the Atal Pension Yojana (APY), government’s pension scheme, so far this fiscal year, said a release.
With the new additions, the total enrolments under the APY have crossed 2.63 crore, said the Pension Fund Regulatory and Development Authority (PFRDA) in the release.
APY is a guaranteed pension scheme of the government which offers triple benefits to the subscriber, on attaining 60 years of age. The benefits are: minimum guaranteed pension to the subscriber, same guaranteed pension to the spouse after the demise of subscriber and return of the accumulated pension wealth till age 60 of the subscriber to the nominee.
“More than 40 lakh new subscribers have been enrolled under APY during the financial year 2020-21 (April 1, 2020 – November 13, 2020),” the PFRDA said.
Despite the unprecedented challenges poised due to pandemic, addition of more than 40 lakh new subscribers in financial year 2020-21 so far has been remarkable and result of untiring efforts of banks.
As per the release, State Bank of India sourced more than 10 lakh new APY accounts while Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Ltd, Punjab National Bank, Axis Bank Ltd and Indian Overseas Bank sourced more than one lakh accounts. Encouraged by high pace of enrolments under the scheme, PFRDA is committed to continue its endeavour to popularize the scheme through various APY campaigns getting launched at national and state levels, constant engagement with bankers through videoconferences, participation in the State-Level Banker’s Committee (SLBC) meetings, publicity through social, print & electronic media, introducing new contactless technology driven enablers for on-boarding of APY subscribers to take APY enrolments to greater heights for making India a pension society.
