Atal Pension Yojana crosses 1.9 crore members in 3 years, PFRDA aims to add 2.25 crore subscribers by March

Atal Pension Yojana

Atal Pension Yojana crosses 1.9 crore subscribers

A flagship pension scheme of the government, Atal Pension Yojana more than 36 lakh accounts, 5.5 lakh accounts by regional rural banks, 27.5 lakh were sourced by public sector banks, 3 lakh accounts by the private sector and payment banks of the Atal Pension Yojana have been opened till 31 October 2019. This represents an increase of 33 percent.

Pension Fund Regulatory and Development Authority (PFRDA) said that the Atal Pension Yojana (APY), a government-backed pension scheme in India to cover the workers in the unorganized sector, has crossed 1.9 crore subscriber mark. In the current financial year, the enrollment of Atal Pension Yojana has received a good response. The main reason for increasing subscribers is the completion of the targets given to banks for opening new Atal Pension accounts. The growth was 26 percent in the same period a year ago.

The Central Government has launched Atal Pension Yojana (APY) with the objective of providing social security to the workers in the unorganized sector.

Public sector banks, State Bank of India, Canara Bank and Bank of India, contributed with nearly 11.5 lakh additions in Atal Pension Yojana accounts.

HDFC Bank was the top contributor in terms of a number of enrollments under the private sector bank category, while Karnataka Bank was the best performer in terms of average account per branch.

In terms of average accounts per branch Maharashtra Gramin Bank, Tripura Gramin Bank, and Baroda Uttar Pradesh Gramin Bank topped the list.

Among Dakshin Bihar Gramin Bank, RRBs, Baroda Uttar Pradesh Gramin Bank, and Andhra Pradesh Grameena Vikas Bank sourced maximum Atal Pension Yojana accounts.

Airtel Payments Bank has sourced around 1.8 lakh APY accounts in the payments bank category.

Who are eligible for Atal Pension Yojana?

  • Any bank account holder can avail of the scheme.
  • All Indians between the age of 18 and 40.
  • Swavalamban Yojana NPS Lite Members