In a significant boost to India’s social security landscape, the Atal Pension Yojana (APY) saw a record 12.2 million new accounts opened during the financial year 2023-24.
This surge has propelled the total enrolments under the government’s social security scheme to 66.2 million, as per data compiled by the Pension Fund Regulatory and Development Authority (PFRDA).
The latest APY data highlights that public-sector banks have been the primary drivers of this growth, accounting for 70.44% of the total enrolments.
Regional rural banks followed with 19.80%, while private sector banks contributed 6.18%.
Payment banks, small finance banks, and cooperative banks represented 0.37%, 0.62%, and 2.39% of the enrolments respectively.
The scheme saw a remarkable growth rate of 24% in gross enrolments by the end of FY 2023-24, reaching 64.4 million.
PFRDA Chairman Deepak Mohanty noted that APY is rapidly gaining traction, especially among women and the youth.
Notably, in FY 2024, women constituted 52% of the new subscribers, and since the scheme’s inception, 70% of the total subscribers have been in the 18 to 30 age group.
Geographically, Uttar Pradesh led the enrolments with over 10 million subscribers, followed by Bihar, Maharashtra, West Bengal, and Tamil Nadu, each with 5 million.
Other states with significant enrolments include Madhya Pradesh, Andhra Pradesh, Rajasthan, and Karnataka (3 million each), as well as Gujarat, Odisha, and Jharkhand (2 million each).
Collectively, these 12 states account for over 80% of the total enrolments.
PM Modi Emphasizes Full Coverage Of Social Security Schemes
Prime Minister Narendra Modi has underscored the importance of saturating the government’s social security schemes, including APY, to ensure every entitled individual benefits.
In line with this mission, PFRDA has launched extensive outreach programs in collaboration with all State-level Bankers’ Committees (SLBCs) and regional rural banks (RRBs) nationwide.
These campaigns aim to further boost enrolments in the current financial year.
To expand its membership base, PFRDA plans to target Jan Dhan account holders and promote digital enrolment methods to attract the younger population.
This initiative involves coordination with various Central ministries, state governments, and agencies.
The APY scheme is open to any Indian citizen aged 18-40 who holds a savings bank account.
Subscribers receive a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month starting at age 60, contingent on their contributions. If the subscriber dies, the spouse will receive the same pension.
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